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Value Creation with Digital Twins

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Release : 2024-09-20
Genre : Business & Economics
Kind : eBook
Book Rating : 725/5 ( reviews)

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Book Synopsis Value Creation with Digital Twins by : Linard Dario Barth

Download or read book Value Creation with Digital Twins written by Linard Dario Barth. This book was released on 2024-09-20. Available in PDF, EPUB and Kindle. Book excerpt: A digital twin is a digital representation of a real-world counterpart, which can receive and provide data to create value within a use case. Digital twins create value for users by enabling new and enhanced smart services. However, ambiguous definitions and terminology coupled with a lack of shared conceptual reference frameworks complicate cross-functional discussions and hinder the widespread implementation of digital twins. This thesis proposes a new definition and presents two conceptual reference frameworks to systematically depict value creation with digital twins. A design science research approach with mixed methods was used to iteratively design and evaluate these artifacts while ensuring scientific rigor, practical relevance, and usefulness. The applied methods within the five research phases include systematic literature research, interviews, workshops with academic experts, qualitative and quantitative questionnaires, workshops with practice experts, and an in-depth case study in smart waste management. The major findings of this research are (i) the proposal of a new definition of digital twins that reflects a practical understanding by focusing on value creation; (ii) a scientific conceptual reference framework focusing on completeness by distinguishing 81 elements involved in value creation with digital twins; (iii) a second, more application-oriented conceptual reference framework focusing on the interrelations of the elements essential for the value creation in practice; and (iv) an instantiation of the application-oriented framework for the use case of the in-depth case study. All artifacts are consistent in content and include the following main dimensions, which are to be considered when creating value with digital twins: data resources, internal value creation, and external value creation. These artifacts contribute to a common understanding of value creation with digital twins in research and practice. Furthermore, they enable researchers and practitioners to structure their digital twin activities and communicate them to internal and external stakeholders.

Building Industrial Digital Twins

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Release : 2021-11-02
Genre : Computers
Kind : eBook
Book Rating : 511/5 ( reviews)

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Book Synopsis Building Industrial Digital Twins by : Shyam Varan Nath

Download or read book Building Industrial Digital Twins written by Shyam Varan Nath. This book was released on 2021-11-02. Available in PDF, EPUB and Kindle. Book excerpt: Build your first digital twin MVP and gain first-hand experience of using the technology, the challenges it presents, and its impact on your organization Key FeaturesCreate a digital twin prototype using Microsoft Azure Digital TwinExplore the digital twin approach to the design, operations, and maintenance of industrial assets and productsUnderstand key characteristics and components of a digital twin through practical use cases and business scenariosBook Description Digital twin technology enables organizations to create digital representations of physical entities such as assets, systems, and processes throughout their life cycle. It improves asset performance, utilization, and safe operations and reduces manufacturing, operational, and maintenance costs. The book begins by introducing you to the concept of digital twins and sets you on a path to develop a digital twin strategy to positively influence business outcomes in your organization. You'll understand how digital twins relate to physical assets, processes, and technology and learn about the prerequisite conditions for the right platform, scale, and use case of your digital twins. You'll then get hands-on with Microsoft's Azure Digital Twins platform for your digital twin development and deployment. The book equips you with the knowledge to evaluate enterprise and specialty platforms, including the cloud and industrial IoT required to set up your digital twin prototype. Once you've built your prototype, you'll be able to test and validate it relative to the intended purpose of the twin through pilot deployment, full deployment, and value tracking techniques. By the end of this book, you'll have developed the skills to build and deploy your digital twin prototype, or minimum viable twin, to demonstrate, assess, and monitor your asset at specific stages in the asset life cycle. What you will learnIdentify key criteria for the applicability of digital twins in your organizationExplore the RACI matrix and rapid experimentation for choosing the right tech stack for your digital twin systemEvaluate public cloud, industrial IoT, and enterprise platforms to set up your prototypeDevelop a digital twin prototype and validate it using a unit test, integration test, and functional testPerform an RoI analysis of your digital twin to determine its economic viability for the businessDiscover techniques to improve your digital twin for future enhancementsWho this book is for The digital twin book is for mid-career subject experts, including engineers and operations managers, building their first prototype (MVP) using digital twin technology. The book will help professionals responsible for mechanical, process, and reliability engineering domains. You don't have to be a developer or programmer, but beginner-level programming skills will be helpful.

Smart Services Summit

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Release : 2021-06-25
Genre : Business & Economics
Kind : eBook
Book Rating : 90X/5 ( reviews)

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Book Synopsis Smart Services Summit by : Shaun West

Download or read book Smart Services Summit written by Shaun West. This book was released on 2021-06-25. Available in PDF, EPUB and Kindle. Book excerpt: This book offers state-of-the-art descriptions of intelligent service innovations in industry, supported by novel scientific approaches. It gathers findings presented at the 3rd Intelligent Services Summit, which took place in Zurich in September 2020, and chiefly focused on the design and application of Digital Twin as an enabler for business development in the field of smart services. Divided into three parts, the book addresses the challenges involved in the successful development and implementation of smart services for industry and science, ranging from data management to product design and lifecycle management. The four main aspects covered are industrial challenges, value system design (how to integrate resources into service ecosystems to create value), value creation through value proposition (how to create value for ecosystem actors), and value capture (how to create value for ecosystem businesses). Given its scope, the book offers an essential guide for practitioners and advanced students alike.

Digital Transformation in Industry

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Release : 2022-04-21
Genre : Business & Economics
Kind : eBook
Book Rating : 177/5 ( reviews)

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Book Synopsis Digital Transformation in Industry by : Vikas Kumar

Download or read book Digital Transformation in Industry written by Vikas Kumar. This book was released on 2022-04-21. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a selection of the best papers presented at the annual international scientific conference “Digital Transformation in Industry: Trends, Management, Strategies (DTI2021),” held by the Institute of Economics, Ural Branch of the Russian Academy of Sciences, in Ekaterinburg (Russia) on October 29, 2021. The book focuses on the idea of introduction mechanisms for digitization processes and on highlighting successful digital transformation strategies in all sectors of industry. Key topics include the development of a cyber-physical production system for Industry 4.0; digital design technologies for enhancing the competitiveness of products and companies; digital twin-driven product manufacturing and services; and the effects of the industrial digital transformation on society and the environment. With regard to implementing IT and other technological innovations, lessons learned in developed and developing economies, as well as small and large enterprises, are included. Given its scope, the book offers a valuable asset for researchers and managers of industrial organizations alike.

Generation and Update of a Digital Twin in a Process Plant

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Release : 2024-01-01
Genre : Science
Kind : eBook
Book Rating : 167/5 ( reviews)

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Book Synopsis Generation and Update of a Digital Twin in a Process Plant by : Josip Stjepandić

Download or read book Generation and Update of a Digital Twin in a Process Plant written by Josip Stjepandić. This book was released on 2024-01-01. Available in PDF, EPUB and Kindle. Book excerpt: This book covers the most important subjects of digital twin in a process plant, including foundations, methods, achievements, and applications in a brownfield environment. Besides offering a variety of applications and procedural variants from research and industrial practice, this book also provides a comprehensive insight into holistic plant planning. It also discusses the challenges that currently exist in different application areas. This book would be of interest to industry professionals and researchers in industrial and manufacturing engineering.

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