Technologies such as augmented and virtual reality, big data analytics, robotics, cloud technology, Internet of Things and 3D printing are among the biggest enablers in the tech industry that are reshaping business models and preparing for a competitive industrial landscape. The digital future will provide opportunities to meet challenges within industrial services, such as a competitive market, customer demands and the need for customization, along with creating a more sustainable ecosystem. As the technology itself matures, we will start seeing a growing number of applications in specific industrial sectors such as oil and gas (where virtual simulations will be extremely crucial in terms of monitoring and optimization), construction (where virtual scenarios will prove themselves to be very useful in testing building strength, developing new architectural designs etc.) and nuclear (this sector will benefit from manufacturing virtual twin technology to help with testing the overall strength and durability of power plants) and many more.

Digitizing assets of industrial service providers using digital twins

Experts have predicted that industrial services will accurately forecast the future of physical assets and processes through virtualized digital twins. One of the most exciting developments in digital twin technology, which is set to play a prominent role for manufacturers in the future. A digital twin drives productivity and gains in efficiency, providing industrial users with the ability to design, simulate, validate and optimize products, processes, and plants in the digital world. From the product quality and the efficiency of getting the product to market to optimizing production scheduling or operational certainty before investment, the digital twin will give manufacturers the opportunity to start behaving and thinking differently. The amount of data that will be generated using this technology will not only help manufacturers with cutting down all of the development costs that come with product testing – it will help them make data-driven decisions. By having the luxury to take action that is bound to make a positive impact because it is based on tremendous amounts of accurate data, most businesses in the industrial sector will witness a huge positive ROI if they are going to utilize these simulations properly.

Optimizing product performance via virtual simulations in the industrial sector

Extensive research has been conducted by our team during one of our seminars on applying digital twin in all industries regarding the digitization of the industrial marketplace, with the researchers stating that companies can achieve increased insights on operational and strategic decisions and product performance. Infosys states that the digitization efforts of the industrial marketplace are presenting productivity-related savings and new revenue opportunities. The productivity benefits can be achieved by unlocking additional value in working assets, systems, and processes. Infosys has categorized these benefits into – early warning, prediction, and optimization.

Improving consumer experiences and industrial service quality using virtual twins

Digitization in the consumer marketplace has been felt through business, leadership and technology transformations across multiple industries. Tremendous research has been conducted on the digitization of the industrial marketplace. The economic value, the number of connected assets and the ecosystem in the transformation will vary, but it is certain that the financial and societal impacts will exceed consumer impact. The future of digital twins will help minimize risk in development projects and supports daily operations, showing how emerging industrial digital technologies can have a profound and long-lasting impact as digitalization in industrial services continue to develop.

If you are eager to find out more about how virtual twin technology will impact industries across the globe, you might be interested in getting the opportunity to attend our private event. Click the button below to find out more about it