The power of digital twins and concurrency

Allen Jacques, Duncan Klett and Morgan Swink
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Allen Jacques: Kinaxis, Canada
Duncan Klett: Kinaxis, Canada
Morgan Swink: Center for Supply Chain Innovation, USA

Journal of Supply Chain Management, Logistics and Procurement, 2024, vol. 6, issue 4, 359-371

Abstract: Supply chains are complex ecosystems, so quickly assessing the short and long-term impacts of events in such an ecosystem is a formidable challenge. We all know that the faster these assessments can be made, the better chance we have of responding and making decisions that will mitigate risk and supply disruptions. For instance, the case study about P&G rapidly adjusting its plans to respond to hurricanes1 is a classic example of why it is critical to make fast assessments amid disruption. While we intuitively understand the value of rapid decision making, it is difficult to quantify and provide a return on investment (ROI) analysis supporting investments in digital twins and concurrent planning. Why? Disruptions typically affect a limited number of sectors and enterprises, their durations vary, geographical impact varies and other events could be happening at the same time. All of this makes it difficult to assess a before, during and after. And then along came COVID-19. The pandemic’s impact was global, across all sectors and almost all enterprises, with a duration of well over a year, with a clear start and relatively clear end. This paper discusses the power of digital twins combined with concurrent supply chain orchestration in risk assessment and decision making as well as the impact on key financial results.

Keywords: supply chain; digital twin; concurrency; disruption; resilience (search for similar items in EconPapers)
JEL-codes: L23 M11 (search for similar items in EconPapers)
Date: 2024
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