What is a Digital Twin?
A Digital Twin is a digital replica of a physical object, process, system, or service. This concept allows for the simulation, analysis, and control of real-world entities through their digital counterparts.
In supply chain management, digital twins can model and monitor supply chain operations, predict outcomes under various scenarios, and optimise performance. They offer a powerful tool for enhancing visibility, efficiency, and decision-making in supply chain traceability, allowing companies to simulate impacts, test changes, and implement improvements in a virtual environment before applying them in the real world.
Related terms
Proof of Authority
Proof of Authority (PoA) is a consensus mechanism used in secure digital ledger networks where transactions and block creation are validated by approved accounts, known as validators.
Accountability
Accountability ensures that companies can verify the integrity of their supply chains, uphold compliance with environmental and social standards, and respond to any discrepancies or issues with honesty and corrective action.
Sustainability
Sustainability in the context of supply chain management refers to the development and implementation of environmentally responsible and socially equitable business practices throughout the supply chain. It aims at meeting the needs of the present without compromising the ability of future generations to meet their own needs.