From the course: Digital Transformation in Supply Chains

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Simulation, optimization, and digital twins in supply chains

Simulation, optimization, and digital twins in supply chains

From the course: Digital Transformation in Supply Chains

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Simulation, optimization, and digital twins in supply chains

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- The people, processes and technologies that make up a supply chain can interact in ways that are hard to predict. The good news is digital models give us a way to analyze a complex supply chain virtually, without many of the costs and risks that we face when experimenting with things in the real world. Supply chain modeling expert, Tony Grichnik says, that a good model has to tell us two things. First, it has to tell us something that we know, that helps us gain confidence that the model is accurate and the results are believable. Second, the model has to tell us something that we don't know. That's what makes it useful and interesting. Most supply chain models fall into three categories. A digital twin is a file or a program that describes the important attributes of a physical product or process. Simulation models show us how a supply chain process will behave given a certain set of conditions, and optimization…

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