Application leaders increasingly use IoT and digital twins to improve situational awareness and make better business decisions. These technologies can help to reduce costs, as illustrated by examples from the rail transportation, oil and gas, healthcare, and supply chain industries. Quick Answer How can we use IoT and digital twins to reduce costs as we reopen after the COVID-19 lockdown? IoT and Digital twins can be used in countless ways to reduce costs. Their use improves situational awareness, helping organizations to make better business decisions. Organizations have used this technology to: More Detail Following the COVID-19 lockdowns that have taken place worldwide, companies that have lost revenue will be looking for ways to innovate and save money. Internet of Things (IoT) implementations involving digital twins are proving to be helpful in reducing costs. Companies have been using these innovations to improve their situation awareness and automate their business responses to changing conditions.
■ Switch from traditional to condition-based maintenance in the transportation rail industry.
■ Use predictive maintenance to anticipate high-impact disruptions in the oil and gas industry. Monitor patients in real-time to increase comfort and avoid life-threatening conditions in healthcare.
■ Track and monitor high-value, perishable goods to reduce loss and damage in supply chains