This indifferent year has highlighted the importance of agility as companies need to be able to respond quickly to volatile economic conditions. Digital solutions that monitor and harness operational insights are invaluable tools for businesses looking to adapt.
In order for us to be able to extract valuable insights, asset data must be handled to good effect. Capturing quality and reliable data is paramount for those who aim to exploit the full potential and capabilities of digital technologies. By modelling and processing data appropriately, powerful scenario-based analysis will deliver gains in agility and efficiency.
Internationally, there is a willingness and effort to prevent and slow down the effects of global warming. Major business leaders are leading the fight by strongly committing to rebalance their portfolios therefore improving asset sustainability will act as the olive branch towards a net-zero future.
The digital twin can be vital in offsetting carbon emissions, even more so than renewable energy. Collecting and modelling data to visualise physical assets enables businesses to track their emissions in real-time and better understand areas for improvement.
Sustainability costs can also be better managed. When a digital twin is employed the impacts of physical action, whether it be environmental or financial, can be surveyed and modelled before making a potentially costly decision.
For companies to maximise revenues it is imperative that they avoid costly shutdowns as well as having good maintenance operations in place. Digital solutions can be a significant help in flagging risks before they happen. Using raw data also provides an opportunity to enable simulated scenarios alongside predictive decision making for operators.
Predictive technologies can be utilised to determine whether equipment or facilities are not functioning as they should and by comparing the differences between simulations and the physical, downtime can be avoided by spotting operational failures. In the long term, this can contribute to significant savings.
The implementation of a digital twin means that companies can simplify their workflow into a single user-friendly resource, dramatically reducing the number of digital tools needed and, in turn, freeing up capital for other business requirements.