This article explores the benefits of digital twins and how they are enabling SMEs to leverage AI for improved process optimization and risk reduction during strategy execution.
Digital twins allow businesses to repeatedly simulate and optimize complex, multivariable problems, reducing the learning costs associated with experimentation in the physical world. Previously the domain of large corporations, small and medium enterprises (SMEs) can now leverage AI to create advanced digital twins .
This five-step process involves: defining a clear business objective, outlining a process flowchart, identifying and structuring necessary data, building a digital model of the flowchart, and finally, testing, implementing, and iterating the model. Strategy execution is the riskiest phase as any errors have tangible consequences. One way to mitigate this risk is by repeatedly simulating a process in a controlled environment, gradually refining it each time, similar to Toyota's continuous improvement methodologies. However, this constant data monitoring and micro-decision making can be challenging. Digital twins offer a solution by allowing for iterative testing and optimization without real-world impact
Digital Twins AI Optimization Smes Strategy Execution
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