Companies at risk of lagging behind without investing in digital twin technology

PETALING JAYA: Companies should invest in digital twin technology or will be at risk of lagging behind, according to the 2022 Digital Twin Global Survey by Altair Inc.

Digital twin technology is the process of using data streams to create a digital representation of a real-world asset to improve collaboration, information access, and decision-making.

Altair managing director Asean and ANZ Srirangam Srirangarajan said digital twin technology will have a significant impact on design and manufacturing in the future, and that early adopters in particular will profit by providing superior items to the market before rivals.

“It would improve business processes, create better products, and meet organisational sustainability goals and targets,” said Srirangam.

Anticipating a global recession in 2023, companies must adopt cost-efficient and sustainable technology solutions. Among the principal benefits of digital twin technology are forecasting analysis and resource conservation.

The technology enables businesses to analyse and predict the future behaviours and risks of a product, in which many accidents can be prevented. Adding to its advantage of promoting cost-efficiency, digital twin technology also enables companies to determine whether resources are used efficiently and effectively, and if adjustments are needed for optimal utilisation.

“Despite the rapid rate of adoption of digital twin technology among enterprises, it is obvious that there is a lack of clarity surrounding the technology and its justification. This is seen between an organisation’s senior management and working level personnel, as well as between different sizes of organisations,” highlighted Srirangam.