Hexagon’s Digital Twin Industry Report has found that companies using digital twins report an average cost saving of 19% and a 15% reduction in emissions
The report surveyed 660 business executives from 11 industries across the world and found that the use of digital twins generated savings in both emissions and costs.
On average, companies using digital twins benefited from a 22% annual return on investment and 19% cost savings.
Digital twins are also helping companies meet sustainability goals; 78% of respondents reported reduced carbon emissions due to adoption. On average, these companies see a 15% reduction in emissions.
Balancing expectations and reality
Only one in five of respondents without a digital twin believed that the technology could help with collaborations, whilst nearly half (44%) of those working with digital twins reported collaboration benefits, marking a 25% difference between expectations and reality.
96% of executives surveyed said that they recognised the value that digital twins could bring to their organisations- but only 16% plan to substantially increase their investment in digital twin technology over the next two years.
“Digital twins offer value at every stage of maturity. Even initial implementations deliver measurable benefits, with incremental gains in efficiency, sustainability and overall performance as more data is integrated,” says Frank Suykens, senior vice president of visual computing, Hexagon.
AI integration is also driving interest in digital twins
80% of executives said that AI has increased their interest in the technology but so far only half of respondents (43%) said that their company plans to add AI functionality to their digital twins within the next year, enhancing data analytics and decision-making capabilities.
“Leaders are realising that AI is not just a feature but the key to maximising the potential of digital twins,” said Hexagon’s chief technology officer Burkhard Boeckem.
“From processing massive data sets to driving smarter decision making, AI has become a core component of digital twin strategies. Organisations embracing AI will reap the rewards in efficiency, innovation and long-term growth.”
You can read the Hexagon report on digital twins and their impact on costs and emissions here.
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