The use of digital twins is steadily going mainstream, and for good reason: they help organizations ensure their products and systems perform their best. As the name suggests, a digital twin is a digital representation of a physical object or system. It is typically connected to the physical asset with sensors, enabling two-way communication. The popularity of digital twins is on the rise because they provide organizations with a wide range of benefits.

Digital Twins Benefit Organizations in Many Ways

Digital twins span applications – from the shop floor to the top floor – enabling organizations to become more efficient, create innovative business models, and help generate new streams of revenue. Organizations can use digital twins to re-engineer products to meet regulatory requirements and avoid penalties. They allow organizations to improve asset management, boost the efficiency of complex systems, and ensure product reliability and safety. They are also deployed for predictive maintenance, preventing expensive breakdowns.

Regulatory Compliance

Digital twins enable organizations to design products and system components to ensure compliance with regulatory requirements. For example, designers and manufacturers in the automotive, marine, and aerospace industries must comply with the environmental regulations of governments around the world. With digital twins, engineers could redesign system components so that vehicle emissions such as NOx, CO2, and SOx are significantly reduced. Digital twins also can help companies in these industries comply with environmental regulations, avoiding regulatory costs and hefty fines.

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Going beyond software license monitoring…

Many corporations calculate the cost of doing business for each business unit or department. In some cases, corporations will calculate costs based on geographic locations. Enterprise licensing represents a significant expense that needs to be allocated to different department and regions based on their software usage. Unless software license usage is broken down by departments and regions, it is difficult to calculate software costs and determine these chargeback amounts.

Altair SAO, our software analytics solution, incorporates a new module for performing such chargeback calculations. This functionality is available only if the solution is set up to include departmental and regional hierarchical structures, with users assigned to specific departments and regions.

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