Managing digital-twin lifecycle – recognition and handling of business risks

Abstract

While the adoption of digital twins among industrial companies is growing due to rapid developments in available solutions, the utilization of digital twins as a part of company operations and management is a new phenomenon. As a result, the long-term functionality of the digital-twin lifecycle is not well understood. Because of the small number of example cases, there is a lack of existing case data. This chapter offers both theoretical and empirical insights into the business-related risks that can arise during the different digital-twin lifecycle phases. The empirical information introduced here came from two Finnish multinational industrial companies that are planning to develop new service businesses based on digital twins.