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Despite its existence for close to two decades, Digital Twins only began to gain prominence quite recently, because Internet of Things (IoT) has made it quite cost-effective to be implemented.
Digital twin has gotten so useful to businesses in modern time; it was named one of Gartner’s Top 10 strategic technology trend in 2017.
Simply put, the technology of digital twin represents a virtual model of a process, product or service. It is model, where the digital and physical worlds are paired to allow for data analysis, and monitoring of systems, so that problems are recognized and warded off before the occur.
With the technology, system downtimes are prevented, new opportunities are developed, and even the future is planned for, using simulations.
How Does It Work?
First, smart components that use sensors to gather relative information on real-time working conditions are integrated into a physical item. The integrated components work with a cloud-based system that receives and processes all the data that are collected by the sensors monitor. These inputs are analyzed against business and other contextual data.
Opportunities are recognized in the virtual environment and can be applied to the twin business in the physical environment.
Importance of Digital Twin Technology

  • Drives innovation and business performance: With all the advanced monitoring, the analytic and predictive capability of the technology, businesses are now set to enjoy an incredible rate of performance.
  • Improved collaboration between the physical and digital world: with the increasing number of representations by digital twins, and with a prediction that the representations may hit nine figures by 2020, it is only natural to expect more collaboration opportunities between physical world product experts and data scientists.
  • The technology is bound to help companies improve the values they offer to customers since they will understand customer needs earlier than they should and work on them.

Conclusion
With the technology predicted to hit over a billion usage by 2020, we are only left to see how much good businesses and service providers make it offer more value and gain more profit.

Digital Twins
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Published by Davide Zucchetti

Co-founder HiSkill; Business School Sole 24 Ore Professor; ICOBooster Co-Founder; FintechReview Co-Founder