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Industrial innovation, business opportunities, and reality sites: Part 1

Updated: Apr 26, 2023

Capital-intensive industries need to maximize uptime and returns while minimizing cost and time efficiencies across all parts of their operations. Making the right decisions quickly is critical to reducing downtime and minimizing health, safety and environment (HSE) risk.

With a solid understanding of the trends in the digital space, and the challenges of digital adoption and acceleration, it’s time to seriously consider the opportunities of investing in digital twin technologies [1]. When it comes to improving safety and efficiency, optimizing production, and contributing to corporate sustainability, there’s no better option for rapid return on investment.

In this three-part series, we’ll dive into the details on the following four opportunities of agile asset management with digital twin technology: increased efficiencies, optimization of production, improved safety, and contributions to corporate sustainability.

Increased efficiencies

There are numerous ways that digital twins can increase efficiency across the entire organization. From process automation to future scenario development and reduced information wastage to enhanced collaborative decision making, digital twins transform performance.

Optimization of production

Imagine if you could automate drilling operations by monitoring and analyzing data in real-time. Digitizing the reality of your site optimizes production in a number of critical areas, including reducing time for planning to production and asset performance management.

Improved safety

Critical to brownfield sites, traditional safety and emergency response training can be time consuming and expensive. This is significantly alleviated with the use of a data-rich reality model of your site.

Contributions to corporate sustainability

Digital twins assist capital-intensive industries in the achievement of a number of environment, social and governance (ESG) goals. From real time greenhouse gas monitoring and reducing site exposure, digital twins make it easier than ever to tackle the unique sustainability challenges of capital-intensive challenges.

In our next post, the second of our three- part series, we’ll dive into more detail on the opportunities of agile asset management specifically related to increased efficiencies and optimization of production.

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