The Industrial Metaverse, and the approach to strategic digitalization that rationalizes its implementation, provide a competitive advantage through the following benefits:
1. Cost savings: Companies can save money on equipment, travel expenses, and other operational costs by conducting business in a virtual environment. This supports design anywhere, build anywhere initiatives to maximize a company’s human and capital resources.
2. Improved productivity: The Industrial Metaverse can streamline processes, enable remote collaboration, and facilitate better communication among team members, leading to increased productivity. Engineering and product development is fundamentally a learning process so the capability to speed those organizational learnings directly contributes to enhanced productivity.
3. Enhanced safety: The Industrial Metaverse can be used to simulate hazardous environments and test safety procedures, reducing the risk of accidents and injuries.
4. Innovation: The Industrial Metaverse can be used to prototype and test new products and processes in a virtual environment, allowing for rapid iteration and experimentation. Again, this capability to use hyperrealistic, physics-based simulations speeds the learning process enabling more iterations for the optimization of a product’s performance, manufacturing processes, factory resources, and supply chain.
5. Sustainable practices: The industrial metaverse can be used to model and test sustainable practices, such as energy-efficient manufacturing and waste reduction, leading to more environmentally friendly operations.
Overall, strategic digitalization with Siemens via the Industrial Metaverse has the potential to revolutionize the way A&D companies win new business, operate, and compete. It provides new opportunities for innovation, cost savings, and improved safety and sustainability practices ultimately delivering the potential for enhanced growth and profitability. These benefits accrue to those C-level teams that seek to gain competitive advantage by analyzing their competitive position relative to industry peers based on their digitalization maturity.
In the next installation of this series, we will discuss how to assess competitive position with the Siemens Digitalization Maturity Index and plot a course for a digitalization strategy that fully extracts the potential available from the Industrial Metaverse.