Cosmo Tech’s Enterprise Digital Twins Optimize Asset Investment Strategies For Industrial Firms
It is clear that industrial firms are interested in digital twins. Out of the 284 executives in operations, maintenance, engineering and process safety roles, who participated in the 2019 Verdantix Survey, 94% stated that digital twins will be ‘very significant’ or ‘significant’ to their firms’ operational excellence initiatives.
Founded in 2010 after spinning out of the ENS de Lyon research university, Cosmo Tech, the enterprise digital twin simulation software vendor headquartered in France, has attracted over $26 million of investor funding till date. Cosmo Tech Asset, one of their three digital twin offerings, leverages IIoT and predictive analytics to allow asset and maintenance managers to build and justify the best asset related business plans. The core module features risk quantification, maintenance strategy optimization and probabilistic forecasting of asset condition and failure. With the addition of the asset investment planning (AIP) module, CAPEX owners can discover the best way to invest and continue operations whilst constrained by service levels, work force availability and other factors. Renault, the global automotive giant, and RTE, the French electricity transmission operator, used Cosmo Tech Asset to realize reductions in total expenditure of 20% and 10% respectively, while also avoiding operational conflicts and downtime.
As more firms become aware of digital twin software and its strong potential, the market will undoubtedly get bigger. Verdantix research forecasts the digital twin market to grow from $787 million in 2020 to $24.7 billion in 2040 with the market reaching $6.5 billion in the next 10 years. Firms across manufacturing, mining, infrastructure, and utilities are beginning to see added value after implementing digital twins from vendors such as Cosmo Tech, Flutura, and Intellisense.
To learn more about how digital twins can benefit you, reserve your seat at Verdantix’s Next & Best Practices: From Asset Reliability To Digital Twins virtual event.