Key criteria
Here, we will identify the key criteria to help an enterprise decide when the introduction of an industrial Digital Twin makes sense. The Digital Twin can be for a physical asset system or a process such as a manufacturing process in a plant. Depending on the target of the Digital Twin, objective criteria have to be established to ensure that the Digital Twin will add business value. Here, business values and outcomes are used in a broader sense, and they could include the following:
- Improved life of the asset
- Process efficiency gains
- Operational optimization or lower operating costs
- New digital revenues
- Competitive advantage
- Improved end customer satisfaction
- Improved safety
- A social good such as the reduction of the carbon footprint
As a result, once the key criteria have been established, it is easier to evaluate the direct and indirect investments and opportunity costs versus the broader business value generated. Figure 2...
