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Digital Twin Technology: The Benefits for Asset Management

mXreality project using digital twin technology

Digital twin technology is revolutionising the way we manage assets, from buildings to machines to entire cities. By creating a virtual replica of a physical asset, digital twin technology allows for real-time monitoring, analysis, and optimization. In this article, we’ll explore the benefits of data-driven asset management with digital twin technology.

What is digital twin technology?

Digital twin technology is a virtual replica of a physical asset, such as a building, machine, or even an entire city. It uses real-time data to create a digital model that can be used for monitoring, analysis, and optimization. This technology allows for a more efficient and effective way of managing assets, as it provides a detailed and accurate representation of the asset’s performance and behavior. With digital twin technology, asset managers can make data-driven decisions and optimize asset performance in real-time.

Real-time monitoring and predictive maintenance

One of the key benefits of digital twin technology for asset management is real-time monitoring and predictive maintenance. By using sensors and other data sources, digital twins can provide real-time information on the performance and condition of assets. This allows asset managers to identify potential issues before they become major problems, and to schedule maintenance and repairs more efficiently. With predictive maintenance, asset managers can reduce downtime and extend the lifespan of assets, resulting in significant cost savings.

Improved efficiency and reduced downtime

One of the most significant benefits of digital twin technology for asset management is improved efficiency and reduced downtime. By providing real-time monitoring and predictive maintenance, digital twins can help asset managers identify potential issues before they cause downtime or major problems. This allows for more efficient scheduling of maintenance and repairs, reducing the amount of time assets are out of commission. Additionally, by extending the lifespan of assets through predictive maintenance, asset managers can reduce the need for costly replacements and repairs, resulting in significant cost savings over time.

Enhanced safety and risk management

Another benefit of digital twin technology for asset management is enhanced safety and risk management. By providing real-time data on the performance and condition of assets, digital twins can help identify potential safety hazards and risks before they become a problem. This allows for proactive measures to be taken to mitigate risks and ensure the safety of workers and the public. Additionally, digital twins can simulate potential scenarios and test safety measures, allowing for better preparedness in the event of an emergency. Overall, digital twin technology can greatly improve safety and risk management in asset management.

Cost savings and increased ROI

One of the biggest benefits of digital twin technology for asset management is cost savings and increased return on investment (ROI). By providing real-time data on the performance and condition of assets, digital twins can help identify inefficiencies and areas for improvement. This allows for proactive maintenance and repairs, reducing downtime and increasing the lifespan of assets. Additionally, digital twins can simulate different scenarios and test potential changes, allowing for better decision-making and optimization of asset performance. Overall, digital twin technology can lead to significant cost savings and increased ROI in asset management.

Digital Twin Technology – mXreality

mXreality is a high-tech company that is dedicated to providing immersive solutions and assisting businesses along their digital transformation journeys. We design and create award-winning solutions for a wide range of industries including utilities, defence, transport and manufacturing and engineering.

Cadent Gas has commissioned mXreality to develop a Proof of Concept (POC) to explore mXreality’s digital twin platform (mXvision). mXreality developed an online browser-based cloud hosted system around a 3D environment of the physical Cadent site in Whitwell. The result of the trial was extremely positive as delivery supervisors saved on time and costs, staff were able to visualise the locations of faults when upgrading the site, and they were able to use field data to inform asset investment priorities.

If you’d like to find out more about mXreality, get in touch today.

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