| |JULY 202319CIOReviewThe current world is at the cusp of Industry 4.0, embracing digital twins and revolutionizing businesses across the globe by bringing in unlimited possibilities. With every industrial product granted a dynamic digital representation, a convergence of the physical and virtual world, organizations can accurately predict the future of the product by assessing their digital counterparts. Industries such as manufacturing, healthcare, automobile, and banking have implemented this revolutionary technology to unlock potential for development. In an exclusive interview with CIO Outlook, Adrienne Heinrich, VP, AI CoE Head, Union Bank of the Philippines, has shared her valuable insights on digital twins and the possibilities of their implementation in the banking sector. How are digital twins helping industry leaders in revamping manufacturing and industrial processes?Industry 4.0 has embraced digital twins, thriving in innovating industrial and manufacturing applications. Good quality data from sensors installed in equipment are crucial to building a digital twin. And with the prevalence of IoT devices, a large amount of data is available to design a dynamic digital representation of the product. It helps us improve product or service performance as we can select the intervention that gives the best result. Digital twins facilitate innovation as insights from simulations inspire new ideas. This way, we reduce the time needed to release a new product or service.Combining AI with the digital twin concept is another trend. Using AI, we can build digital twins with existing data for a physical model. An alternative method is building a digital model using simulated data, gaining a richer training set. This powerful combination results in improved and efficient decision-making and enhances machine learning models. Therefore, industry leaders save a lot in terms of time and cost upon using digital twins. Can you summarize the applicability of digital twins? What are some of the problems faced by your clients in seamlessly adopting it in the AI space or industrial manufacturing space? One challenge people face while applying digital twins is the imbalance of data. If there is an insufficient sample size, we cannot build a good representation of the physical world, resulting in an ineffective model. It can sometimes be difficult for digital twins to provide a comprehensive perspective of the situation, as in the case of our business unit, a power plant of the parent corporation under which Union Bank of the Philippines operates. When an accident occurs, it affects numerous pieces of machinery rather than just one. It is not an isolated event but rather a correlated one. That is why it is necessary to develop a holistic digital twin covering the entire plant. INSIGHTSCXODigital twins facilitate innovation as insights from simulations inspire new ideas. This way, we reduce the time needed to release a new product or serviceBy Adrienne Heinrich, Vice President, AI CoE Head, Union Bank of the PhilippinesPREDICT THE FUTURE WITH DIGITAL TWINSAdrienne Heinrich
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