Firms With A Digital Twin Strategy Must Apply Three Criteria To Shortlist Vendors
Digital twins are part of the Industry 4.0 megatrend. Over the last three years a variety of usage scenarios have been successfully demonstrated for digital twins for industrial facilities by vendors from a variety of backgrounds. APM software vendors such as AVEVA, AspenTech and Bentley Systems have developed digital twin capabilities as an enhancement to existing offerings. New innovators such as Akselos and Sphera have jumped at digital twins as a new market opportunity. Industrial software providers such as Siemens and Yokogawa have begun cross-selling digital twins to their existing customer base.
Digital twins can deliver enhanced value to customers. Operations and plant managers are interested in digital twins to ensure safer operations, deliver plant-wide productivity improvements, enhance real time monitoring of assets, optimize maintenance for complex or remote equipment, simulate production processes to maximize throughput and improve equipment performance through a detailed view into equipment lifecycle.
Although firms see the value in implementing digital twins, public examples of successful digital twin stories are limited. So what factors should firms consider while selecting digital twin vendors? Verdantix recommends that customers apply three key criteria to shortlist the best-fit digital twin vendor. First is to ensure that the vendor has a proven track record of projects within their asset class. This is because digital twins for industrial facilities rely on extensive asset libraries of plants and equipment, understanding of operational context and failure mode templates. Next is to select vendors who demonstrate strong capabilities in areas such as digital twin design, data aggregation, predictive analytics and simulation engine. Lastly, it is important to look at the partnerships the vendors have in place, especially for areas they may have weaknesses. This is so that the firms work with digital twin vendors who can offer a comprehensive set of capabilities.
To find out more about how to select digital twin software for your industrial facility, read our report Buyer’s Guide: Digital Twins For Industrial Facilities