The business world as we know it is changing. Never have there been so many emerging technologies, models, and business concepts competing for the attention of the business community. Today, we have cloud computing services, the Internet of Things, Artificial Intelligence, Robotics, Automation, Blockchains, and the Digital Twin providing timely business insights for enterprises. This is why the internet and even physical business entities have hundreds of salesmen and women trooping in and out of your private space. Selling the ‘next best thing’ in technology like pharmaceuticals marketers do, to CTOs, CIOs, and other decision-makers.
In this whirlwind of changing activities and millions of ads advertising the best technology solutions is Digital Twin technology. For those who know the benefits of the Digital Twin and its ability to enhance every aspect of an enterprise’s operation, the challenge of convincing management to take a chance with it remains. This leaves one with the question of what are the best techniques to sell the idea of integrating Digital Twin technology to the boss? As with most sales challenges, the traditional answer generally involves listing its value-added propositions and outlining the returns to be made investing in the technology.
Although the traditional answer to selling new ideas to management remains efficient, the increased competition among cutting edge tech services means more selling points are needed. Thus, to effectively answer the question ‘how do I sell the idea of Digital Twin technology to management’, here are some new and timely tips to consider.
5 Tips for Selling the Idea of Integrating Digital Twin Technology to Decision-makers
As a sales representative, business development, or system integrator staff/employee who is part of a team, the successful introduction of new technology solutions depends on your approach. This is because you will serve as the driving force behind ensuring the implementation of Digital Twin technology improves the company’s operational processes to deliver optimal services to customers. The tips for selling the idea of Digital Twin Technology include:
Making Your Case with Data – The task of convincing those who control the money and decide what investments are to be made is not for the faint-hearted. You must come prepared and one of the ways to prepare for every question that may come your way is having the required data in place that answers the most important questions. According to a Mckinsey report, integrating data analytics in the right place or in your sales pitch is one way to convince skeptics on the importance of Digital Twin technology. The data to be included must be relevant to the situation or scenario you intend to create when selling Digital Twin Technology. To simplify your search for adequate information, here are some of the data you will need:
- To answer the question of the adoption rate and how the competition intends to use Digital Twin technology to enhance business operations, the IDC data on adoption can help. The IDC forecasts that 40% of IoT platform vendors and 70% of manufacturers will be making use of Digital Twin technology by 2022.
- If the question of how digital twin technology can help increase the revenue of the business, data from the Juniper Research can help you answer the question. According to the research, the use of Digital Twin technology has helped enterprises increase their revenue by 25 to 35%. This is due to the ease in which business insights can be gotten from complex processes and the predictive analytical features of Digital Twin technologies.
Armed with this information, your sale pitch will highlight the importance of staying ahead of the competition by integrating Digital Twin technology to simplify complex processes and difficult business decisions. It can also be applied to drive development and predict future scenarios in a wide variety of industries including manufacturing, architecture, construction, technology, engineering, and healthcare industries.
Make Use of Case Study – With your data in place, the next step to convincing decision-makers in your organization is through the provision of confirmable case studies on how Digital Twin technology can help. This is where a little personal effort comes into play if interested in creating personalized case studies for stakeholders to scrutinize. You can find applicable case studies that highlight how Digital Twin technology has been applied and is still been applied by your competitors here:
- You can find case studies on the application of Digital Twin technology in the aviation industry, automotive industry, manufacturing, healthcare, mining, and engineering at Simio’s resource center. The case studies here are practical examples that can be integrated into your presentation when making your sales pitch.
- If you are certain a pitch with case studies may not be enough, then more effort is needed from your end. This effort involves the design of a Digital Twin of a phase of your facilities operations to showcase the benefits of a digital model of physical systems where events can be simulated. Many Digital Twin technology providers offer free trials which can be used to accomplish this task. You can make a request for a Simio Demo to quickly kick start the process of designing a Digital Twin.
- Provide specific answers to your enterprise or the enterprise’s pain points. Once again, although case studies may be customized to show how Digital Twin technology alleviate business challenges, creating a functional model will do more to pass the message across.
So, the second tip here is making use of case studies to address exactly how Digital Twin technology can be used to eliminate specific challenges an enterprise experiences. The efficient use of case studies is one of the quickest ways to get the ball rolling when trying to sell Digital Twin solutions to the decision-makers in your organization.
Showcase the ROI – It is a well-known fact that one of the most publicized benefits of Digital Twin technology is the returns it offers enterprises who choose to invest in it. Also, your manager, as well as, stakeholders would definitely expect a breakdown of how much the investment will cost and the returns to expect. It is important to have this in mind because, finances are generally the deciding factor that determines if a positive decision will be made.
According to research by High Tech Software Cluster, the threshold for integrating Digital Twin technology for enterprises costs approximately €50, 000 ($55,000). The study goes on to show that to create digital twin solutions for more complex systems may cost approximately €150, 000 or $165,000. As stated earlier, the returns on this investment can be as much as 35% of the total cost needed to create a Digital Twin. In some cases, returns of approximately 50% have also been reported which highlights the financial leverage Digital Twin technology offers enterprises.
As you probably know, approximations are not enough to sway managers and other decision-makers. This means more exact figures that showcase the total cost of owning a Digital Twin of complex process is needed to successfully sell the idea to management. Calculating the total cost of ownership can be done using an estimate calculator. The estimate calculator is capable of calculating the cost of purchasing the necessary hardware, software packages, energy costs, and other costs associated with owning Digital Twin technologies.
It is also important to highlight any supporting technologies that will be needed for data collection if an accurate Digital Twin is to be developed. These technologies may include embedded systems in manufacturing equipment, IoT devices, cloud computing services to scale simulations, and augmented reality devices. These complementary technologies and services may also add to the bottom line of designing a functional Digital Twin environment of complex systems. Thus, using the estimate calculator to highlight the ROI of creating a Digital Twin is one of the major steps that must be taken to convince management about the need for a Digital Twin.
Ask the Right Questions – During strategy sessions, some push backs are expected and this will definitely be the case when selling the idea of a Digital Twin to enhance business operations. This push back should be expected even after using data to answer questions, creating case studies or applicable scenarios, and defining the return on the investment made. When the expected push back occurs, the best way to understand how management thinks and the challenges they foresee is by asking questions. Asking the right questions provides you with the foundation needed to provide the answers needed to convert non-believers into believers.
The questions to ask are varied and should be determined by the level of skepticism shown by particular decision-makers. Some of the questions you must ask to assess the mindset of your superiors include:
- Do you need more information to make a decision and what information do you need? The purpose of asking this question is to have an idea about what your audience or manager is thinking. Remember that IT managers are notoriously skeptical about new technology therefore, having an understanding of the prejudices management has against Digital Twin technology is important.
- I know you love the way things are going, but would you be interested in a 6-month trial? If the feedback you get from the manager and decision-makers is negative due to their satisfaction with how things are within the company, this question might help break the ice. Satisfaction with the present condition of things can dampen the enthusiasm for Digital Twin technology. But pushing for a trial could be the turning point that turns ‘no’ into a ‘yes’.
- If it helps you surpass your personal targets will you try it? It may come as a surprise to you that managers think more about self-preservation than the success of a business. This is one reason why your manager may be resistant to change. Thus, making your questions a bit personal and putting the manager’s self-interest first may be the strategy that gets him/her to experiment with Digital Twin technology.
These questions should be asked without sounding too pushy to your manager and other decision-makers. This is because a pushy attitude could be interpreted as a desperate attempt to make some money for yourself on the side.
Associate the Integration of Digital Twin with Achieving Business Goals – Finally, the ace in your back pocket should be tying the integration of Digital Twin technology to the ideology of the enterprise. This includes highlighting how Digital Twin can be used to realize the business’s mission statement or meet certain key performance index (KPIs). With the answers to the questions asked above, accomplishing this task should be a bit easier than the first steps of selling the idea to management.
Your ability to showcase the benefits of Digital Twin technology and how it meets your company’s culture or KPIs is determined by your knowledge about the transformative powers of the technology. To accomplish this, a lot of research is needed to know more about how this emerging technology can be applied to your business case. Once again, you can turn to the information highlighted in these tips to refine your pitch to resell the idea of integrating Digital Twin technology to your manager. For more information, you can also choose to attend conferences centered around the adoption of Digital Twin technology in your industry.
The Benefits of Digital Twin Technologies is Worth the Extra Effort
Digital Twin technologies create value in diverse ways that can ease the effort expended doing your job. Some of the more important benefits include:
- Descriptive Values – The ability to visualize the status of an asset in real-time via its Digital Twin is valuable when those assets or facilities are either remote, complex, or dangerous. In plants and other facilities, a Digital Twin makes information easily accessible for interpretation and to make business decisions.
- Diagnostic and Standardization Value – In facilities where hundreds of variables are involved with production, Digital Twin technology can be used to stabilize these variables, pinpoint the root cause of problems, and leverage analytics to standardize complex systems.
- Predictive Value – Industry-leading enterprises like General Electric have used Digital Twin technologies to improve efficiency and the output of plants. This was accomplished using a Digital Twin to propose solutions that can lead to customer satisfaction and profitability.
You can learn more about getting started with Digital Twin technology in your facilities, plants, and business by speaking to a Simio engineer today.