New value creation opportunities for digital twin for product design and development
Kulkarni, Kedar Prakash (2023)
Diplomityö
2023
School of Engineering Science, Tuotantotalous
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi-fe2023061555234
https://urn.fi/URN:NBN:fi-fe2023061555234
Tiivistelmä
Digital twin technology has emerged as a promising innovation with vast potential in various industries. Moreover, the application of digital twin technology has changed the game in various industries, with predictive maintenance and machine optimization skills at the forefront of its application. However, digital twins' product design and development potential has yet to be completely exploited. In this regard, this thesis aims to investigate the new value-creation opportunities for digital twins (DT) in product design and development (PD&D).
To accomplish its objective, the research utilized a qualitative approach involving detailed interviews with eleven individuals from diverse backgrounds. According to the interviews, digital twins have tremendous potential for value creation beyond traditional applications. The significant themes from the interviews included greater stakeholder collaboration and communication, faster design iteration and prototyping, shorter time-to-market, higher product quality, and customer satisfaction and trust.
The thesis used Bain & Company's B2B value element framework to examine the value-creation prospects provided by digital twins for product design and development. This paradigm allows for the evaluation and categorization of recognized value possibilities and a structured understanding of their relevance and ramifications.
The study's findings broaden our understanding of the potential benefits of digital twins beyond their well-known applications in predictive maintenance and machine optimization. The study stresses the importance for enterprises to investigate and capitalize on the full range of value-creation potential digital twins provide in product design and development. By understanding and capitalizing on the immense potential of digital twins, firms can stay ahead of the competition.
To accomplish its objective, the research utilized a qualitative approach involving detailed interviews with eleven individuals from diverse backgrounds. According to the interviews, digital twins have tremendous potential for value creation beyond traditional applications. The significant themes from the interviews included greater stakeholder collaboration and communication, faster design iteration and prototyping, shorter time-to-market, higher product quality, and customer satisfaction and trust.
The thesis used Bain & Company's B2B value element framework to examine the value-creation prospects provided by digital twins for product design and development. This paradigm allows for the evaluation and categorization of recognized value possibilities and a structured understanding of their relevance and ramifications.
The study's findings broaden our understanding of the potential benefits of digital twins beyond their well-known applications in predictive maintenance and machine optimization. The study stresses the importance for enterprises to investigate and capitalize on the full range of value-creation potential digital twins provide in product design and development. By understanding and capitalizing on the immense potential of digital twins, firms can stay ahead of the competition.