Value Creation with Digital Twins—Framework Validation and Analysis of Further Development Priorities

The article deals with a BCM model that allows managers to outline the value creation process. In contrast to the business plan, this business model describes how to create and deliver value (product or service) to clients, as well as how to create demand, the network of customer-suppliers and how the company will earn money. The BCM model describes the basic principles of value creation by enterprises, their capture and delivery. In the first part of the article authors try to define of term of business model based on a literature review. The case study presented later shows how to use strategic analysis methods to determine the current state and build a complex business model. The results showed that the implementation of the proposed solution can help the company achieve its goal and further development.

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Considering Value-related Concepts in Service-oriented Approaches to Marketing Studies in Light of Philosophical and Economic Value Theories

Journal of Service Management Research ◽

10.15358/2511-8676-2020-2-3-133 ◽

2020 ◽

Vol 4 (2-3) ◽

pp. 133-144

Author(s):

Michaela Haase

Keyword(s):

Social Sciences ◽

Value Creation ◽

Economic Value ◽

Value Theory ◽

Theoretical Context ◽

The Social ◽

Service Oriented ◽

Value Cocreation ◽

Further Development

The concepts of value, value creation, and value cocreation figure prominently in service-oriented approaches to marketing studies, especially servicedominant logic. However, the meaning of these concepts is fuzzy and dependent on the theoretical context in which they are used. In addition, philosophical, economic, and sociological conceptualizations, among others, have affected the meaning of the concept of value. Harking back to Kant and Lotze, with reference to epistemology and ontology, this paper investigates the role philosophical and economic value theory can play in understanding value-related concepts in marketing studies and in the further development of marketing studies within the social sciences.

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Living and Prototyping Digital Twins for Urban Water Systems: Towards Multi-Purpose Value Creation Using Models and Sensors

Water ◽

10.3390/w13050592 ◽

2021 ◽

Vol 13 (5) ◽

pp. 592

Author(s):

Agnethe N. Pedersen ◽

Morten Borup ◽

Annette Brink-Kjær ◽

Lasse E. Christiansen ◽

Peter S. Mikkelsen

Keyword(s):

Real Time ◽

Value Creation ◽

Physical System ◽

Water Systems ◽

Central Feature ◽

Urban Water ◽

Utility Company ◽

Data Links ◽

Digital Twins ◽

Urban Water Systems

In this paper, we review the emerging concept of digital twins (DTs) for urban water systems (UWS) based on the literature, stakeholder interviews and analyzing the current DT implementation process in the utility company VCS Denmark (VCS). Here, DTs for UWS are placed in the context of DTs at the component, unit process/operation or hydraulic structure, treatment plant, system, city, and societal levels. A UWS DT is characterized as a systematic virtual representation of the elements and dynamics of the physical system, organized in a star-structure with a set of features connected by data links that are based on standards for open data. This allows the overall functionality to be broken down into smaller, tangible units (features), enabling microservices that communicate via data links to emerge (the most central feature), facilitated by application programing interfaces (APIs). Coupled to the physical system, simulation models and advanced analytics are among the most important features. We propose distinguishing between living and prototyping DTs, where the term “living” refers to coupling observations from an ever-changing physical twin (which may change with, e.g., urban growth) with a simulation model, through a data link connecting the two. A living DT is thus a near real-time representation of an UWS and can be used for operational and control purposes. A prototyping DT represents a scenario for the system without direct coupling to real-time observations, which can be used for design or planning. By acknowledging that different DTs exist, it is possible to identify the value-creation from DTs achieved by different end-users inside and outside a utility organization. Analyzing the DT workflow in VCS shows that a DT must be multifunctional, updateable, and adjustable to support potential value creation across the utility company. This study helps clarify key DT terminology for UWS and identifies steps to create a DT by building upon digital ecosystems (DEs) and open standards for data.

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The Concept of a Digital Twin and Its Potential for Learning Organizations

Digital Transformation of Learning Organizations ◽

10.1007/978-3-030-55878-9_6 ◽

2021 ◽

pp. 95-114

Author(s):

Angelina Berisha-Gawlowski ◽

Carina Caruso ◽

Christian Harteis

Keyword(s):

Physical System ◽

Industrial Sector ◽

Economic Benefits ◽

Cyber Physical System ◽

Digital Twin ◽

Digital Twins ◽

Increase Productivity ◽

Educational Perspective ◽

Reducing Costs ◽

Further Development

AbstractThe digital transformation of organizations in the industrial sector is primarily driven by the opportunity to increase productivity while simultaneously reducing costs through integration into a cyber-physical system. One way to fully tap the potential of a cyber-physical system is the concept of the digital twin, i.e., the real-time digital representation of machines and resources involved – including human resources. The vision of representing humans by digital twins primarily aims at increasing economic benefits. The digital twin of a human, however, cannot be designed in a similar way to that of a machine. The human digital twin shall rather enable humans to act within the cyber-physical system. It therefore offers humans a power of control and the opportunity to provide feedback. The concept of the digital twin is still in its infancy and raises many questions in particular from an educational perspective. The contribution aims at answering the following questions and refers to the example of team learning: Which and how much data should and may the digital twin contain in order to support humans in their learning? To what extent will humans be able to control and design their own learning? How may skills, experiences, and social interactions of humans be represented in the digital twin; their growth and further development, respectively? With cyber-physical systems transcending corporate, national, and legal boundaries, what learning culture will be the frame of reference for the involved organizations?

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Developing the digital twin of the economic, financial, information and logistics inter-cluster cooperation mechanism

Finance and Credit ◽

10.24891/fc.26.7.1448 ◽

2020 ◽

Vol 26 (7) ◽

pp. 1448-1468

Author(s):

S.N. Yashin ◽

Yu.V. Trifonov ◽

E.V. Koshelev

Keyword(s):

Federal District ◽

Industrial Clusters ◽

Linear Regression Method ◽

The Public ◽

Digital Twin ◽

Twin Model ◽

Cooperation Mechanism ◽

Digital Twins ◽

Further Development

Subject. This article deals with the issues related to the use of digital twins in order to manage innovation and industrial clusters and the liaison between them. Objectives. The article aims to develop a digital twin model of inter-cluster cooperation within a Federal district of Russia. The Volga (Privolzhsky) Federal District is considered a case study. Methods. For the study, we used a multiple non-linear regression method and a fast simulated annealing (FSA). Results. The article offers and describes a designed digital twin model of inter-cluster cooperation mechanism. Conclusions and Relevance. When reallocating investment and human resources within one federal district, the interests of the population of innovation and industrial clusters should be taken into account, as only just an increase in fixed investment does not always lead to the growth of the region's population. The use of the digital twin model of inter-cluster cooperation mechanism will help avoid premature unreasonable management decisions of the public-policy level regarding the further development of innovation-industrial clusters.

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Open Production: A Scientific Framework for Co-Creative Product Realization

Volume 3: Design and Manufacturing, Parts A and B ◽

10.1115/imece2010-37079 ◽

2010 ◽

Cited By ~ 1

Author(s):

Tobias Redlich ◽

Jens Wulfsberg ◽

Franz-Ludwig Bruhns

Keyword(s):

Value Creation ◽

Production Engineering ◽

Company Value ◽

Use Of Technology ◽

Information And Communication ◽

Open Production ◽

Product Realization ◽

Further Development ◽

Scientific Framework

Globalization and the use of technology call for an adaptation of value creation strategies. As the potential for rationalization and achieving flexibility within companies is to the greatest possible extent exhausted, approaches to the corporate reorganization of value creation are becoming increasingly important. In this process, the spread and further development of information and communication technology often provide the basis for a reorganization of cross-company value nets and lead to a redistribution of roles and tasks between the actors involved in value creation. While cooperative, decentralized and self-organizing value creation processes are in fact being promoted, the associated potential for development and production engineering is being underestimated and hence not implemented sufficiently. This contribution will first describe the emerging transformation in value creation taxonomy and then, on the basis of a case study, develop an adequate framework for value creation configuration.

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Problems of developing a methodology to analyze integrated reporting

Economic Analysis Theory and Practice ◽

10.24891/ea.20.4.645 ◽

2021 ◽

Vol 20 (4) ◽

pp. 645-662

Author(s):

Natal'ya V. MALINOVSKAYA

Keyword(s):

Business Model ◽

Value Creation ◽

External Environment ◽

Integrated Reporting ◽

Target Setting ◽

Analysis Methodology ◽

Unique Model ◽

Promising Area ◽

Further Development

Subject. The article identifies problems related to the development of a methodology to analyze integrated reporting. Objectives. The purpose of the study is to reveal analytical capabilities of integrated reporting, develop a model of integrated reporting analysis methodology, which will become a basis for further development of this promising area of analysis. Methods. The methods of the study include analysis, synthesis, generalization, abstraction, comparison, and logic technique. Results. The study shows problems in the development of a generally accepted methodology for the analysis of integrated reporting. I offer a unique model, which includes target setting, subjects, and thematic areas. Two main thematic areas are the analysis for compliance with concepts, principles and content elements of integrated reporting, and the analysis of the process, through which value is created, preserved, or eroded. Within the latter analysis, the paper highlights the analysis of external environment, the analysis of strategy, goals, value created by an organization for itself and for others, the analysis of the business model and the quality of organization’s governance, the analysis of risks and opportunities, and the generalized assessment of value creation. Conclusions. The findings may serve as a basis for further development of integrated reporting analysis.

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The Danish agenda for rethinking project management

International Journal of Managing Projects in Business ◽

10.1108/ijmpb-11-2015-0107 ◽

2016 ◽

Vol 9 (4) ◽

pp. 822-844 ◽

Cited By ~ 4

Author(s):

Per Svejvig ◽

Sara Grex

Keyword(s):

Project Management ◽

Value Creation ◽

Collaborative Research ◽

Design Methodology ◽

Lean Thinking ◽

Theoretical Understanding ◽

Content Type ◽

Research Stream ◽

The Impact ◽

Further Development

Purpose The purpose of this paper is to analyze the similarities and differences between the Danish rethinking project management (RPM) initiative named Project Half Double (PHD) and the RPM research stream. The paper furthermore discusses how PHD and RPM can inspire each other in research and practice. Design/methodology/approach This is an empirical paper based on collaborative research between industry and researchers. PHD has developed principles and practices driven by industry consisting of ten leading stars and the impact, leadership and flow (ILF) method. The ten leading stars and ILF method are compared to RPM research. The comparative analysis is then used in a broader discussion about how the research-driven RPM initiative can enrich the industry-driven PHD initiative and vice versa depicted in a theoretical understanding of translations between global ideas and local implementations. Findings RPM and PHD share a focus on value creation, social processes, learning and complexity while PHD also focusses on lean thinking, agile thinking, front-end loading and leadership, which are largely topics beyond the RPM research stream. Originality/value The paper presents how stakeholders from Danish industry interpret the actuality in projects and how they want to move forward with a radically different project paradigm. This is expressed in the ten leading stars and ILF method, which is compared and contrasted to the existing RPM literature providing a foundation for further development of both RPM and PHD.

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Research on value co-creation with the participation of patients based on DART model – methodological remarks

Przeglad Epidemiologiczny ◽

10.32394/pe.73.32 ◽

2019 ◽

pp. 393-402

Author(s):

Mariusz Olejniczak ◽

Paweł Pliszka

Keyword(s):

Healthcare System ◽

Value Creation ◽

Quantitative Methods ◽

The Other ◽

Pharmaceutical Companies ◽

Business Practices ◽

System A ◽

Limited Application ◽

The Relationship ◽

Further Development

INTRODUCTION. Derived from business practices co-creation theory indicates that patient can be a source of value and actively contribute to it. METERIAL AND METHODS. DART model - most popular conceptualizing framework for value creation - was presented. Considering the multiplicity of perspectives of a large stakeholders group appearing in the healthcare system a direction of its development was also proposed. AIM. The possibility of using quantitative methods to study value creation between empowered patients and selected stakeholders was tested as well as work of the questionnaire that was adapted from value creation research based on the DART model that was conducted among entrepreneurs. RESULTS. Substantial number of inadequate questions in relation to the respondents’ experience was indicated on the other hand the need to include further groups of stakeholders was emphasized. The results signal the possibility of significant differences in the perception of meeting the requirements for co-creating value with patients by individual stakeholders, such as: doctors, state offices or pharmaceutical companies. DISCUSSION. Different perception of value makes difficult to find universal tools for measuring it. However, the economic and humanitarian importance of the issue in the healthcare system necessitates such tools further development. CONCLUSIONS. The tested tool has limited application in the healthcare system but may provide valuable information on the relationship between the patient and doctor or other stakeholder pairs as well as in selected contexts of co-creation.

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Application of TEM to Deformation, Wear, and Fracture of Ceramics

Proceedings, annual meeting, Electron Microscopy Society of America ◽

10.1017/s0424820100052377 ◽

1974 ◽

Vol 32 ◽

pp. 472-473

Author(s):

B. J. Hockey

Keyword(s):

Wear Resistance ◽

High Temperature ◽

Mechanical Behavior ◽

Brittle Materials ◽

High Temperature Strength ◽

Wide Range ◽

Corrosive Environments ◽

Further Development

Ceramics, such as Al2O3 and SiC have numerous current and potential uses in applications where high temperature strength, hardness, and wear resistance are required often in corrosive environments. These materials are, however, highly anisotropic and brittle, so that their mechanical behavior is often unpredictable. The further development of these materials will require a better understanding of the basic mechanisms controlling deformation, wear, and fracture.The purpose of this talk is to describe applications of TEM to the study of the deformation, wear, and fracture of Al2O3. Similar studies are currently being conducted on SiC and the techniques involved should be applicable to a wide range of hard, brittle materials.

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