AI, digital twins and IoT

By 2020, 25 percent of asset-intensive companies will adopt IoT (Internet of Things) and ‘digital twin’ technologies to optimise service. These technologies are poised to have a huge impact on services – reducing costs, maximising data analytics and extending the lifespan of products.

Previously when, for example, an elevator broke down, the customer would have to phone a service engineer reactively. This approach is highly inefficient as the individual engineer may have little idea of what is wrong with the equipment, leading to a low first-time fix rate and a disappointed customer. With IoT sensors, the asset or machine becomes ‘smart’ and can send data back to the service centre enabling