Managing digital-twin lifecycle-recognition and handling of business risks

While the adoption of digital twins among industrial companies is growing due to rapid developments in available solutions, the utilization of digital twins as a part of company operations and management is a new phenomenon. As a result, the long-term functionality of the digital-twin lifecycle is not well understood. Because of the small number of example cases, there is a lack of existing case data. This chapter offers both theoretical and empirical insights into the business-related risks that can arise during the different digital-twin lifecycle phases. The empirical information introduced here came from two Finnish multinational industrial companies that are planning to develop new service businesses based on digital twins