Businesses are drowning in their data. Research from Aberdeen reveals that 37% of organizations find they have more data available than is used for meaningful analysis and 35% find the data they need for reporting is spread across different functions. When information is overloaded in separate silos, it makes collaboration and sharing across departments difficult. As a result, Aberdeen found 41% of organizations feel they have insufficient or poor-quality data and therefore are unable to make optimal or trusted decisions to innovate for processes, products or manufacturing.
Innovation and collaboration are critical for companies to be able to compete. Faced with a rising tide of business data, business leaders need the right business platforms. This is the subject of a new report from Aberdeen Strategy & Research, “The Four Building Blocks to Unleashing Continuous Innovation,” which explores the role of digital or virtual twins – scientifically accurate computer models – in enabling productive data use, improved decision-making and better outcomes.
Building Block 1: Enabling data consumption
The first building block to unleash continuous innovation is enabling data consumption. Digital twins – and virtual twin experiences, which go further to pair scientifically accurate models with AI and analytics capabilities to create an actionable model – allow employees to access, analyze and learn from business data from the real and virtual worlds.
Digital twins can enable optimal decision making across multiple functions. Engineers and manufacturers can map data to 3D models to gain product insights, while managers use the virtual twins to track key business metrics and analysts can evaluate the results of virtual product or process innovation. In this way, utilizing virtual twin experiences and role-based dashboards for in-context data consumption helps leaders focus on the metrics that matter to their teams, while preventing siloed thinking and decision-making.
Picture a factory ramping up for a new product introduction. A production supervisor with a virtual twin of the factory floor could virtually test the process for generating new product introductions to determine optimal areas or times to allocate machinery, materials or people, while minimizing waste and reducing overall carbon footprint.
The Aberdeen research found companies leveraging digital twins are 4.4x as likely to analyze and visualize overall equipment effectiveness with comprehensive dashboards and 3.5x as likely to provide employees with drilldowns into the data. In-context data consumption through virtual twins provides a deeper, more unified view into how products and processes perform across the whole organization, facilitating accurate, actionable information intelligence.
Enabling data consumption is just the first building block of four. Be sure to check back for additional coverage of the other building blocks, including contribution with purpose, predictions and automation, and continuous improvement and exploring new opportunities.
Learn more about NETVIBES solutions that enable organizations to gather, align and enrich Big Data by leveraging virtual twins to transform large volumes of multi-source data into meaningful, real-time information intelligence.