Virtual twin: Visualising success in the factory of the future
A complete digital replica of a physical asset, a virtual twin enables real-time monitoring and adjustments, enabling businesses to mirror their manufacturing value stream with a virtual one.
CREATIVE destruction - the dismantling of longstanding practices to make way for innovation - has contributed to the reduction in the average lifespan of companies. Today, the average age of a Fortune 500 company comes in at under 20 years, as compared to 60 years in the 1950s.
It is no different in the manufacturing industry, with social, economic and technological disruptions reshaping how businesses are interacting with their customers. While responding to these rapidly shifting nuances effectively is tough going even in the best of times, Covid-19 has further complicated things.
Manufacturers are facing an unprecedented level of uncertainty related to future customer buying preferences and behaviours, with a recent survey by EY revealing that only 10 per cent of supply chain executive respondents were prepared effectively to address disruptions resulting from the pandemic.
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