Digital twins can optimize decision-making, predict supply chain disruptions, and unlock new revenue streams, says Frost & Sullivan
Digital twins (DTs) have accelerated innovation and unlocked new business models in the mobility sector, according to Frost & Sullivan´s latest analysis on digital twins in global mobility. DTs assist original equipment manufacturers (OEMs) in designing and validating new products and features in the virtual environment before creating a physical prototype. Additionally, the COVID-19 pandemic and increasing digitalization have highlighted the importance of DTs as they enable remote monitoring and control (RMC) in manufacturing.
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“Cutting-edge technologies, such as artificial intelligence, machine learning, augmented reality, and virtual reality, make digital twinning possible,” said Sandhya Jesu, Mobility Industry Analyst at Frost & Sullivan. “Additionally, with technology integration, DTs have enabled the simulation of entire production facilities, supply chains, and product offerings, avoiding expensive errors and opening the arena to new entrants.”
Jesu added: “Several innovative business models are emerging based on the large amounts of data that DTs generate. OEMs can use that information to create a continuous flow of revenue. Further, DT-based data-driven techniques help optimize decision-making, ensuring a smooth supply chain and manufacturing.”
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The proliferation of the use of digital twinning in the automotive sector presents massive opportunities for market participants, including:
- Integrated product life cycle (PLC) using a DT: Integration of the entire PLC helps create a data thread holding all product information, including design and maintenance.
- DTs can be effective against geopolitical disturbances: This solution can predict supply chain disruptions, determine the extent of the impact, and identify alternate supplies and logistics beforehand.
- Monetize DT-generated data: Data-derived insights could facilitate targeted ads, cross-selling, and upselling by players in different industries.
Growth Opportunities for Digital Twins in Global Mobility is the latest addition to Frost & Sullivan’s Mobility research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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