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White Paper: How Digital Twins Provide a Competitive Edge

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Courtesy SparesCNX

Published Mar 3, 2022 6:53 PM by Sean M. Holt

Digital transformation technology is advancing at an exponential rate. The convergence and maturing of Internet-of-Things (IoT) sensors, data analytics, and satellite communication (SATCOM) networks are making evolutionary leaps in the marine sector.

Shipping owners and operators must deploy rapidly evolving methods to stay relevant and competitive. One such method is through the use of digital twins.

Digital twins are virtual replicas that function as real-time digital companions (avatars) of a physical object or process. They serve the continual improvement process in product design and engineering activities. Cited research suggests that by the early 2020s, more than half of all large industries and manufacturers will be implementing such technology – resulting in at least ten-percent efficiency gains.

This technology benefits white paper addresses how digital twins provide continuous performance and health monitoring of assets or processes, along with the ability to simulate multiple future outcomes. The report covers the origins and types of digital twins, their components, benefits, effectiveness, key consideration and goals, and how to pilot a program within an organization. Digital twins drive tangible value that creates new business opportunities, efficiencies, and revenue streams for maritime organizations. This blossoming technology is flexible, agile, and provides business intelligence that helps answer questions never thought possible. With applications ranging from product lifecycle management (PLM) to process optimization, digital twins will soon affect every aspect of the industry.

This report focuses on members of the maritime value chain. It is an essential read whether you are performing initial research on digital twin technology or are ready to field a pilot program.

To read the full report, please visit https://www.sparescnx.com/competitive-edge-how-maritime-digital-twins-are-shaping-the-future.

This post is sponsored by SparesCNX

The opinions expressed herein are the author's and not necessarily those of The Maritime Executive.