16 Smart And Effective Uses For Digital Twin Technology

A digital twin is precisely what its name suggests: A digital copy of a physical object or system—even a human being. It may be a simple concept, but the potential applications are anything but. Through the ongoing collection and exchange of data, a digital twin can simulate and even predict the behaviors and reactions of its physical twin in a variety of conditions, providing invaluable insights to industries ranging from manufacturing to healthcare.

Digital twin technology allows businesses and organizations to test products and processes, study and predict how real-world conditions can affect physical objects and beings, and make well-informed, big-impact decisions with minimized financial and human safety risks. Below, 16 members of Forbes Technology Council share some of the fascinating ways industries and organizations are leveraging digital twin technology.

1. Minimizing Manufacturing Waste

We at Cuby use digital twin technology to make sure we produce 1-to-1 kits of the parts needed in our prefab construction process. It’s been estimated that up to 40% of the solid waste in the U.S. is construction and demolition waste. Manufacturing all the parts in advance allows us to reduce waste by up to 90%. – Aleksandr Gampel, Cuby Technologies, Inc.

2. Building Resilient Supply Chains

Businesses are increasingly using digital twin technology to build resilient and responsive supply chains. The digitization of supply chain processes provides businesses the opportunity to increase organizational efficiency by predicting serious problems and deceleration. In fact, it is estimated that by 2025, 80% of participants in industry ecosystems will rely on digital twin technology. – Radhika Krishnan, Hitachi Vantara

3. Mitigating Disruptions Due To Weather And Climate

Businesses are using digital twin technology to mitigate climate-related disruption. By combining data from public sources, such as weather data, with data from suppliers and partners, leaders can see how an unplanned weather event might impact the flow of goods across their supply chain, then use this insight to quickly pivot orders, routes or suppliers to limit waste and meet demand. – Rohit Shrivastava, Anaplan

4. Studying And Refining Processes

Process mining combined with simulation gives reliable visibility into as-executed processes (versus relying on what somebody thinks is happening) and the ability to do “what-if” analyses. This is effective because it allows one to see what’s really happening and simulate changes before making them. Often, changes do nothing or create a bigger problem elsewhere. Simulation and mining prevent that. – Michael Nyman, iGrafx

5. Making Data-Driven Manufacturing Decisions

The utilization of digital twins in the manufacturing industry has seen large growth. Digital twins increase productivity and reduce costs by combining the physical and digital worlds to make data-driven decisions, prolong asset life cycles and minimize unexpected maintenance disruption across assets. This modernizes the sector by moving from the “break and fix” approach to proactive maintenance. – Cindy Jaudon, IFS

6. Testing Health Intervention And Engagement Strategies

Health outcomes improve when patients are confident, connected and engaged. Digital twin technologies provide healthcare organizations the option to test drive new interventions and engagement strategies. This lowers the risks of rolling out new programs by testing hypotheses through a simulated pilot while also enabling cost-conscious innovation. – Trisha Swift, PricewaterhouseCoopers

7. Improving Patient Outcomes

A digital twin enables accurate and continuous monitoring. That data flow can inform data-driven decisions. For example, doctors are using an individual’s genetic makeup to model new organs for transplant. Because these processes can leverage a populationwide data set of digital twins, they can replicate an individual human body’s internal system to improve treatment outcomes for all. – Nicholas Domnisch, EES Health

8. Expanding Professional Services Capabilities

Knowledge-rich professional services firms are building digital twins of accountants, advisors and auditors using graph-based intelligent automation. These are distinct from previous technologies, because the decisions these professionals make are complex, contextual and nonlinear. In a world where there are big skills shortages and raging inflation, this form of IA is closing the gap. – James Duez, Rainbird Technologies

9. Onboarding And Knowledge Sharing

A digital twin use case that is an easy entry point and can provide quick ROI is training or onboarding. In areas where experienced employees are preparing for retirement, where there is high turnover or where there are general labor shortages, having a prerecorded “virtual” expert that can walk you through the instructions in real time can be a game changer and is much more effective than a giant paper manual. – Samantha Williams, Sonoco

10. Providing Safe Training

Today, manufacturing organizations are leveraging digital twin technologies to replicate machinery that would typically put employees in harm’s way. Here, a virtualized version of the original piece of machinery can be used to give employees training experience with the virtual machinery without also putting the employee’s health and safety in peril. – Marc Fischer, Dogtown Media LLC

11. Understanding Multidimensional Problems

Digital twin technology shines the brightest when it helps companies better understand a multidimensional problem—one that is too complex to easily solve. Because it is a way to visualize and make better decisions, the technology has become extremely effective for everything from product design to diagnosing medical issues to better understanding variables that affect business expenses. – Josh Dunham, Reveel

12. Improving Manufacturing Efficiencies

A very interesting field of application is manufacturing. Thanks to a digital twin of a production plant, with all its different lines and machines, we can launch simulations to generate greater efficiency or to detect potential bottlenecks. Simulating the manufacture of new products or variants of existing products is also a very useful application. – Miguel Llorca, Torrent Group

13. Developing And Training Self-Driving Vehicles

Without digital twin technology, it would be impossible to develop self-driving vehicles at the scale and with the reliability we are witnessing nowadays. Billions of simulations on a “virtual road” by a “virtual car” allow for training machine learning models to forecast accidents and plan not just the fastest, but also the safest, routes so that drivers can entrust the actual driving to robots. – Aleks Farseev, SoMin.ai

14. Budgeting And Financial Planning

Financial and operational data is the lifeblood of a company, but it’s difficult to “see all of it” and understand it in real time. Digital twins offer real-time, big-data-enabled simulation modeling that can be particularly useful for budget and financial planning. The technology can streamline tasks such as procurement, case management and capital resiliency and deliver powerful insights for finance leaders. – Nicola Morini Bianzino, EY

15. Managing Traffic

Digital twins are already effectively used by urban planning councils in many U.S. cities for efficient traffic management. They help in simulating real-world congestion at junctions, predicting what may get worse when and where, and they can be used to test multiple mitigation techniques by leveraging the best mix of ML and city know-how. Dashcam-backed digital twins are explored alongside junction twins. – Pramod Konandur Prabhakar, Pelatro PLC

16. Simulating Real-World Conditions

One way businesses are leveraging digital twin technology is by using it to simulate the physical world. For example, a company can use a digital twin to simulate a real-life situation so that they can predict how their product or service will behave in that environment. Another way is by using it to understand how their customers use their services and products. – Leon Gordon, Pomerol Partners

Successful CIOs, CTOs & executives from Forbes Technology Council offer firsthand insights on tech & business.

Source: Council Post: 16 Smart And Effective Uses For Digital Twin Technology

Critics By Carlos Miskinis Digital twin research expert

To explain what Digital Twin means in simple words, it is a digital replica or a representation of a physical object (e.g. aircraft engine, person, vehicle) or an intangible system (e.g. marketing funnel, fulfillment process) that can be examined, altered and tested without interacting with it in the real world and avoiding negative consequences.

Think of it as an online platform for testing, creating and altering objects that are based in reality, without engaging with them in the real world itself. Technologies similar to this one have been used in various industries long before this concept was created, however, this new definition of the technology has much more potential, power, and scalability that can replicate, monitor and test virtually anything you can think of.

The rise of the Internet of Things (IoT) has complimented the adoption of this new technology, as IoT has resulted in its cost-effective implementation. Virtual twins have become imperative to business today, consistently named as a strategic technology trend in recent years. The complexity of technology has led to many questions within the industry. One of the most important ones is how is it changing the way design, planning, manufacturing, operation, simulation, and forecasting is traditionally functioning?

A physical twin that was replicated on a virtual platform is a near real-time digitized copy of a physical object. It is a bridge between the digital world and the physical world. Its core use is to optimize business performance, through the analysis of data and the monitoring of systems to prevent issues before they occur and prevent downtime. The simulations that are produced will help to develop and plan future opportunities and updates within the process or product.

 The benefits of virtual twin technology are astronomical, with industries such as agriculture, government, transportation and retail experiencing rewards from the technology and benefits going forward. Companies must find methods to prevent the risk of potential product defects among their assets and future products. This piece of tech allows production costs to be minimized, as companies will save expenses when products are right the first time.

There is no need for expensive physical tests or updates to the products or process. Research with manufacturers has found that this concept will enable the reduction of development costs of the next generation of machines by well over 50%. The features of the tech also provide added confidence to boost product performance and aid complex decisions, preventing costly downtime to robotics and machinery.

The core benefit of why most companies started twinning their processes, products, and services via simulations is due to their efficiency. Businesses are racing to market their product faster than their competition, and having the ability to virtually simulate scenarios where a product is tested for failure via multiple angles helps the situation immensely. Not mentioning the fact that the development and testing costs are usually reduced hundreds of times.

This technology will be able to anticipate how the product and process will perform through digital simulations and analysis. The accessibility of reliable and consistently updated information provides the assurance needed to make faster decisions and increase the speed of production to overtake competitors. Here is a use case infographic we have presented in our workshop about understanding virtual twins – find event information here.

We can see how a virtual twin simulation is used to replicate and optimize machinery that regulates water flow in a factory. By doing this, developers can see every moving detail on the screen and then make the calculated decision to upgrade, optimize or make positive changes accordingly. Offices that adopt this technology early will attract innovative and leading talent. Offices will be able to incorporate interactive features to improve employee satisfaction and productivity using data-driven simulations.

Employees who will use digital twin technology will be able to expand their engagement with online tools, such as interactive maps to locate colleagues on the floor, book meetings and complete tasks with more diligence and accuracyManagers will also be able to supervise remotely with the tool that will be similar to a 3D map that will be created using virtual online platforms that are based on simulations.

 It is evident that the digital twin concept will benefit many people within the supply chain. Combining this disruptive concept with IoT technology is an incredible opportunity for businesses to improve. Ultimately, it will also allow stakeholders to improve the overall efficiency and cost of their business, and improve many aspects of work for employees….

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Visa And BlockFi Launch 2% Bitcoin Rewards Credit Card

In this photo illustration a Visa logo is seen on a mobile...

Cryptocurrency services company BlockFi launched its first-ever crypto rewards credit card, in conjunction with Visa, to approved clients in the United States on Tuesday. BlockFi’s plans for a credit card were initially disclosed in December 2020 when the exchange released a waiting list for US-based clients, which is now over 400,000 people. BlockFi CEO Zac Prince expects everyone on the waitlist to receive their card around the end of July.

The new offering provides clients with a simple way to acquire bitcoin without having to pay fees or navigate the sometimes complicated onboarding processes at exchanges. BlockFi stands to benefit from utilizing the card as a customer acquisition tool as well as from the fees it will receive from money spent on the card.

“The crypto industry has come a long way since the first Bitcoin payment transaction 11 years ago,” Flori Marquez, Co-Founder and SVP of Operations at BlockFi said. “Today, nearly everyone knows about the important role crypto plays in reshaping the financial space, and our new credit card is set to be another game-changer. This card will make it easier than ever for people to earn Bitcoin back while making day-to-day purchases.”

Holders of BlockFi’s Rewards Visa Card will be able to earn 1.5% back in bitcoin on every purchase, with the payout increasing to 2% on every dollar spent over $50,000 annually. As an incentive to new users, they will receive a 3.5% bitcoin rewards rate for the first 90 days or until they receive $100 worth of bitcoin. The card also offers other benefits such as rebates on trading fees and comes with no annual fee or foreign transaction fees.

These rewards are competitive when compared to other traditional cards. For example, Bank of America’s Customized Cash Rewards credit card offers 3% cash back in one spending category of the customer’s choosing, 2% back automatically on grocery purchases and 1% back on all other purchases.

However, depending on an individual’s spending habits they could be outshone by Gemini, the crypto exchange headed up by the Winklevoss twins, when it launches its crypto rewards credit card this summer in partnership with Mastercard. While BlockFi only offers rewards in bitcoin for now, Gemini will give clients 3% back on dining purchases in any cryptocurrency offered on the exchange on purchases without annual fees or exchange fees. However, the rewards drop to 2% on groceries and 1% for all other purchases.

The launch of the BlockFi crypto rewards credit card also marks a new offering in Visa’s expanding crypto business. The electronic payments company has partnered with several crypto firms to offer Visa debit cards and supported over $1 billion worth of volume through crypto-linked cards in the first half of 2020, but the partnership with BlockFi will bring its first crypto rewards credit card. In 2021, Visa appeared on Forbes’ Blockchain 50 list after applying for over 150 blockchain-related patents and announcing an integration with US-dollar pegged stablecoin USDC.

Card users will receive a 1.5% cashback on an accrual basis for every transaction made through the card, which will then be converted to bitcoin and placed into a BlockFi account in a regular monthly cycle.

“Crypto rewards programs are a compelling way to engage consumers in the crypto economy,” Terry Angelos, SVP and Global Head of Fintech at Visa said. “We’re excited to see programs like the BlockFi Rewards Visa Card, which offer rewards that are relevant to the growing community of digital currency adopters.”

The move by BlockFi comes after PayPal Holdings Inc in October said it would allow customers to hold bitcoin and other virtual coins in its online wallet and shop using cryptocurrencies, a move which could help bitcoin and rival cryptocurrencies gain wider adoption as viable payment methods.

Bitcoin has surged about 160% this year, fueled by demand for riskier assets amid unprecedented fiscal and monetary stimulus, interest in assets perceived as resistant to inflation and expectations that cryptocurrencies will win mainstream acceptance.

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Source: Visa And BlockFi Launch 2% Bitcoin Rewards Credit Card

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Critics:

BlockFi is a New York City-based start-up cryptocurrency financial institution. It lends U.S. dollars against bitcoin and other cryptocurrency collateral, as well as accepting deposits of cryptocurrencies which pay interest to the depositor. BlockFi Co-Founder and CEO Zac Prince has a background both in consumer lending and start-ups.

In February 2018, BlockFi received a $1.55 million funding in a seed round from ConsenSys Ventures, SoFi and Kenetic Capital, among others. In July it secured another $50 million in funding from Michael Novogratz‘s Galaxy Digital Ventures

References

5 Questions to Ask Before Including Services in Your Bootstrapping Strategy

Most tech entrepreneurs these days stay away from services because investors are looking for high-margin, repeatable revenue. Service revenues don’t command the same multiples that product revenues do.

When I decided to bootstrap my startup, I never expected to be selling professional services. I quickly learned, however, that offering services tied to your product can be incredibly useful when bootstrapping. When my company started offering design and development services utilizing our low-code development platform, these services led to high-margin recurring revenue and greatly improved unit economics. These services also drove a tremendous amount of customer success.

But, service offerings are not for everyone. Here are a few questions you should ask yourself in order to determine whether services should be part of your bootstrapping efforts.

Related: 5 Reasons Bootstrapping Your Business is the Best Thing You Can Do

Do the services have good margins?

For bootstrapping to work, you need a healthy margin. At one of the companies I founded, our professional services were a necessary element of customer onboarding since product implementation was incredibly complex and not self-service.

Our professional services margin was -20%, which eroded our cash significantly. In this instance, service was not a revenue center but a loss leader — something we had to offer to secure the more valuable recurring revenue. If you find yourself in the same boat, services will never be a viable bootstrapping strategy. They could, however, be a tool you utilize to drive the rapid growth of recurring revenues.

Does the market/customer want the services?

Many products simply can’t be used by most people without a services component. At my company, we found that even though our low-code development platform could be utilized by people with minimal coding expertise, certain segments of our user base simply didn’t have the inclination to build their solution on our platform. We also discovered that even with powerful tools, many people wanted to leverage the expertise of an experienced software design team.

This prompted us to spin up a services team that could charge for design and development as an initial project and even provide ongoing development services on a monthly basis. Going this route is driving a three-to-six month payback on and marketing investment for us. Do these types of opportunities exist for you?

Related: 7 Ways to Bootstrap Your Business to Success

Can your service offering eventually be outsourced to an ecosystem of providers?

Services can serve as a bridge to help fund platform losses up to a point where outsiders can take over. Building an ecosystem can create an awesome flywheel effect, whereby participants not only become service providers but a channel for bringing in new product sales — without the expense of having to add to your own sales team.

Salesforce and Workday both did a brilliant job of executing this strategy. Ideally your product will gain enough acceptance that you can sell off your services division for additional profit.

Do services provide you with more customer intimacy and enhance your retention metrics?

A customer’s switching costs go way up when there is both a human and technological connection to your product and services. This sort of intimacy can provide a significant boost to your retention metrics and ensure predictable revenue.

Having great people to support clients can make up for early product deficiencies and create a level of trust that a pure low-touch product cannot. This is especially important in the early days of any startup’s product lifecycle.

Related: What Nobody Tells You About Taking VC Money

Can bootstrapping with services strengthen your product development?

Launching a services division also provides another benefit: the chance for you to “eat your own dogfood.” It’s a fact that when employees use their own product, it gets markedly better. At my company, we rotate core team members in and out of the professional services team to ensure every engineer feels what our customers feel. I believe this leads to product brilliance.

Now I’m not advocating you become a services company, but having a product company with a service business could stave off having to secure venture backing before your product is more mature. This can help you avoid things like dilution, a loss of control and the pressure to grow fast for a speedy exit.

As someone who’s previously founded two venture-backed startups, I like how bootstrapping with services is allowing my company to grow more thoughtfully. We have time to think about product/market fit before scaling up, we’re not pursuing growth rates that our platform can’t support, we’re making smart hires and we’re scrutinizing the ROI of all of our expenses because every dollar counts.

Additionally, we are vetting the utility of our own product with real-life customers and creating a virtuous circle of feedback to drive new features. I feel like it’s the smarter way to evolve a business like ours — building a company for the long haul versus hitting some arbitrary goal to secure additional venture capital.

There is one important consideration before bootstrapping with services: You’ll want to make sure you’re growing (albeit at a deliberate pace) and not just treading water. That’s why the above questions are something you’ll want to consider before following my lead. It’s critical you feel confident that you’ll create enough runway and customer success for your ultimate business model to take shape, while not letting services become a distraction.

By:

Source: 5 Questions to Ask Before Including Services in Your Bootstrapping Strategy

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Critics:

In computer technology the term bootstrapping, refers to language compilers that are able to be coded in the same language. (For example, a C compiler is now written in the C language. Once the basic compiler is written, improvements can be iteratively made, thus pulling the language up by its bootstraps) Also, booting usually refers to the process of loading the basic software into the memory of a computer after power-on or general reset, the kernel will load the operating system which will then take care of loading other device drivers and software as needed.

Bootstrapping can also refer to the development of successively more complex, faster programming environments. The simplest environment will be, perhaps, a very basic text editor (e.g., ed) and an assembler program. Using these tools, one can write a more complex text editor, and a simple compiler for a higher-level language and so on, until one can have a graphical IDE and an extremely high-level programming language.

Historically, bootstrapping also refers to an early technique for computer program development on new hardware. The technique described in this paragraph has been replaced by the use of a cross compiler executed by a pre-existing computer. Bootstrapping in program development began during the 1950s when each program was constructed on paper in decimal code or in binary code, bit by bit (1s and 0s), because there was no high-level computer language, no compiler, no assembler, and no linker.

A tiny assembler program was hand-coded for a new computer (for example the IBM 650) which converted a few instructions into binary or decimal code: A1. This simple assembler program was then rewritten in its just-defined assembly language but with extensions that would enable the use of some additional mnemonics for more complex operation codes.

The enhanced assembler’s source program was then assembled by its predecessor’s executable (A1) into binary or decimal code to give A2, and the cycle repeated (now with those enhancements available), until the entire instruction set was coded, branch addresses were automatically calculated, and other conveniences (such as conditional assembly, macros, optimisations, etc.) established. This was how the early assembly program SOAP (Symbolic Optimal Assembly Program) was developed. Compilers, linkers, loaders, and utilities were then coded in assembly language, further continuing the bootstrapping process of developing complex software systems by using simpler software.

See also

 

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