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24 Jun 2021 | Industry Insights

How digital twins can drive loss avoidance

Digital twins are improving business outcomes in many industries from all over the world and their popularity is growing as they continue to digitise industrial assets, systems and processes to help businesses understand, predict and optimise performance resulting in reduced operational costs and improved efficiencies.

Research carried out by Gartner revealed that ‘half of large industrial companies will use digital twins by the end of 2021, resulting in a 10% improvement in effectiveness.'

Operational costs can be better managed with a digital twin due to their ability to increase reliability, reduce reactive maintenance and predict when assets will break down. According to a joint study by Harvard Business Review and Microsoft, 72% of executives stated that their prime business goal was to reduce facility inefficiencies and operational costs.

The predictive nature of a digital twin can reduce maintenance costs due to their ability to collect, monitor and analyse real-time data. By connecting existing IoT devices and through the installation of sensors in a building can program predictive maintenance actions as an alternative to traditional schedules. Configuring a digital twin to detect components or equipment running outside of a defined range of parameters can result in maintenance being scheduled before a serious problem arises.

Detecting an issue is a good start but having the ability to communicate it efficiently is critical. Twinview has its own real-time mobile app that connects to the digital twin allowing facility managers to provide updates on any issues. With regards to predictive maintenance, engineers can view a 3D model of the building, drilling down on the issue at hand and really understand the problem before they arrive on-site, allowing a quicker diagnosis and reducing the cost of repair.

According to a study by JLL, 30-40% of office space is underutilised during a workday. Twinview uses IoT and sensors to help track occupancy patterns and collect data points where real-time space utilisation can be measured. By learning about how spaces function, businesses can make informed decisions on whether they need to reduce capacity, in turn, reducing operational costs.

Twinview is a browser-based digital twin platform for the property sector connecting building systems’ data to a 3D model viewed on a single dashboard. Twinview becomes your first step to achieving Net Zero by providing continuous live data and an optimised building performance whilst reducing costs and improving the user experience. Book a demo today.