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
Wood Products
Wood Products refer to a wide variety of goods derived from trees and forests, including lumber, plywood, paper, furniture, and other items made from wood fibres. These products are integral to numerous industries and everyday life, offering benefits such as carbon sequestration, renewable material, and versatility.
Immutability
Immutability refers to the characteristic of data or records that cannot be altered or deleted after being recorded. This principle is a cornerstone in the realm of digital transactions, underpinning the reliability and security of data management systems.
Risk Assessment in Supply Chain
Risk Assessment in Supply Chain is the process of identifying, analysing, and managing the potential risks and vulnerabilities within a supply chain that could disrupt operations, impact profitability, or harm the reputation of the business.