Value Generation in the Product Lifecycle with Digital Twins: Status Quo in Swiss Companies

Date
2022-01-04
Authors
Barth, Linard
Ehrat, Matthias
Galeno, Gianluca
Holler, Manuel
Savic, Nikola
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Value generation with digital twins along the phases of the product lifecycle affects different processes from a company's internal perspective. The present study investigated in which phases of the product lifecycle and processes swiss companies seek to generate what value contribution. The results of the survey of 103 companies show that only 47% of the companies surveyed are applying or planning to apply digital twins. The motivation primarily lies in increasing efficiency (79%) or in building competitive advantage (63%). These companies clearly recognize the potential of digital twins to create value in the Beginning-of-Life-phase (79%) and in the Middle-of-Life-phase (60%). In contrest, the use in the End-of-Life-phase (15%) is subordinate. The companies seek to generate value with digital twins by offering qualitatively better products and services in a shorter time or with higher availability. Cost savings seem secondary and overestimated by companies before they apply digital twins.
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Data Models and Digital Twins for the Digital Economy: Real, Augmented, and Synthetic Data in Decision Support Systems, digital twin, product lifecycle, value generation
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10 pages
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Related To
Proceedings of the 55th Hawaii International Conference on System Sciences
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Attribution-NonCommercial-NoDerivatives 4.0 International
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