Digital Twin Technology Assignment Sample
DIGITAL TWIN TECHNOLOGY IN PRACTICE (GROUP PRESENTATION)
a,b) Evolution of Industry 4.0, and Emergence of Digital Twins (DT) and IoT
Evolution of Industry 4.0
The approach of Industry 4.0 has been considered as the way forward for a range of manufacturing enterprises, which have been looking for future-proof business entities along with operations. In this case, it has also been found that most enterprises have accelerated successful business adoption at large scale, which has also helped to realize the core benefits of understanding fundamental business needs. According to Jiang et. al. (2021), it has also been identified that successful incorporation stages must determine successful evolution in the field of modern business entity by adding more values in key business operations with a diverse range of positive outcomes and benefits altogether.
Moreover, it has also been seen that in the field of Industry 4.0, a range of logical and argumentative phases have also been considered just before successful embankment on this field along with the core business journey at the same time. According to Jiang et. al. (2021), it has also been seen that with the help derived from Industry 4.0 approach, it must help a lot to improve the existing low rate of successful full-scale business adoptions faster. In one word, the approach of Industry 4.0 must denote a current trend in modern business operations, whereas successful accumulation and data exchange have occurred with advanced innovation and technology.
Emergence of Digital Twins (DT) and IoT
In this specific context related to DT, it has been found that the whole concept has mainly been derived from NASA. In addition to this, it has also been found that the concept in terms of time guarantee or concurrence within embedded infrastructures have become critical especially for aero or astronauts. According to Bhandal et. al. (2022), it can also be said that for advancing the diffusion of the DT concept, there should have been needed to adopt the key practices, which have mainly been derived from CPS13.
On the other hand, it has also been found that a DT design has mainly been created through successful data or information gathering practices, which has also created computational models for testing the whole situation. According to Singh et. al. (2021); it has also been seen that the whole system has also consisted of a positive work interface between the digital model as well as an actual physical object, which has also helped a lot for sending and receiving feedback along with data in a real-time approach thereafter.
As the DT enabler, IoT has also played pivotal roles as a kind of experts’ technical tool through successful empowerment of physical resources into some smart entities. It also embraces existing network infrastructure with benefits towards successful and seamless delivery of services in a hassle-free manner thereafter.
c) Real-World Instance / Case Study of DT and IoT
Strategy of Company in next 3-5 Years
In the next 3-5 years, it has been seen that Adagene has become able to ensure its strategic growth. This company has announced successful expansion of leadership and management (Adagene.com, 2022). It helps to support strategic growth of business with positive outcomes and benefits.
In the next few years, Adagene has targeted to become a platform-driven and clinical-stage company. Such commitment and dedication must transform successful discovery and development of novel cancer immunotherapies. This company has also conceptualized the meaning of biology along with artificial intelligence (AI), which must help to set up novel antibodies, which have also addressed unmet patient requirements at the same time. Most of this company’s strategies have set up a pipeline of growth and development in the future, which has also comprised novel immunotherapy programs against cancer. Apart from that; it has also been found that Adagene has mainly forged strategic collaborations with reputable global partners, which has leveraged its advanced innovation and technology across multiple aspects at the vanguard of science and technology after.
Adagene has stated a specific business strategy, which must design therapeutic antibodies, which have candidates with different functional epitopes across its immunotherapy pipeline. It’s novel drug exploration strategy must become more advanced for identifying vigorous preclinical modeling with development in clinical settings (Globenewswire.com, 2022). Its dynamic interface design must harness the conformational diversity of antibodies, which also enlarges the epitomes for sampling in the field of therapeutic antibody development.
In the next 3-5 years, through successful adoption of these strategies, the company might become a leader in the market in the field of immunotherapy against cancer. It’s better engineering across the areas of precise designing, construction, and selection of antibodies that must help to develop a traditional antibody system or technology at the same time. Apart from that; it has also been said that through successful formulation of productive and interactive investor relations also, Adagence has become able to grow its core business entity with effectiveness and efficiency altogether.
Business Model
Adagene has used Non-GAAP financial strategy for evaluating its operating results towards enhanced decision-making. This company has also made some significant advancements with leveraged momentum of business growth and development with around US$161 million in gross profit (Lim et. al. 2020). A revenue model in business has been developed for generating financial income for Adagene with added values and profits.
In the business model of Adagene, it has been found that this business entity has successfully established a revenue model, which must help it grow the business base with high profits and advantages. Besides, it has also been observed that through successful utilization of this component within its business model, Adagene has become able to ensure a successful, productive, and profitable business entity with technological advancements and growth altogether. Apart from that; it has also been seen that as Adagene has been leading a quantitative model, it helps to promote successful means of drug discovery, which has also helped a lot to recognize revenue worth US$0.3 million at the same time. It must enable financial viability in business.
Value model of Adagene has made critical business decisions with an informed and timely approach. With the help of this approach, Adagene has become possible to use its available financial resources for maximizing the level of its core business values and benefits (Bhandal et. al. 2022). Customer Model in its business must help to maximize the level of patient satisfaction with benefits and adequate funding support.
Regarding this matter, it has mainly been found that, on behalf of Adagene, both values, as well as customer models, have played major roles in terms of shaping the right, productive, and profitable business entity with a diverse range of positive outcomes and benefits altogether. Its enhanced customer model in business helps to arrange funds worth $50 million with better service and satisfaction in the market. Apart from that; it has also been understood that such a typical customer model of business must affect this entity with better services delivered as per available resources. Furthermore, it has also been emphasized that the value model of Adagene must support to ensure financial viability with benefits at the same time.
Leveraging AI, IoT, DT in current operations
Successful implementation of AI in Adagene must create novel antibodies, which might overcome safety issues towards further improvement of efficacy among cancer patients. Adagene has combined computed biological aspects along with AI towards proper designing of novel antibodies (Li et. al. 2020). IoT applications in Adagene must help to transform the whole system with effectiveness and benefits along with adequate healthcare improvements.
In this modern era of globalization, it can be realized that through successful implementation of AI in Adagene, its dynamic precision library must drive the company’s actual pipeline of key programs and campaigns with the right potential to become first in the class. Apart from that; it has also been identified that AI must help to fulfill unmet patient requirements with numerous benefits and advantages for cancer-affected patients. Apart from that; it has also been identified that along with the approach of Industry 4.0, successful applications of IoT must enable to bring in advanced innovation and technology in its key operations. Besides, it has also helped a lot to optimize and differentiate key business operations with benefits.
Digital Twins (DT) have been considered as a virtual representation of an object or system that spans the whole life cycle. Real-time data scenarios and simulation should be used across the areas of machine learning helping to make the right decisions in business with productivity (Singh et. al. 2021). In Adagene, DT has been used as a utility tool or material. As an accurate model of electrical utilities, it must support the generation of physical transmission in business along with the right distribution assets or customer consumption of power thereafter (Hakanen and Rajala, 2018)
In this case, it has mainly been seen that with digital twins (DT) in Adagene’s seamless business operations, a lot of benefits have been expected. Under the category of Industry 4.0 concept, Adagence has used DT campaigns and strategies to earn more revenue and net income with embraced means of financial viability and benefits. DT has helped to reduce the risk of having an accident with unique business opportunities. Besides, it also helps businesses in terms of predicting any kind of possible uncertainties with warnings. DT is also cost-effective.
d) Appraisal of DT/IoT assistance in improving Visibility, Decision Making, Motoring, Informing
Supporting Innovative Ideas
The concept of Industry 4.0 in modern business entities must bridge between physical and digital worlds toward making smarter and autonomous systems with desired outcomes (Liu et. al. 2021). Across most business entities like Adagence, Industry 4.0 must deliver a lot of opportunities for improving supply chains equipped with advanced innovation and technologies. Digital twins (DT) in Adagence must incorporate some feasible strategies for making the production process faster with a range of technologies and innovative elements (Lee, 2019). As the most cost-effective approach, DT must help a range of business entities to make better products and services with enhanced simulations and benefits
In this case, it has been found that Industry 4.0 must use Adagene’s proprietary SAFEbody™ framework, which has been used for establishing novel masked antibody-drug conjugation (ADCs) with the capability of improving the therapeutic index. This aspect must also help to ensure an open-access biological platform that delivers end-to-end solutions in business for more discoveries with benefits and positive outcomes.
Effective DT / IoT applications in Adagene must improve the level of business visibility embodied with positive results and benefits. Industry 4.0-enabled IoT approach must help Adagence in terms of ensuring effective decision-making scenarios in business with desired outcomes and results (Jiang et. al. 2021). The Digital Twin (DT) aspect in Adagence must help a lot to monitor as well as inform the right therapeutic programs in the disease of cancer with a lot of interventions and treatments (Behl et. al. 2019).
In this case, it must also be denoted that with the help derived from successful deployment of IoT and DT under the field of Industry 4.0 approach, business productivity and profitability have been ensured. Besides, for improving the rate of business visibility and decision-making aspects also, DT and IoT have played major roles with benefits and advantages. Apart from that; especially for monitoring and informing the right decisions also, these technological innovations have been highly justified.
Innovative Idea
AI helps to redefine the design of successful exploration of therapeutic antibodies against cancer disease among people in Adagene. Digital Twins (DT) must help Adagence in terms of ensuring dynamic as well as adaptive business engagement with desired outcomes and benefits altogether (Aheleroff et.al. 2021). IoT in Adagene must help a lot to induce successful means of business collaboration and licensing. It also helps to develop and commercialize the business milestones along with the royalties on the net sale amounts of product development thereafter (Torun et. al. 2018). In this case, it is important to say that a successive innovative idea within Adagene’s key business operations must support it to flourish with enigmatic success, growth, and development in the future. Regarding this matter, as per latest information, Adagene has also collaborated with Exelixis for inducing SAFEbody® novel masked antibody drug, which has also conjugated candidates correctly. AI in this company’s key operations must improve its existing precision-making technology with effectiveness. As the SAFEbody technology has mainly highlighted the prowess of its DPIL platform, masking technology has also been supported through AI. Apart from that, it has also been seen that the DT technology, which has been adopted recently must also embrace its overall revenue earnings and net income.
Benchmarking
It has mainly measured core business metrics and practices with in-depth comparison and facts. Suitable benchmarking in Adagene must help to improve its existing therapeutic practices with performance (Martinez Hernandez et. al. 2019). For ensuring clinical development, Adagence has induced an in-depth comparison with a benchmarked antibody. Benchmarked clinical antibodies must support Adagene to improve its therapeutic conditions against cancer treatment among human beings (Jafari et. al. 2020).
Like other companies, Adagence has also needed proper benchmarking tactics for improving its overall business performance with effectiveness and efficiency. Besides, it has also been highly justified that through successful means of internal benchmarking in business, Adagence can compare its performance with its existing competitors in the market, which must enable it to procure the best practices and processes in business. The goal of proper benchmarking in Adagene is to make continuous improvement along with successful implementation of positive changes across a range of business products, services, as well as methods at the same time. Apart from that; it can also be realized that proper benchmarking process has also allowed delivering better understanding of patient requirements and expectations as per the situation in process. That is why most patients of Adagene have been considered the most essential data source at each stage of comparison.
Managerial Plan with Values
An appropriate managerial plan in a business entity must denote how that same business organization will run in the future. In addition to this, it has also allowed us to formalize a business entity with the right management structure and operations (Li et. al. 2021). Apart from that; a successful managerial plan has also ensured that every person on the same page of a business must set and fulfill the goals with accomplishments further.
Now, here has been demonstrated a proper managerial plan on behalf of Adagene as follows:
| Activities | Resources required | Responsible person | Time required | Remarks |
| Perception of Opportunities and Advantages | IT requirements | Administrators | 15 days | It helps to ensure right options and choices with benefits |
| Objectives’ Establishment | Adequate skills, and shared knowledge | Leaders | 7 days | It must help to fulfill Adagene’s goals with benefits |
| Planning Premises | IoT, AI, DT, and others | Managers and Leaders | 10 days | It helps to induce a systematic plan with advantages |
| Identification, choice, and Evaluation of Alternatives | Consideration of other IT elements with benefits | Managers | 20 days | It helps to become the leader in genetics in the existing market segment |
| Generation of Supporting Plan | High levels of expertise | Managers | 1 month | It also helps to choose the right alternatives with efficiency |
| Sequence of Activities | Expertise, Knowledge, and skills | Managers and Team | 6 months | It helps to deploy the right plan equipped with DT, IoT, and AI under Industry 4.0 aspect |
Finally, it has been said that the above-mentioned managerial plan on behalf of Adagene must help to procure the required IT elements in business. That is why, all kinds of required elements related to AI, DT, and IoT can be implemented with a range of positive outcomes and benefits altogether. Apart from that; it has also been identified that such enhanced level of IT elements along with Industry 4.0 approach must add enhanced business values with effectiveness and rich culture with a diverse range of positive outcomes and benefits at the same place.
References
Adagene.com, (2022), Redefining the Discovery and Design of Cancer Antibodies, Available at: https://www.adagene.com/about/company-overview/ [Accessed on 29th March 2022]
Aheleroff, S., Xu, X., Zhong, R.Y. and Lu, Y., (2021). Digital twin as a service (DTaaS) in industry 4.0: an architecture reference model. Advanced Engineering Informatics, 47, p.101225.
Behl, A., Chavan, M., Dutta, P. and Sheorey, P.A., (2019). Benchmarking publication metrics for Indian business researchers: exploring the role of collaboration. Benchmarking: An International Journal.
Bhandal, R., Meriton, R., Kavanagh, R.E. and Brown, A., (2022). The application of digital twin technology in operations and supply chain management: a bibliometric review. Supply Chain Management: An International Journal.
Globenewswire.com, (2022), Adagene Expands Scientific and Strategic Advisory Board with Appointment of David Gandara, M.D. Available at: https://www.globenewswire.com/news-release/2022/01/19/2369197/0/en/Adagene-Expands-Scientific-and-Strategic-Advisory-Board-with-Appointment-of-David-Gandara-M-D.html [Accessed on 29th March 2022]
Hakanen, E. and Rajala, R., (2018). Material intelligence as a driver for value creation in IoT-enabled business ecosystems. Journal of Business & Industrial Marketing.
Jafari, M.A., Zaidan, E., Ghofrani, A., Mahani, K. and Farzan, F., (2020). Improving building energy footprint and asset performance using digital twin technology. IFAC-PapersOnLine, 53(3), pp.386-391.
Jiang, Z., Guo, Y. and Wang, Z., (2021). Digital twin to improve the virtual-real integration of industrial IoT. Journal of Industrial Information Integration, 22, p.100196.
Lee, I., (2019). The Internet of Things for enterprises: An ecosystem, architecture, and IoT service business model. Internet of Things, 7, p.100078.
Li, M., Li, Z., Huang, X. and Qu, T., (2021). Blockchain-based digital twin sharing platform for reconfigurable socialized manufacturing resource integration. International Journal of Production Economics, 240, p.108223.
Li, X., Cao, J., Liu, Z. and Luo, X., (2020). Sustainable business model based on digital twin platform network: The inspiration from haier’s case study in China. Sustainability, 12(3), p.936.
Lim, K.Y.H., Zheng, P. and Chen, C.H., (2020). A state-of-the-art survey of Digital Twin: techniques, engineering product lifecycle management and business innovation perspectives. Journal of Intelligent Manufacturing, 31(6), pp.1313-1337.
Liu, T., Yu, H., Yin, H., Zhang, Z., Sui, Z., Zhu, D., Gao, L. and Li, Z., (2021), April. Research and application of digital twin technology in power grid development business. In 2021 6th Asia Conference on Power and Electrical Engineering (ACPEE) (pp. 383-387). IEEE.
Martinez Hernandez, V., Neely, A., Ouyang, A., Burstall, C. and Bisessar, D., (2019). Service business model innovation: the digital twin technology.
Singh, M., Fuenmayor, E., Hinchy, E.P., Qiao, Y., Murray, N. and Devine, D., (2021). Digital twin: origin to future. Applied System Innovation, 4(2), p.36.
Torun, M., Peconick, L., Sobreiro, V., Kimura, H. and Pique, J., (2018). Assessing business incubation: A review on benchmarking. International Journal of Innovation Studies, 2(3), pp.91-100.
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