Workshop: Business Models of Digital Twins

22 April 2021, Online, 10:00-12:00 UK time

Previous research carried out by the Cambridge Service Alliance (CSA), University of Cambridge has demonstrated that digital twins are an opportune conduit for business model innovation. This workshop delves deeper into understanding business model archetypes and opportunities with digital twins with examples gathered across sectors. By participating in this workshop you are also consenting to validation of the preliminary research conducted Dr. Parn on this topic.

The workshop illuminates key concepts such as Business Model Innovation and Digital Twins. An online 4Vs toolkit will be made available to participating organizations to help identify components of their own BM archetype.

During the interactive workshop participants will be asked a series of prepared questions about the digital twin value propsition that affect strategy formulation, the business model formulation process and the business model content.

Outline of the Workshop Activities

PART 1 - 10:00-11:00

Introduction to Digital Twins and Business Models
Making sense of myriad definitions of the digital twin. Differentiating between physical twin and data-based twin and what it means for business model innovation. Present most recent debate on business model innovation in practice and academia.

Examples of Digital Twins
Illustrating examples of business models with digital twins. Conducting a group discussion on potential BMI with digital twins in own organization.

PART 2 - 11:00 -12:00

Outlining the 4V’s Framework
Presenting the 4Vs framework with examples from digital twin services in aviation, aerospace, defense, manufacturing, infrastructure engineering and automotive sectors.

Validating the 4V’s Framework
Imagine your organization wants to develop a digital twin solution together. What organizational capabilities do you want to develop with the digital twin? What are the challenges you face to implement it? Interactive activity using online tools to identify your BM archetype components in development.

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The workshop is organised by the Cambridge Service Alliance (Institute for Manufacturing; University of Cambridge) facilitated by Dr. Erika Pärn and designed in collaboration with Prof. Alexander Leischnig from Technische Universität Freiberg and Dr. Michael Grieves from Florida Institute of Technology.

epDr. Erika Pärn is a Research Associate at University of Cambridge supporting the Cambridge Service Alliance IfM and Centre for Digital Built Britain leading the work on Business models of digital twins. Previously whilst working in industry, she led multiple research project technical deliverables for the EU commission such as the three H2020 initiatives in the built environment.
workshopProf. Alexander Leischnig is Chair Professor of Business-to-Business Marketing at Technische Universität Freiberg, Germany. His expertise lies in the fields of B2B marketing, with an emphasis on customer management, sales management and alliance management. In addition, his research focuses on business digitalisation.
MichaelDr. Michael Grieves considered a pioneer of the well-known concept, digital twins. His focus has been on virtual product development, engineering, systems engineering and complex systems, manufacturing, especially additive manufacturing, and operational sustainment. Dr. Grieves authored the seminal books “Product Lifecycle Management” and “Virtually Perfect: Driving Innovative and Lean Products through PLM.”

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