Digital Twin: Key Concepts and Benefits for Asset Management

Digital Twin: Key Concepts and Benefits for Asset Management
Share:
Key points
  • Digital twins are virtual replicas of physical assets that capture their design, behaviour, and other crucial parameters in real-time.
  • Maintaining digital twins requires real-time monitoring of assets using IoT devices, sensors, and other connectivity tools.
  • The PLCS standard provides an integrated view of asset data across traditionally siloed functional perspectives and is a perfect framework to achieve full digital twins.
  • Digital twins can help organizations reduce downtime, improve asset performance, optimize maintenance schedules, and improve safety.

Digital Twin: The Future of Asset Management

The concept of a digital twin is gaining popularity in various industries, including manufacturing, healthcare, and aerospace. A digital twin is a virtual replica of a physical asset that captures its design, behaviour, and other crucial parameters in real-time. This technology can help organizations improve their asset management and reduce maintenance costs by providing accurate insights into asset performance.

The Challenges of Maintaining a Digital Twin

However, maintaining a digital twin is not without challenges. For instance, keeping the digital twin updated and relevant can be a daunting task. This requires real-time monitoring of assets using IoT devices, sensors, and other connectivity tools. Besides, managing different views of the asset, such as as-designed, as-manufactured, and as-maintained, can be complicated, as well as linking and tracing between them.

The PLCS Standard for Digital Twins

The Product Life Cycle Support (PLCS) standard is a state-of-the-art open data model designed to address the challenges of managing complex products and assets. This framework enables the creation of an integrated view of asset data across traditionally siloed functional perspectives. By using the PLCS standard, organizations can achieve a full digital twin, covering the complete lifecycle of the asset.

Key PLCS Concepts in ShareAspace

Eurostep’s ShareAspace Server provides a comprehensive solution for digital twin integration using the PLCS standard. The platform’s unique concepts include distinguishing between designs and actuals, managing different BOM views, recording processes and other actions applied to the product, managing different breakdown views, auditing trail covering the complete life cycle of a product and asset, managing product properties, and managing associated documents and other information. Additionally, ShareAspace can manage requirements, allocation, tracing, verification and validation.

Benefits of Digital Twins

By leveraging digital twins, organizations can reduce downtime, improve asset performance, and increase productivity. Digital twins can also help organizations optimize their maintenance schedules, minimize the risk of equipment failure, and improve safety. In addition, digital twins can provide valuable insights into product design and development, enabling organizations to improve their products’ quality and performance.

Conclusion

Digital twin technology is rapidly transforming the way organizations manage their assets. By creating a virtual replica of a physical asset, organizations can gain valuable insights into asset performance, reduce maintenance costs, and improve productivity. While maintaining a digital twin can be challenging, using the PLCS standard and solutions like ShareAspace can help organizations achieve a full digital twin across the entire lifecycle of the asset. As organizations continue to adopt digital twin technology, we can expect to see significant improvements in asset management, safety, and performance in various industries.

Watch our latest webinars

Stay informed and learn with ease!

Learn more

Webinar: Digital Product Passports – Stay compliant and keep your supply chain moving
Ready or not: Digital Product Passports are here! Evolving regulations are making digital product passports a must. But how do you implement them quickly—without jeopardizing data quality or security? Learn ...
ShareAspace Forum 2025
The Power of Collaboration: Securely Connecting the Digital Thread We are pleased to invite you to ShareAspace Forum 2025, a half-day event where we bring together customers, industry experts, and ...
The 2025 Aerospace & Defence outlook: Key takeaways for building a better collaboration across the life cycle
Eurostep’s take on the 2025 Aerospace & Defense Industry Outlook by Deloitte As a company that has spent decades helping aerospace and defence organizations tackle complex product data challenges, Eurostep ...
Account Manager – Manufacturing
Plats: Stockholm, Sverige Företag: Eurostep AB Affärsområde: Manufacturing Om oss: Eurostep AB är en ledande aktör inom produktdatahantering, känd för vår innovativa teknik och starka kundrelationer. Vi söker nu en erfaren Account Manager ...
Accelerating mission-ready decisions: Turning high-quality data into timely, informed action
Executive Summary The military landscape today can be characterised by an increase in geopolitical tensions, the emergence of new threats and state alliances, coupled with active conflict zones on our ...
Eurostep presenting & exhibiting at the 20th Life Cycle Management in NATO Conference
Join us at the 20th Life Cycle Management in NATO Conference and Exhibition, taking place 21–22 January 2025 at the Holiday Inn Brussels Airport. This milestone event, marking 20 years ...
Eurostep Limited named as a supplier on Crown Commercial Service’s G-Cloud 14 Framework
Date: 18/12/2024 Eurostep Limited, a subsidiary of Eurostep AB, a BAE Systems company since 2023, is proud to announce that we have been named a supplier on Crown Commercial Service's ...
A Master Data Management System with ShareAspace
An organisation’s assets are vital for its existence. Financial assets have for a long time been on the agenda and have been well managed. However, other assets of an organization ...
Moving beyond documents
Many companies invest in digital engineering and model-based approaches to stay competitive. Organisations recognise the limitations of relying solely on documents when securely sharing critical product data. Documents are often ...
The data-driven revolution in construction projects – From chaos to clarity
We often hear about data being “the new oil.” But in our experience, asset data isn’t just a valuable resource—it’s the foundation for smarter, more sustainable projects. Data describing your ...
A product data-centric solution for complex supply chains
In today's interconnected landscape, managing product data across multiple systems, partners, and suppliers is crucial for maintaining a competitive edge, especially within complex, high-stakes industries. Eurostep’s ShareAspace platform provides a ...
Enabling the digital thread with ShareAspace
A Digital Thread is for Life – Not Just Manufacturing
Implementing the digital thread and digital twin with PLCS The Digital Thread is a communication framework that connects traditionally siloed elements in manufacturing processes and provides an integrated view of ...
Webinar: Mastering asset data for complex AEC&Plant projects
Unlock the full potential of your asset data In industries like Architecture, Engineering, and Construction (AEC) and plant management, handling vast amounts of asset data can be challenging: siloed and ...
Eurostep joins the Swedish Security & Defence Industry Association (SOFF)
Eurostep is proud to announce its membership with the Swedish Security & Defence Industry Association (SOFF). This partnership is a significant milestone in our ongoing mission to support the defence ...
Webinar: Unlocking the value of Data-Driven Collaboration in complex assets
Join us for a 30-minute session where Magnus Färneland, Director of Industry Vertical Manufacturing at Eurostep, shares recent developments in supply chain collaboration and data management. Using real-world examples from ...
Building the Digital Thread: Is your data quality ready?
The modern industrial landscape is increasingly reliant on digital transformation, and at the heart of this transformation lies the digital thread—a communication framework that enables the seamless flow of data ...
Heliple 2 Research Project Demonstration | Eurostep, IBM, KTH, Saab, Volvo Cars
Welcome to the Heliple 2 research project results demonstration, showcasing Eurostep's collaboration with key partners such as IBM, KTH, Linxwork, Saab Aeronautics, and Volvo Cars. This video presents a detailed ...
SMART contracting for information: Ensuring precision in complex asset management
By Rob Bodington, Technical Fellow at Eurostep At Eurostep, we have developed our ShareAspace software to consolidate engineering data from diverse sources to create and maintain a digital thread of ...
Webinar: Securing your product data supply chain in the defence industry
The defence industry faces increasing demands for faster, cost-effective, and integrated solutions. Complex platforms require seamless collaboration across the supply chain—from design and manufacturing to maintenance and support. Join Simon ...
Digital Twins need Digital Threads for success
In the race toward digital transformation, the fusion of Digital Twins and Digital Threads is the secret to turning data into actionable insights and real-world impact. While often mentioned together, ...
Webinar: Digital Product Passports – Stay compliant and keep your supply chain moving
Ready or not: Digital Product Passports are here! Evolving regulations are making digital product passports a must. But how do you implement them quickly—without jeopardizing data quality or security? Learn ...
ShareAspace Forum 2025
The Power of Collaboration: Securely Connecting the Digital Thread We are pleased to invite you to ShareAspace Forum 2025, a half-day event where we bring together customers, industry experts, and ...
The 2025 Aerospace & Defence outlook: Key takeaways for building a better collaboration across the life cycle
Eurostep’s take on the 2025 Aerospace & Defense Industry Outlook by Deloitte As a company that has spent decades helping aerospace and defence organizations tackle complex product data challenges, Eurostep ...
Account Manager – Manufacturing
Plats: Stockholm, Sverige Företag: Eurostep AB Affärsområde: Manufacturing Om oss: Eurostep AB är en ledande aktör inom produktdatahantering, känd för vår innovativa teknik och starka kundrelationer. Vi söker nu en erfaren Account Manager ...
Accelerating mission-ready decisions: Turning high-quality data into timely, informed action
Executive Summary The military landscape today can be characterised by an increase in geopolitical tensions, the emergence of new threats and state alliances, coupled with active conflict zones on our ...
Eurostep presenting & exhibiting at the 20th Life Cycle Management in NATO Conference
Join us at the 20th Life Cycle Management in NATO Conference and Exhibition, taking place 21–22 January 2025 at the Holiday Inn Brussels Airport. This milestone event, marking 20 years ...
Eurostep Limited named as a supplier on Crown Commercial Service’s G-Cloud 14 Framework
Date: 18/12/2024 Eurostep Limited, a subsidiary of Eurostep AB, a BAE Systems company since 2023, is proud to announce that we have been named a supplier on Crown Commercial Service's ...
A Master Data Management System with ShareAspace
An organisation’s assets are vital for its existence. Financial assets have for a long time been on the agenda and have been well managed. However, other assets of an organization ...
Moving beyond documents
Many companies invest in digital engineering and model-based approaches to stay competitive. Organisations recognise the limitations of relying solely on documents when securely sharing critical product data. Documents are often ...