Artificial Intelligence Augmented Digital Twins

Presently, we stand on the threshold of a technological revolution that will drastically change the way we live, work, and communicate with each other. By the current rate, scope, and complexity, this transformation will be as fundamental for society as any other technological paradigm change from the past. The industries which are more susceptible to change are technologically oriented industries including banking, finance, accounting, and auditing. One of the technological concepts of the technological revolution is the concept of the digital twin. The application of digital twins and AI as paired with Internet of Things technologies makes it possible to solve ESG problems on a completely different level (Li, 2019) for accounting firms and financial institutions. These include recycling on demand, rational energy consumption, smart surveillance cameras for crime tracking, and smart branch parking solutions, monitoring the wear and tear and conditions of financial technology infrastructures. Moreover, numerous researchers and practitioners emphasize the significance of innovating sustainable business models and operations (Geissdoerfer et al., 2018). The digital twin will allow businesses and financial institutions to minimize costs, boost customer service, and find new ways to generate revenue. DTW is accessible now more than ever, and many reputable and innovative companies such as Tesla, Ericsson, and Siemens have adopted it with varying success. Therefore, this book examines the opportunities, challenges, and risks of artificial intelligence-augmented digital twins for financial operations, innovation, and sustainable development. It focuses on AI and digital twin technologies to furnish solutions for the current industrial revolution including the Metaverse. Henceforth, this book aims to encourage authors to submit multi-disciplinary chapters indicating the current scholarly challenges about the applications and potential of artificial intelligence and digital twins in accounting, finance, and banking.

Presently, we stand on the threshold of a technological revolution that will drastically change the way we live, work, and communicate with each other. By the current rate, scope, and complexity, this transformation will be as fundamental for society as any other technological paradigm change from the past. The industries which are more susceptible to change are technologically oriented industries including banking, finance, accounting, and auditing. One of the technological concepts of the technological revolution is the concept of the digital twin. The application of digital twins and AI as paired with Internet of Things technologies makes it possible to solve ESG problems on a completely different level (Li, 2019) for accounting firms and financial institutions. These include recycling on demand, rational energy consumption, smart surveillance cameras for crime tracking, and smart branch parking solutions, monitoring the wear and tear and conditions of financial technology infrastructures. Moreover, numerous researchers and practitioners emphasize the significance of innovating sustainable business models and operations (Geissdoerfer et al., 2018). The digital twin will allow businesses and financial institutions to minimize costs, boost customer service, and find new ways to generate revenue. DTW is accessible now more than ever, and many reputable and innovative companies such as Tesla, Ericsson, and Siemens have adopted it with varying success. Therefore, this book examines the opportunities, challenges, and risks of artificial intelligence-augmented digital twins for financial operations, innovation, and sustainable development. It focuses on AI and digital twin technologies to furnish solutions for the current industrial revolution including the Metaverse. Henceforth, this book aims to encourage authors to submit multi-disciplinary chapters indicating the current scholarly challenges about the applications and potential of artificial intelligence and digital twins in accounting, finance, and banking.

This book covers the notion of the digital twin, which has the potential to alter the way systems are governed and manufactured. It also addresses the metaverse as an emerging technology with its roots in literature, cross-platform avatars, and artificial intelligence-oriented cybersecurity issues. The untapped potential of the metaverse and digital twins as enabling technologies for the next-generation industries is emphasized in various chapters. Digital twin technology enables manufacturers to comprehend their products throughout product design better, integrate simulation, tracking, and optimization in real-time, and appropriately analyze operations. Especially for complicated products or systems, testing on a digital twin is more efficient (more accessible, quicker, less error-prone, and less expensive). The product is examined in its virtual version before it is displayed in the actual world. Additionally, the digital twin minimizes operational expenses and increases the longevity of equipment and assets. By prolonging the life of the thing, they represent and enhance its working efficiency; it may minimize operating costs and prospective capital spending. The digital twin idea is becoming a reality as it has begun to be used in several industries, including energy, manufacturing, construction, transportation, aerospace, smart cities, healthcare, cyber security, finance, and agriculture. Academic and industrial experts highlighted the most compelling use cases of digital twins and metaverses and the challenges inherent in their implementation. Readers who want to make more effective systems will find the book useful. Also, people who want to get an idea and vision of how technology will change our lives will benefit from this book.

This book comprehensively introduces readers to Digital Twins, from the basic concepts, core technologies and technical architecture, to application scenarios and other aspects. Readers will gain a profound understanding of the emerging discipline of Digital Twins. Covering the latest and cutting-edge application technologies of Digital Twins in various fields, the book offers practitioners concrete problem-solving strategies. At the same time, it helps those working in Digital Twins-related fields to deepen their understanding of the industry and enhance their professional knowledge and skills. Given its scope, the book can also be used as teaching material or a reference book for teachers and students of product design, industrial design, design management, design marketing and related disciplines at colleges and universities. Covering a variety of groundbreaking Digital Twins technologies, it can also provide new directions for researchers.

In the modern and data-driven business landscape, organizations face an increasingly complex challenge: how to harness the power of Artificial Intelligence (AI) and digital twin technology to stay competitive and relevant. This challenge is exacerbated by the rapid evolution of these technologies and the urgent need for businesses to adapt. AI continues to advance in areas such as language comprehension, pattern recognition, decision-making, and experiential learning, while digital twins are transforming into electronic replicas of real-world entities. Consequently, businesses grapple with the complexities of navigating this transformative convergence. Digital Twin Technology and AI Implementations in Future-Focused Businesses addresses the pressing issue of how AI and digital twin technology are altering the very fabric of business operations. It delves into the profound implications for productivity, creativity, and decision-making in organizations across diverse industries. Staying ahead of the technical curve is crucial, and this book equips readers with the knowledge and insights needed to thrive in this evolving business landscape.

The Digital Twin book is about harnessing the power of technology, business practices, and the digital infrastructure to make revolutionary improvements for the benefit of society. Ninety experts from around the world contributed to summarize four decades of digital advances and successes, and to define the Digital Twin’s potential for the decades ahead. The book describes how Digital Twins will play a key role in specific applications and across important sectors of the global economy, making it a must-read for executives, policymakers, technical leaders, researchers, and students alike. The book consists of thirty-eight chapters that cover Digital Twin concepts, supporting technologies, practices, and specific implementation strategies for various production and service sectors. Digital Twins are about creating faster, less expensive, and error-free manufacturing, products, processes, and services. This includes engineering of systems for energy, communications, construction, transportation, and food processing. It also covers solutions for making human existence better and more enjoyable through the life sciences, smart cities, and artistic creations. The Digital Twin’s functionality addresses the entire lifecycle of products and services. Importantly, the book describes the journey required for businesses and public organizations to embrace Digital Twins as part of their tool kit. The Digital Twin is the ideal starting point for teaching and research in all application domains.

This book provides knowledge into Cognitive Digital Twins for smart lifecycle management of built environment and infrastructure focusing on challenges and opportunities. It focuses on the challenges and opportunities of data-driven cognitive systems by integrating the heterogeneous data from multiple resources that can easily be used in a machine learning model and adjust the algorithms. It comprises Digital Twins incorporating cognitive features that will enable sensing complex and unpredicted behavior and reason about dynamic strategies for process optimization to support decision-making in lifecycle management of the built environment and infrastructure. The book introduces the Knowledge Graph (KG)-centric framework for Cognitive Digital Twins involving process modeling and simulation, ontology-based Knowledge Graph, analytics for process optimizations, and interfaces for data operability. It offers contributions of Cognitive Digital Twins for the integration of IoT, Big data, AI, smart sensors, machine learning and communication technologies, all connected to a novel paradigm of self-learning hybrid models with proactive cognitive capabilities. The book presents the topologies of models described for autonomous real time interpretation and decision-making support of complex system development based on Cognitive Digital Twins with applications in critical domains such as maintenance of complex engineering assets in built environment and infrastructure. It offers the essential material to enlighten pertinent research communities of the state-of-the-art research and the latest development in the area of Cognitive Digital Twins, as well as a valuable reference for planners, designers, developers, and ICT experts who are working towards the development and implementation of autonomous Cognitive IoT based on big data analytics and context–aware computing.

***BUSINESS BOOK AWARDS - FINALIST 2021*** Discover how 25 powerful technology trends are transforming 21st century businesses How will the latest technologies transform your business? Future Tech Trends in Practice will give you the knowledge of today’s most important technology trends, and how to take full advantage of them to grow your business. The book presents25 real-world technology trends along with their potential contributions to organisational success. You’ll learn how to integrate existing advancements and plan for those that are on the way. In this book, best-selling author, strategic business advisor, and respected futurist Bernard Marr explains the role of technology in providing innovative businesses solutions for companies of varying sizes and across different industries. He covers wide-ranging trends and provides an overview of how companies are using these new and emerging technologies in practice. You, too, can prepare your company for the potential and power of trending technology by examining these and other areas of innovation described in Future Tech Trends in Practice: Artificial intelligence, including machine and deep learning The Internet of Things and the rise of smart devices Self-driving cars and autonomous drones 3D printing and additive manufacturing Blockchain technology Genomics and gene editing Augmented, virtual and mixed reality When you understand the technology trends that are driving success, now and into the future, you’ll be better positioned to address and solve problems within your organisation.