Impact of Digital Twins on Asset Management

By Emily Pribanic - Last Updated on January 25, 2018
Impact of Digital Twins on Asset Management

The digital twin concept has an important impact on asset management

With the growth of the digital twin concept, managing assets and products is becoming better, as long as the concept is used properly.

Digital twin technology concept is a trend that represents a convergence of physical and virtual worlds. With this trend, the life cycle of the development of a product has a digital footprint. This footprint follows the product from the design phase all the way to deployment of the product. Converting the physical product into a virtual one is a great way to modify the product without committing fully before the product is perfected.

Impact of digital twins on asset management

Digital twins are having an impact on asset management. With the digital and physical worlds merging, markets are experiencing a digital transformation of manufacturing and industrial. This includes the management of the smart supply chain. With the growing popularity of digital twin technology, it is altering manufacturing technology due to it becoming more affordable. The digital twin concept model consists of three major parts. The first part is real, physical products in real space. The second major part is virtual products taking up virtual space. The third major part is the connected data of both the real, physical products and the virtual products. 3D models are necessary to implement the digital twin concept.

Challenges for the digital twin concept

One challenge with the digital twin concept is that different industries define the concept differently. These differences stem from the fact that different companies must perceive this concept differently to address the current and future concerns of their own customers. While the basic approach of the digital twin concept is to construct digital information of virtual products, this is approached differently by different industries. Another major challenge for the digital twin concept is managing design data. As the physical product or asset evolves, it is a challenge to manage the design data between the partners and suppliers.

Digital twin iot

Digital twin technology is changing the process of manufacturing and offering new ways to monitor assets, reduce costs and downtime and advance maintenance. It is also enabling the connection of products. When the internet of things, iot, endpoints are hooked up, new possibilities come about. Digital twin technology will not only help in manufacturing but will also help in other industries as well. Digital twin technology is important because it is a digital copy of a physical asset or product. It is necessary to have engineering manage the digital twin process. This would be to ensure this process is maintaining accurately the physical and virtual configurations of the product or asset.

Digital twin technology is not only reshaping the manufacturing industry but all types of industries. When a physical product is transformed into a digital one, it becomes easier to modify and remodify. When an asset or product is digitized, modifying that product does not have to be set in stone. The modification of the product can be transformed in many different ways before the final version is decided upon. It is necessary, though, to ensure the configurations from the physical model to the virtual ones are maintained correctly. This is necessary because otherwise, the digital concepts won’t be twins.

Emily Pribanic

Emily Pribanic | Emily is a graduate of the University of North Texas. She has her B.A. in Advertising with a concentration in Copywriting. Emily has been writing since she was young and has a creative imagination. She lives in Dallas, Texas with her family and two cats.

Emily Pribanic

Emily Pribanic | Emily is a graduate of the University of North Texas. She has her B.A. in Advertising with a concentration in Copywriting. Emily has been writing s...

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