Transforming Business through Real-time Operational Intelligence
We are living in a digital age, defined by an overwhelming amount of data from smart phones, IoT devices, cloud technology, and other sources. How businesses choose to use this information has the potential to be transformative.
One thing is clear — collecting data is not enough. Emerging technology has made it possible to measure more things, more accurately than ever, dramatically increasing the degree of insight now attainable. To rise above the competition, businesses must learn to harness this technology to analyze and optimize data in ways that drive efficiency and innovation in real-time.
Fast-tracking Data-driven Decisions
Businesses have long recognized the need to employ data to inform decisions on cost, efficiency, or innovation but have become accustomed to tired analytical processes, bogged down by data lag.
For some time now, decision making has been driven by composing reports generated from analysis performed on information stored in a data warehouse. In this methodology, data is accessed from storage and employed in analytical operations to obtain key performance indicators. After evaluating these reports, decisions are made as to what approaches will be taken to improve key metrics by the next evaluation period.
This analytical approach has its limitations. Before stakeholders can access the repository data, it must be collected, modified, and stored. This is a slow process that is contingent on several variables, including the flux of data, the number modifications that need to be performed, and the performance of the hardware devices and the software stack.
As a result, organizations are never able to execute decisions based on real-time performance metrics. However, employing smart technologies, such as digital twins, can eliminate this data lag, allowing data to be accessed, analyzed, and leveraged in real-time.
Digital Twins and Real-Time Operational Intelligence
A digital twin is a replication of a physical system in a virtual space that functions in synchronicity with the real system. It is engineered to receive, assimilate, and render voluminous amounts of data sent from fleets of IoT (Internet of Things) field devices. And when coupled with AI and machine learning, digital twins allow virtual systems to perform automated analysis on data as it’s being ingested and stored, revealing real-time insights.
Take, for example, several use cases for digital twins in a manufacturing facility:
Digital twins can be configured to monitor the price of raw materials in the facility’s supply chain, alerting stakeholders of rising costs or alternative resources.
The technology could serve as energy resource management, monitoring fluctuating electric rates in real-time to optimize the cost when the facility is operating off-the-grid or powered by batteries.
Digital twin systems could provide keen insights on equipment maintenance, preventing costly downtime and increasing efficiency.
Keyfive is a Partner in Transformative Technology
Keyfive offers tailor-made, fully scalable, AI-enabled digital twin architectures programed to provide real-time intelligence of your business operations.
Our digital twin platform can remedy operational hindrances including asset management, compliance, and data overload. Keyfive’s digital technology effortlessly integrates into your business’ systems, enhancing your operations via digital independence, cross-system compatibility, cross-platform harmony, and cutting-edge security. If you are interested in enlisting a digital twin approach to sustainably reduce overhead, increase efficiency, catalyze innovation, and entirely optimize your business, contact Keyfive today.
