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Digital Twins: what it is, how it works, and the advantages of this technology

mjvinnovation

Originally, this term was coined by Dr. Michael Grieves in 2002. The situation changed in the 2010s, with the development of IoT, Artificial Intelligence, Big Data, and Cloud Computing. The model is created using computer-aided engineering and is integrated with the Internet of Things, machine learning, and Big Data analysis.

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Spotting Innovation Opportunities

ITONICS

Those findings create the basis for innovation theories, e.g. radical innovation within niches as part of the evolutionary economics theory (Geels, 2002), a blue ocean as described in the “Blue Ocean Strategy” (Kim & Mauborgne, 2005) or a “White Space” (Jackson, 2011) within the company. The role of big data and data mining.

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How China Creates the Strongest Innovation System

The BMI Lab Blog

BYD became the second largest battery company in 2002. Its approach to car manufacturing also represents quite accurately the innovation philosophy of these early Chinese entrepreneurs: rather than expending years on design, BYD takes Japanese cars as a benchmark and adapts them to Chinese tastes through a process of reverse engineering.

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