A five-step process to help small and medium-sized companies capture the value these tools can offer.
December 19, 2024
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Digital twins enable businesses to repeatedly simulate and optimize complex multivariable problems, cutting the learning costs that come with experimenting in the physical world. Once the exclusive province of big business, small and medium enterprises (SMEs) can now use AI to advanced digital twins that enable them to repeatedly simulate and optimize complex multivariable problems. Creating these twins is a five-step process that involves: Setting a clear business objective; drawing up a clear flowchart of the process you’re twinning; identifying and structuring the data you’ll need; building the digital model of that flowchart; then testing, implementing, and iterating the model.
A strategy’s execution is its riskiest moment because it is the point when any miscalculations have a tangible cost. One way to reduce that risk is to repeat a process over and over in an experimental setting improving it just a little bit more each time. It’s the type of thing Toyota’s continuous improvement systems are famous for. But this can be difficult as it involves continuously monitoring data and making many micro decisions in response.
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Graham Kenny is the CEO of Strategic Factors and author of Strategy Discovery. He is a recognized expert in strategy and performance measurement who helps managers, executives, and boards create successful organizations in the private, public, and not-for-profit sectors. He has been a professor of management in universities in the U.S. and Canada.
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Ganna Pogrebna is Executive Director at AI and Cyber Futures Institute at Charles Sturt University, Lead for Behavioural Data Science at the Alan Turing Institute and an Honorary Professor of Behavioural Business Analytics at the University of Sydney.
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