Value proposition and tracking
In Chapter 1, Introduction to Digital Twin, we described the value proposition of a Digital Twin based in terms of the following abilities:
- Reduce complexity to improve understanding. This can lead to a) improved situational awareness and b) improved business outcomes. The improved business outcomes would be reflected in 1) increased revenue, 2) reduced cost, 3) improved customer and employee experience, and 4) improved compliance and reduced risk.
- Transformational value—namely, a) business transformation through digital transformation and b) new or improved products.
- Value at stake, which can be looked at as a) value to industry and b) value to society. The value to industry can be value migration or value addition. The value to society can be economic, societal benefits such as improved skills and/or a safer work environment, and—finally—environmental.
The key elements of all of these value metrics were captured...
