Implementation of digital twins as a tool for increasing the efficiency of business operations

ABSTRACT

This research aims to evaluate the impact of implementing digital twins on companies’ operational activities in terms of enhancing their efficiency. Research methods include data analytics and visualization to explore the intricacies of creating and utilizing digital twins among high-tech leaders, as well as the correlation between expenses on innovative digital twin solutions and company revenues, followed by clustering to assess the impact of costs associated with the development and implementation of digital twins on enhancing the efficiency of business operational activities. In this context, the research presents a novel approach to measuring the influence of digital twin implementation on the efficiency of operational activities of high-tech companies based on correlation and cluster analysis. The findings indicate that all selected high-tech companies analyzed successfully applied digital twins to enhance their operational efficiency, as evidenced by the high correlation coefficient between expenses on digital twins and company revenues. Cluster analysis, distinguishing between two clusters of leaders and followers in the use of digital twins, allowed for identifying some distinctive characteristics of a leader in digital twin utilization and presenting a vision for transitioning to management based on the digitization of all company business processes.

KEYWORDS:

• Intellectual leadership
• virtual technologies
• Industry 4.0
• digital management
• modeling

Disclosure statement

No potential conflict of interest was reported by the author(s).

Additional information

Funding

This research did not receive any specific grant from funding agencies in the public, commercial, or not-for-profit sectors.