Digital twins presents opportunity to grow economy: report

Digital twin capability in Australia is growing but more work needs to be done for the country to be a leader within the space.

A new whitepaper from non-government standards development organisation Standards Australia discussed how Australia can strengthen its digital twin capability and be a leader within the space.

The authors of the report noted, “An opportunity is on our doorstep, to grow our ‘digital’ economy and to accelerate toward our climate commitments. We are in the early stages of a major market transformation enabled in part by significant digital innovation.”

The report noted that Australia can be established as a global leader in developing and implementing digital twins to support policy, trade, investment and jobs.

Digital twins bring the opportunity to predict the unintended consequences of new policies, invoke specific ways to inform and evaluate priorities, and opportunities for trade and investment and share key data across jurisdictions.

Some of the benefits of implementing digital twin technology include increasing trade and investment, increasing national productivity, less disruption and waste and importantly opening up new markets and new services for the nation.

Standards Australia highlighted those innovations driven by digital technologies, including machine learning, and artificial intelligence, could add up to $315 billion to Australia's economy by 2028 (Alpha Beta 2018).

“Through state-based digital twin programs in Western Australia, New South Wales, Queensland and Victoria underway, Australia is well placed to seize these opportunities,” they said.

“Australia has a competitive, market-driven economy with free and open trade, strong digital infrastructure and a pipeline of potential talent that could help create the right conditions for government and private sector companies to adopt digital twin as more products and capabilities come to market.”

While Australia has the potential to be a world leader in digital twin technology, there has been an absence of holistic planning and implementation of this technology.

The report highlights three key areas that need to be addressed to achieve maximum value.

The authors of the report noted, “To ensure we capitalise on these new advances, the collaboration between states and territories and with local government is required for a more unified approach. This approach will help Australia to build on its global leadership position with artificial intelligence, quantum computing and cyber security and privacy.”

To continue with the advancement of digital twin technology, the authors recommend several changes within the areas of leadership and governance, market enablers and activating opportunities.

Within leadership and governance, the authors said Australia must, “identify an Australian Government Sponsor for digital twin, establish a governance body and industry working group and develop a National digital twin strategy.”

For market enablers, the authors said Australia should create a standards-led environment for policymakers and practitioners, enhance the nation’s capability to advance digital twin opportunities and invest in emerging digital twin technology.