Eugenie enabled USA’s largest oil major reduce Operational expenses by 15%

Steel is used in almost every industry and can have a tremendous economic and environmental impact. Steel is a highly emission-intensive industry. In 2020, 1.89 tonnes of CO2 were released into the environment for every tonne of steel produced. A total of 2.6 billion tonnes of direct emissions from the industry were generated in 2020, accounting for 7% to 9% of all anthropogenic CO2 emissions worldwide.

Decarbonizing steel can be a complicated process, with many new and innovative technologies at the forefront. As of now, the technologies have not made it to market in their entirety. This is especially true for emerging economies, where commercially available technologies remain under-utilized. Hence, the steel industry cannot transition to green steel in the same way across different regions.

What are Digital Twins?

Digital Twins are virtual replicas of a physical process, product, or place. From a business standpoint, the capacity to build digital twins is revolutionary. Well-designed digital twin solutions can offer a whole lot of benefits ranging from improved product quality to better sustainability impact.

1. Optimizing Operations: Digital twins enable steel makers in testing what can be developed and completed in the actual world through modeling, simulation, and visualization – thanks to the sophisticated technology of Artificial Intelligence. Steelmakers can simulate, analyze, and optimize operational scenarios before investing time and resources in new processes and products.
2. Drive Operations Planning: Operational efficiency is a key to achieving improved productivity and sustainability, but it can be challenging to know where to begin. The insights provided by digital twins are essential for achieving operational efficiencies throughout the value chain. Steel companies can collect real-time data on assets and processes, which are then analyzed through digital twins. Digital twins can detect possible bottlenecks in advance as well as their fixes in the process.
3. Supply chain agility: The main problem with the steel industry’s supply chain is being unable to keep up with the rising demands, forcing steel companies to operate at a considerably higher capacity than they generally do. With digital twins, steel companies can monitor the lead times in the supply chain and make real-time modifications to prevent probable glitches.
4. Improved Productivity: The issue of staff turnover affects almost all industries. Each time a knowledgeable employee quits, they nearly invariably take their expertise with them, which affects production. By using a digital twin, steel companies can remotely monitor and support most of these issues. Experts located off-site can also monitor operating equipment using digital twin ecosystems.
5. Accelerated Sustainability Efforts: Digital twins can offer the data, visibility, and visualization to enhance performance across many sustainability-related KPIs when incorporated into a larger digital transformation strategy. For instance, steel plants can use a plant-wide digital twin model to explore chances for collective improvement and identify probable areas for efficiency by connecting various assets and process data. The business can therefore take action to decrease energy use or identify strategies to boost production capacity without utilizing more resources.