Welcome!

Java IoT Authors: Elizabeth White, Pat Romanski, Yeshim Deniz, Liz McMillan, Paul Simmons

Related Topics: @ThingsExpo, Artificial Intelligence, @DXWorldExpo

@ThingsExpo: Blog Feed Post

Me, Myself and Digital Twins | @ThingsExpo #AI #IoT #BigData #DX #DigitalTransformation

It’s hard to get into the world of the Internet of Things (IoT) without eventually talking about Digital Twins

It’s hard to get into the world of the Internet of Things (IoT) without eventually talking about Digital Twins. I was first exposed to the concept of Digital Twins when working with GE. Great concept. But are Digital Twins only relevant to physical machines such as wind turbines, jet engines, and locomotives? What can we learn about the concept of digital twins that we can apply more broadly – to other physical entities (like contracts and agreements) and even humans?

What Is a Digital Twin?
A Digital Twin is a digital representation of an industrial asset that enables companies to better understand and predict the performance of their machines, find new revenue streams, and change the way their business operates[1].

GE uses the concept of Digital Twins to create a digital replica of their physical product (e.g., wind turbine, jet engine, locomotive) that captures the asset’s detailed history (from design to build to maintenance to retirement/salvage) that can be mined to provide actionable insights into the product’s operations, maintenance and performance.

The Digital Twin concept seems to work for any entity around which there is ongoing activity or “life”; that is, there is a continuous flow of new information about that entity that can constantly update the condition or “state” of that entity.

The Digital Twin concept is so powerful that it would be a shame to not apply the concept beyond just physical products. So let’s try to apply the Digital Twin concept to another type of common physical entity – contracts or agreements.

Applying Digital Twins to Contracts
Many contracts and agreements have a life of their own; they are not just static entities. Many contracts (e.g., warranties, health insurance, automobile insurance, car rental agreements, construction contracts, apartment rental agreements, leasing agreements, personal loans, line of credit, maintenance contracts) once established, have a stream of ongoing interactions, changes, enhancements, additions, enforcements and filings. In fact, the very process of establishing a contract can constitute many interactions with exchanges of information (negotiations) that shape the coverage, agreement, responsibilities and expectations of the contract.

Let’s take a simple home insurance contract. Once the contract is established, there is a steady stream of interactions and enhancements to that contract including:

  • Payments
  • Addendums
  • Claims filings
  • Changes in terms and conditions
  • Changes in coverage
  • Changes in deductibles

Each of these engagements changes the nature of the contract including its value and potential liabilities. The insurance contract looks like a Digital Twin of the physical property for which it insures given the cumulative history of the interactions with and around that contract.

Expanding upon the house insurance contract as a living entity, the insurance company might want to gather other data about the property in order to increase the value of the contract while reducing the contract’s risks, liabilities and obligations. Other data sources that the insurance company might want to integrate with the house insurance contract could include:

  • Changes in the value of the home (as measured by Zillow and others)
  • Changes in the value of the nearby homes
  • Changes in local crime
  • Changes in local traffic
  • Changes in the credentials and quality of local schools
  • Quality of nearby parks
  • Changes in zoning (the value and liabilities of a house could change if someone constructs a mall nearby)
  • Changes in utilities (a house with lots of grass might not be as attractive as the price of water starts to increase)
  • New nearby construction permits (residential and commercial)
  • Aerial photos (to check for unauthorized additions or construction)
  • Changes in the location of mass transit
  • Even predicted changes in local climate (see Figure 1)

Figure 1: “As Climate Changes, Southern States Will Suffer More Than Others” New York Times

If the goal of the insurance company holding the home insurance policy is to 1) maximize the value of that policy while 2) reducing any potential costs, liabilities and obligations, then creating a Digital Twin via a home insurance contract seems like a smart economic move.

Applying Digital Twins to Humans
“Big Data is not about big data; it’s about getting down to the individual!”

Your customers and prospects are leaving their digital fingerprints everywhere on the Internet. From social media (likes, retweets, posts, shares), mobile apps, website clicks, keyword searches, blog postings, on-line forum comments, posting photos, listening to music and watching videos, your customers and your best prospects are sharing their digital DNA including their interests, passions, associations and affiliations (see Figure 2).

Figure 2: Consumers Digital Fingerprint

One of the keys to data monetization is to understand the behaviors and tendencies of each individual including consumers, students, teachers, patients, doctors, nurses, engineers, technicians, agents, brokers, store managers, baristas, clerks, and athletes. In order to better serve your customers, you need to capture and quantify each individual customer’s preferences, behaviors, tendencies, inclinations, interests, passions, associations and affiliations in the form of actionable insights (such as propensity scores). See Figure 3.

Figure 3: Big Data About Insights at Level of the Individual

These actionable insights can be captured in an Analytic Profile for re-use across a number of use cases including customer acquisition, retention, cross-sell/up-selling, fraud reduction, money laundering, advocacy development and likelihood to recommend (see Figure 3).

Figure 4: Analytic Profiles as Data Monetization Foundation

The behavioral insights captured in the Analytic Profiles ultimately allow organizations to optimize their entire value chain process – from product design, development, and manufacturing to optimizing marketing activities, prioritizing sales efforts, and optimizing service and support activities (see “Big Data MBA: Course 101A – Unit III” for more details on opportunities for monetizing Michael Porter’s Value Chain Analysis).

Summary
GE uses the concept of Digital Twins to create a digital replica of a physical product that captures the asset’s detailed history (from design to build to maintenance to retirement/salvage) that can be mined to provide actionable insights into the product’s operations, maintenance and performance.

That same Digital Twins concept can be applied to contracts and agreements in order to increase the value of those contracts while minimizing any potential risks and liabilities.  And the Digital Twins concept can also be applied to humans in order to better monetize the individual human (customers) across the organization’s value creation process.

[1] https://www.ge.com/digital/industrial-internet/digital-twin

The post Me, Myself and Digital Twins appeared first on InFocus Blog | Dell EMC Services.

Read the original blog entry...

More Stories By William Schmarzo

Bill Schmarzo, author of “Big Data: Understanding How Data Powers Big Business” and “Big Data MBA: Driving Business Strategies with Data Science”, is responsible for setting strategy and defining the Big Data service offerings for Dell EMC’s Big Data Practice.

As a CTO within Dell EMC’s 2,000+ person consulting organization, he works with organizations to identify where and how to start their big data journeys. He’s written white papers, is an avid blogger and is a frequent speaker on the use of Big Data and data science to power an organization’s key business initiatives. He is a University of San Francisco School of Management (SOM) Executive Fellow where he teaches the “Big Data MBA” course. Bill also just completed a research paper on “Determining The Economic Value of Data”. Onalytica recently ranked Bill as #4 Big Data Influencer worldwide.

Bill has over three decades of experience in data warehousing, BI and analytics. Bill authored the Vision Workshop methodology that links an organization’s strategic business initiatives with their supporting data and analytic requirements. Bill serves on the City of San Jose’s Technology Innovation Board, and on the faculties of The Data Warehouse Institute and Strata.

Previously, Bill was vice president of Analytics at Yahoo where he was responsible for the development of Yahoo’s Advertiser and Website analytics products, including the delivery of “actionable insights” through a holistic user experience. Before that, Bill oversaw the Analytic Applications business unit at Business Objects, including the development, marketing and sales of their industry-defining analytic applications.

Bill holds a Masters Business Administration from University of Iowa and a Bachelor of Science degree in Mathematics, Computer Science and Business Administration from Coe College.

@ThingsExpo Stories
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and ...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smart...
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world.
DXWorldEXPO LLC announced today that All in Mobile, a mobile app development company from Poland, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. All In Mobile is a mobile app development company from Poland. Since 2014, they maintain passion for developing mobile applications for enterprises and startups worldwide.
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
DXWorldEXPO LLC announced today that ICC-USA, a computer systems integrator and server manufacturing company focused on developing products and product appliances, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City. ICC is a computer systems integrator and server manufacturing company focused on developing products and product appliances to meet a wide range of ...
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
We are seeing a major migration of enterprises applications to the cloud. As cloud and business use of real time applications accelerate, legacy networks are no longer able to architecturally support cloud adoption and deliver the performance and security required by highly distributed enterprises. These outdated solutions have become more costly and complicated to implement, install, manage, and maintain.SD-WAN offers unlimited capabilities for accessing the benefits of the cloud and Internet. ...
Headquartered in Plainsboro, NJ, Synametrics Technologies has provided IT professionals and computer systems developers since 1997. Based on the success of their initial product offerings (WinSQL and DeltaCopy), the company continues to create and hone innovative products that help its customers get more from their computer applications, databases and infrastructure. To date, over one million users around the world have chosen Synametrics solutions to help power their accelerated business or per...
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
Founded in 2000, Chetu Inc. is a global provider of customized software development solutions and IT staff augmentation services for software technology providers. By providing clients with unparalleled niche technology expertise and industry experience, Chetu has become the premiere long-term, back-end software development partner for start-ups, SMBs, and Fortune 500 companies. Chetu is headquartered in Plantation, Florida, with thirteen offices throughout the U.S. and abroad.
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science," is responsible for setting the strategy and defining the Big Data service offerings and capabilities for EMC Global Services Big Data Practice. As the CTO for the Big Data Practice, he is responsible for working with organizations to help them identify where and how to start their big data journeys. He's written several white papers, is an avid blogge...
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science," is responsible for setting the strategy and defining the Big Data service offerings and capabilities for EMC Global Services Big Data Practice. As the CTO for the Big Data Practice, he is responsible for working with organizations to help them identify where and how to start their big data journeys. He's written several white papers, is an avid blogge...
Charles Araujo is an industry analyst, internationally recognized authority on the Digital Enterprise and author of The Quantum Age of IT: Why Everything You Know About IT is About to Change. As Principal Analyst with Intellyx, he writes, speaks and advises organizations on how to navigate through this time of disruption. He is also the founder of The Institute for Digital Transformation and a sought after keynote speaker. He has been a regular contributor to both InformationWeek and CIO Insight...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
Michael Maximilien, better known as max or Dr. Max, is a computer scientist with IBM. At IBM Research Triangle Park, he was a principal engineer for the worldwide industry point-of-sale standard: JavaPOS. At IBM Research, some highlights include pioneering research on semantic Web services, mashups, and cloud computing, and platform-as-a-service. He joined the IBM Cloud Labs in 2014 and works closely with Pivotal Inc., to help make the Cloud Found the best PaaS.
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
"We view the cloud not as a specific technology but as a way of doing business and that way of doing business is transforming the way software, infrastructure and services are being delivered to business," explained Matthew Rosen, CEO and Director at Fusion, in this SYS-CON.tv interview at 18th Cloud Expo (http://www.CloudComputingExpo.com), held June 7-9 at the Javits Center in New York City, NY.
The Founder of NostaLab and a member of the Google Health Advisory Board, John is a unique combination of strategic thinker, marketer and entrepreneur. His career was built on the "science of advertising" combining strategy, creativity and marketing for industry-leading results. Combined with his ability to communicate complicated scientific concepts in a way that consumers and scientists alike can appreciate, John is a sought-after speaker for conferences on the forefront of healthcare science,...