What are the hottest new tech trends … Digital Twins

I just got a whole new set of tech phrases from a Gartner report. Giving my interpretation, here we go:

Supplemental Coverage from Space (SCS) is a proposed framework for Device Direct connectivity using satellite and cellular communication combination. The framework enables partnership between satellite (specifically low Earth orbit [LEO]) providers and terrestrial mobile operators to expand or fill gaps in cellular coverage. SCS includes unmodified devices connecting to a LEO satellite constellation using existing licensed cellular radio frequencies.

My view: It’s 6G+ … bringing broadband to all of Earth’s things (IoT)

Wi-Fi 8 IEEE 802.11bn (Ultra-High Reliability) is the next proposed standard to IEEE 802.11 WLAN beyond Wi-Fi 7 (802.11be). Its working group was established in late 2023, and its release cycle is anticipated to last until 2028.

My view: It’s Wi-Fi everywhere … bringing Wi-Fi to all of Earth’s things (IoT)

OpenRoaming is a federation-based framework that establishes relationships between identity providers and enterprise Wi-Fi networks for secure roaming and data offloading.

My view: It’s tech everywhere … bringing Wi-Fi to all of Earth’s things (IoT)

Network sustainability is an attribute of networking products and architectures that optimise space, materials and energy efficiency. This includes (but is not limited to) networking hardware and software that is designed to improve energy efficiency. Network sustainability also needs to show an optimised network and use products with equipment recycling practices and/or source from renewable energy to ultimately reduce the environmental carbon footprint.

My view: Seems boring, but it’s all about resilience and reliability

Quantum networking (QN) — also known as quantum communications — is a way to transmit quantum information across a network. Quantum networking sends information in the form of qubits, while most existing networks are based on the binary encoding of 1s and 0s.

My view: Wanted dead or alive (check Schrödinger's Cat).

Anyway, the list goes on and on, and is summarised in this chart:

And you can get a free copy of the Gartner report here.

Having said all that, the most important term in the report is “A Digital Twin”. What’s that?

Gartner says it is “a model of the behaviour of campus, software-defined WAN (SD-WAN) or data centre network components. It is usually delivered as software and provides a model that can be used for validation of the configuration or policies of a single network component or the entire network. It automatically synchronizes with the production network”.

That’s pretty dull. TBH, a digital twin is a virtual representation of our real world that can be used for simulations and trials of real-world issues in a virtual visualisation. Think of the idea of a virtual London or virtual New York, and building a new subway or airport. You can test out all of those ideas in the other world before applying them into the real world and make them 10x better, safer and more predictable.

Wikipedia defines a digital twin as “a digital model of an intended or actual real-world physical product, system, or process (a physical twin) that serves as the effectively indistinguishable digital counterpart of it for practical purposes, such as simulation, integration, testing, monitoring, and maintenance”.

IBM defines a digital twin as “a virtual representation of an object or system designed to reflect a physical object accurately. It spans the object's lifecycle, is updated from real-time data and uses simulation, machine learning and reasoning to help make decisions”.

McKinsey’s report on the topic opens with: “What would you do if you had a copy of yourself? A digital doppelgänger, identical to you in every way, in an accurate digital rendering of your home, workplace, neighbourhood, or city? Even better: What if the digital version of you—your digital twin—was impervious to injury, pain, or embarrassment? The mind boggles at the possibilities. Suffice it to say, you’d probably be able to make decisions for yourself with a lot more certainty of the outcome”.

Digital twin technologies are pretty exciting imho. As John Thornhill in The Financial Times states: “Digital Twins represent the third wave of the internet, after search and social media. The online world will evolve from a consumer internet to an enterprise internet, profoundly affecting the way we run roads, railways, airports, mines, factories, hospitals, power plants, distribution centres, construction projects and cities.”

What does it mean for banks?

Well, it can be pretty important in planning digital transformation. As NTT DATA explain:

One of the core tenets of Digital Transformation is platform re-engineering in a variety of areas within a bank. Some examples include:

Operational efficiency: Digital twins can be used to simulate and analyse different scenarios, such as changes in customer traffic or the introduction of new services, to determine the optimal layout and staffing levels for a bank branch. This can help to streamline operations and improve the efficiency of the physical branch.

Asset performance: Digital twins can be used to monitor and predict the performance of assets, such as ATMs or loan portfolios, allowing banks to proactively address any potential issues. This can help to improve the reliability and availability of these assets, reducing downtime and improving customer satisfaction.

Customer experience: Digital twins can be used to simulate customer interactions, allowing banks to test and improve their services and products. This can help banks to better understand their customers' needs and preferences, and to develop more personalized and effective products and services.

Risk management: Digital twins can be used to simulate and analyse different scenarios, such as changes in market conditions or changes in customer behaviour, to identify potential risks and develop strategies to mitigate them. This can help banks to better manage their risks and protect their assets.

My view: take all technologies – Quantum, AI, LEOs, SCS, Wi-Fi8 … – and make the world a better place virtually through digital twin tech, and then implement it in reality, which includes banking and more.

Finally, as a Gemini, I am very happy to hear that digital twins is the future. I guess that is why Alphabet/Google renamed their AI Gemini.