Best Answers to Commonly Asked Risk Analysis Questions

Many managers don’t understand what exactly risk analysis is.  We put together some of the most common questions with responses for you. What does the risk percentage mean? The risk percentage approximates the on-time probability for an order with appropriate consideration of the number of replications or “experiments.”  It tells the user how confident they …

Integrating Digital Transformation to Enhance Overall Equipment and Facility Efficiency

The digital transformation of traditional business process and the assets that run them have become one of the raves of the moment. A Forbes-backed research highlights just how popular the topic of digital transformation and the tools needed to accomplish it has become. Statistics like the fact that 55% of business intended to adopt digitization …

How Do You Create a Digital Twin – 5 Things to Know

The Digital Twin is reminiscent of the early days of the personal computer in many ways. Initially, creating a digital twin required excessive computing power and multiple engineers working round the clock to develop digital representations of physical models. And just like the personal computer, technological advancement led to the creation of cloud-based digital twin …

Industry 4.0 Revolution: Understanding the Digital Twin and Its Benefits

The world is moving toward an era of more efficient business operations driving by automation. This was one of the key messages of Mitsubishi Hitachi Power Systems CEO, Paul Browning, at the just concluded 2019 CERAWeek held in Houston. Paul Browning, who was the keynote speaker on the ‘digital transformation agenda’, spoke about Mitsubishi’s use …

Digital Twin Technology: 5 Challenges Businesses Face By Overlooking It

A Disruptive technology is a product, concept or service that has the ability to redefine the traditional way of doing things.  Today, the digital twin concept is being hailed as a disruptive technology with the capacity to change how we design, solve complex problems and collaborate. In fact, a Gartner Report predicted that by 2021 …

Production Planning Software and Industry 4.0

The latest era of industrial revolution – Industry 4.0 connects and revolutionizes various aspects of the industry including manufacturing processes as well as business processes such as supply chain. The increasing demand of customized product from the customer end is a major driving theme of this transformation in the industry. The traditional processes are highly …

The Evolution of the Industrial Ages: Industry 1.0 to 4.0

The modern industry has seen great advances since its earliest iteration at the beginning of the industrial revolution in the 18th century. For centuries, most of the goods including weapons, tools, food, clothing and housing, were manufactured by hand or by using work animals. This changed in the end of the 18th century with the …