Real-Time Risk Management in Supply Chains Using Digital Twins

The increasingly intricate and globalized landscape of supply chains subjects them to various risks, including supplier interruptions and environmental calamities. Digital Twin technology presents a robust solution for realtime risk management by generating virtual models of physical supply chain sy...

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Bibliographic Details
Published inIUP Journal of Supply Chain Management Vol. 21; no. 4; pp. 29 - 42
Main Author Mhaskey, Sanjay Vijay
Format Journal Article
LanguageEnglish
Published Hyderabad IUP Publications 31.12.2024
Subjects
Artificial intelligence
Decision making
Digital twins
Manufacturing
Risk management
Supply chain management
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Summary:The increasingly intricate and globalized landscape of supply chains subjects them to various risks, including supplier interruptions and environmental calamities. Digital Twin technology presents a robust solution for realtime risk management by generating virtual models of physical supply chain systems. These digital replicas facilitate the simulation, monitoring, and forecasting of potential disruptions, empowering organizations to adopt proactive risk mitigation measures. This paper delves into the applications of Digital Twins in enhancing realtime risk management within supply chains, emphasizing their architectural framework, associated benefits, challenges faced during implementation, and prospects for leveraging this technology to foster resilient supply chain management.
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ISSN:0972-9267
DOI:10.71329/IUPJSCM/2024.21.4.29-42