The Internet of Things (IoT) presents many advantages to organizations seeking competitive differentiation. Two unique advantages pivot around the availability of new types of sensing devices (e.g., wireless sensors) that can be added to most types of industrial gear, and the ability to collect near-real-time data from equipment for analysis and prognosis (known as edge analytics).
The IoT is also enabling the concept of the digital twin, in which a digital replica of physical assets, processes and systems is created. The digital twin concept enables organizations to better understand, predict and optimize the performance of its installed assets. Let’s take a deep dive into our three-point framework that industrial organizations can use to pursue the digital twin concept.