Digital Twins Combined with Advanced Analytics Could Unleash Significant Savings
Incremental investment and understanding the digital twin maturity model can help utilities avoid implementation pitfalls
A new report from Navigant Research discusses practical definitions of digital twins and artificial intelligence (AI) and provides recommendations for asset-based companies on how to select the right kind of digital twin for their needs.
A lot of publicity and confusion surround the ideas of digital twins and AI. Yet the hype should not detract enterprises from investigating these concepts, which go hand in hand. Click to tweet: According to a new report from @NavigantRSRCH, digital twins could inform new analytics-based business processes that save companies millions of dollars.
“Digital twins are nothing new; rather, they change the conversation regarding data management,” says Richelle Elberg, principal research analyst with Navigant Research. “With efficiency as a major market driver, this data management approach opens the door to improved processes and huge savings. Savvy vendors will adopt tools that streamline data management.”
There are few technological prerequisites for a digital twin. Navigant Research describes digital twins as more of a mindset than a technology. The report proposes six maturity dimensions for digital twins, which can be as basic as one datum, and help companies pick the right priorities in implementation planning.
The report, Digital Twins and AI Deliver the Energy System of Tomorrow, discusses workable definitions of digital twins and AI. It includes perspective on why there are so many definitions for each technology and how to frame them optimally. This report provides recommendations for asset-based companies on how to choose the best iteration of digital twin for their respective needs. Case studies of digital twin deployments by asset intensive industries are also included. An Executive Summary of the report is available for free download on the Navigant Research website.
*The information contained in this press release concerning the report, Digital Twins and AI Deliver the Energy System of Tomorrow, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant - a Guidehouse company undertakes any obligation to update any of the information contained in this press release or the report.