BSOM077 Dissertation: Digital Twin Impact on GE and Bosch Financials

This research dissertation, submitted to Desklib, investigates the impact of digital twins on the financial performance of organizations, specifically through a comparative study of General Electric (GE) and Robert Bosch. The study employs a mixed-method approach, incorporating both qualitative and quantitative data collection techniques, including surveys and literature reviews, to analyze the conceptualization, emergence, and potential impact of digital twins. The research explores the challenges faced by businesses in implementing digital twins and aims to provide recommendations for optimizing their use. The dissertation includes an introduction outlining the research background, rationale, aims, objectives, and questions. It also features a comprehensive literature review, detailed methodology, data analysis, and discussion of findings, culminating in conclusions and recommendations for future implementation and research. The research contributes to the understanding of how digital twins can enhance business operations and financial outcomes, offering valuable insights for businesses considering or implementing digital twin technologies.

RESEARCH DISSERTATION(BSOM077)
(Title: To establish the impact of digital twin over
the financial performance of an organisation. A
comparative study over General Electronics and
Robert Bosch)
Supervisor:
Submitted By:

Executive Summary
The present investigation initiates to determine the impact of digital twin over the financial
performance of the business. Therefore, it is a wide area of academic research that is imperative
in providing a detailed analysis of the aspect of digital twin and provides a wider skillset and
knowledge. For the effective evaluation over this particular subject, the analysis is executed via
the support of conducting comparative analysis among two businesses likewise, General
Electronics and Robert Bosch, thus these two are the largest multinational corporation which is
having their operation all around the globe and are concerned over enhancing their financial
performance, hence an effective financial stability matters for a business to gain growth and
success. In this existing evaluation, the analysis is being based on a mixed-method in which
information accumulation is based on qualitative and quantitative aspects, thus this provides a
strong way for the investigator to attain growth and success. In addition to this, deductive and
positivism philosophy has been applied to assist the work in the right direction to implementing
effective theories and hypotheses that encompass digital twin. Despite this, in this evaluation
literature review is developed to providing detailed support to the work as this information
accumulation is based on secondary sources like books, journals, published and nonpublished
articles. Data analysis and interpretation have been relied upon over executing survey with the
support of questionnaire as it is effective in accumulation of information from the wider
population, therefore, the discussion is also a major stage where analysis has been executed
through the support of literature review and findings associated through primary research. After
that, a conclusion is drawn over the findings of the research and recommendations are mainly
effective in providing future scope to the businesses to conduct suitable operations and
effectively implement the aspect of a digital twin to enhance the operations of the business.

Table of Contents
Executive Summary.........................................................................................................................2
Table of Contents.............................................................................................................................3
Chapter 1: Introduction (Please Highlight the changes in red please )............................................1
Overview of the Research......................................................................................................1
Background of the Research...................................................................................................2
The rationale of the Research.................................................................................................3
Research Aim.........................................................................................................................3
Research Objectives...............................................................................................................4
Research Questions................................................................................................................4
Chapter 2: Literature Review ..........................................................................................................5
The conceptualisation of digital twin.....................................................................................5
Comparative analysis among general electronics and Robert Bosch about the emergence of
digital twin..............................................................................................................................8
The potential impact of digital twin over the performance of general electronics and Robert
Bosch....................................................................................................................................10
Challenges are faced by the businesses due to implementing a digital twin........................11
Chapter 3: Research Methodology ................................................................................................14
Introduction..........................................................................................................................14
Research Onion....................................................................................................................14
Research Design:..................................................................................................................15
Research Approach...............................................................................................................15
Research philosophy.............................................................................................................16
Research Choice...................................................................................................................16
Research strategy..................................................................................................................17
Sampling-.............................................................................................................................17
Time horizon-.......................................................................................................................18
Data collection methods-......................................................................................................18
Data analysis-.......................................................................................................................19
Research Instruments-..........................................................................................................19

Ethical considerations-.........................................................................................................19
Reliability and Validity-.......................................................................................................20
Chapter 4: Data Analysis and Findings ........................................................................................21
Chapter 5: Discussion ...................................................................................................................46
Theme 1: Conceptualisation of digital twin.........................................................................46
Theme 2: Comparative analysis among general electronics and Robert Bosch about the
emergence of digital twin.....................................................................................................47
Theme 3: Potential impact of digital twin over the performance of general electronics and
Robert Bosch........................................................................................................................48
Theme 4: Challenges are faces by the businesses due to implementing a digital twin........49
Chapter 6: Conclusion and Recommendation ...............................................................................51
Introduction..........................................................................................................................51
Conclusion............................................................................................................................51
Recommendation..................................................................................................................53
References......................................................................................................................................56
Appendix........................................................................................................................................60

Chapter 1: Introduction
Overview of the Research
A digital twin is the collection or generation of digital data representing a project. Digital
twins are virtual replicas of physical devices that data scientists and IT aces can use to run
imitations before real devices are built as well as deployed. Digital twin technology has enthused
beyond manufacturing and into the integrating worlds of the IoT (Internet of Things), AI
(artificial intelligence) and data analytics.
An investigation is mainly executed for effectively resolving an issue with the help of
conducting detailed analysis, thus, the existing study is based on analyzing the assorted impact
like competitiveness, effective business performance, higher customers base, advancement in
operations and so on that are brought through digital twin over the financial sector of an
organization (Ivanov and Dolgui, 2020). Therefore, in today’s modern era digital twin is
recognized to be the imperative area of investigation as it is widely analyzed to the manner of
exploring detailed knowledge about the impact of digital twin over approaching growth of the
business. The digital twin is mainly defined as a virtual replica of a physical system, product, or
procedure. Therefore, the technology eventually renders a real-time look at how a physical asset
is performing. In addition to this, a digital twin is also referring as one of the most disruptive
technology in this modern era as it transforms the way of executing business and the market as
well. This aspect mainly includes applying a digital replica of assets, procedures, and systems to
build effective simulation in an organizational environment. In today’s modern business era,
businesses are rapidly striving to strike a balance between developing equipment efficiency and
reducing the entire production and maintenance costs (Eckhart and Ekelhart, 2018). Asset service
engineers and quality management around business sectors likewise, airlines, oil & gas,
pharmaceuticals, telecom, automobiles, and others, are pushed progressively to optimize their
planning and operational expenses. Therefore, the Digital Twins technology gives a realistic
prospect to influence virtual models to also enable influence aspect likewise to predict failures,
prescribe actions, and support digital supply chain networks. However, in this present study the
overall analysis is based on the comparative analysis of two organizations and for this General
Electronics and Robert Bosch are selected to guide the work in the right manner. Therefore,
these two are recognized as the largest and well-known corporations which are mainly concern
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over using digital twin for the betterment of their business performance within the commercial
centre (Datta, S.P.A., 2016).
Background of the Research
Digital Twin principally speaks to as the union of the physical and the virtual globe where
each modern item will get a powerful computerised portrayal. All through the item advancement
life cycle, directly from the planning stage to the sending stage, associations can have a total
computerised impression of their items (Zheng and Sivabalan, 2020). despite this, organizations
are broadly concerned over actualizing computerised twin as it helps the organisations in better
assessment of the items and anticipate the issues ahead of time, give notice on prior stage,
bringing down the cost, upgrading open doors for better plans, forestall downtime, etc. In today’s
modern business era, organisations are striving for attaining growth and progression and the
businesses are concerned over implementing digital twin for the intention of improvising their
operations and functions (Kaewunruen, Rungskunroch, and Welsh, 2019). In this present
analysis for determining the effectiveness of digital twin the study has been executed over
comparative analysis among General Electronics and Robert Bosch, Therefore, General
Electronics is a well repudiated American multinational conglomerate company, which is
incorporated in New York City and headquarter of the form is in Boston Massachusetts, U.S.
The company was founded in the year 1892 by the collaborative efforts of Charles A. Coffin,
Elihu Thomson, Edwin J. Houston, J. P. Morgan, and Thomas Edison. The company is operated
through its multiple processes which involve aviation, healthcare, power, renewable energy,
digital industry, additive manufacturing, venture capital, and finance and lighting. However, the
company is having around 205000 employees who are putting their significant efforts into the
progression of the business via enhancing the operations of each segment. The overall revenue of
the firm is around 95.214 billion, which shows the growth of the business, and the company is
also concerned about implementing high-tech facilities involving digital twin to generate more
revenue and reduce the extra cost of business. On the other hand, Robert Bosch is a famous
German multinational engineering and technology business, which has it headquarter is in
Gerlingen, near Stuttgart, Germany (Sierla, Kyrki, Aarnio and Vyatkin, 2018). The company
started in the year 1886 with a significant contribution of Robert Bosch. However, Bosch's core
operating areas are spread in around four business sectors which involves mobility (hardware
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and software), consumer goods (including household appliances and power tools), industrial
technology (including drive and control) energy, and building technology. Thus, the overall
revenue of the firm is around 78.5 billion as the company is gaining collective profit by the equal
contribution of each process. In addition to this, the company is also having 400,100 employees
who are concern about putting their efforts into the progression of the business.
The rationale of the Research
The project is based on analysing the assorted influence that is brought through digital twin
over the financial sector of an organisation, therefore, this wider area of academic research will
help the individual learner or researcher to explore their idea and knowledge about a specific
investigation filed (Bajaj, Cole and Zwemer, 2016). The potential objective of the study is to
eliminate the impact of digital twin over the financial performance of an organisation, thus,
businesses are mainly facing the issue related with finance and digital twin is supportive for the
business in resolving the issue of business and increasing the profitability of the business. The
primary intention of this analysis is to resolving the challenges faces by the businesses related
with finance and providing suitable assessment regarding digital twin and how it benefit the
business in terms of increasing financial performance. Therefore, the key intention of this
research is to provide detailed knowledge about the area of the digital twin, thus it is termed to
be the major considered area in the context of the business as this study provides detailed
evaluation about the aspect of digital twin and how it influences the operations of the business.
Thus, the study over this specific area is imperative for the businesses which deal in digital twin
and the suitability of the aspect of a digital twin to enhance the operations. Another reason for
executing this research is the personal interest of the researcher as the investigator wants to
enhance their knowledge and ability about this specific area to encourage their own personal and
professional skills. However, the digital twin is a broad area that helps an individual in
developing their career in their professional field, as it provides knowledge about the
significance of digital twin and how it provides benefit to the business. In addition to this, the
existing project is also effective for the businesses who are implementing digital twin for the
intention of exploring their business operations, thus digital twin is an effective aspect defined as
a virtual model of a product, process or service that can be implemented by the businesses to
predict their properties and behaviours (Baruffaldi, Accorsi and Manzini, 2019). Therefore, this
study is also efficacious for the individual who is seeking for their personal development within
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the same file. However, this study is beneficial for the people in attempting their future projects
of more effective manner that incorporates over a similar field.
Research Aim
The key aim of this analysis is “To establish the impact of digital twin over the financial
performance of an organisation. A comparative study over General Electronics and Robert
Bosch.
Research Objectives
The key objectives of this specific analysis are defined as below:
 To encourage better perceptive about the conceptualisation of Digital Twin in the context of
business.
 To conduct a comparative analysis among General Electronics and Robert Bosch about the
emergence of the digital twin.
 To determine the potential impact of digital twin over the performance of General
Electronics and Robert Bosch.
 To determine the challenges that are faced by the businesses due to implementing a digital
twin.
 To recommend the ways that can effectively be implemented by General Electronics and
Robert Bosch to improvise the operations of the business.
Research Questions
The key questions of this specific investigation are associated as under:
 What is the conceptualisation of Digital Twin in the context of business?
 What is the comparative analysis among General Electronics and Robert Bosch about the
emergence of the digital twin?
 What is the potential impact of digital twin over the performance of General Electronics and
Robert Bosch?
 What key challenges are faced by the businesses due to implementing digital twin?
 What ways can effectively be implemented by General Electronics and Robert Bosch to
improve the operations of the business?
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Chapter 2: Literature Review
The literature review is mainly acknowledged as the critical analysis of the overall published
sources on this topic which simply helps readers in developing their core understanding of the
topic. This section also helps readers in determining the core concept of the overall project which
ultimately helps them out in drawing valid outcome on the same and in a rightful method (West
and Pyster, 2015). In this section, information is presented in front of the researcher with the
inclusion of different authors and writers. It is referred to as the effective section in every
investigation as it includes a range of secondary sources which provides detailed knowledge to
the researcher about the core topic that is “To establish different impact which is brought by
digital twin over the financial sector of an organisation”. A comparative analysis of General
Electronics and Robert Bosch. It can be said that inclusion of secondary sources such as different
books, journals, online articles and other published material which are highly important for the
researcher as it supports in obtaining valuable research outcome according to the core
requirement of the topic. Regarding the present investigation, the researcher has divided this
section into subparts that are highly based on the research questions. Here, it can be said that for
drawing valid information on these subparts’ investigator focuses on making use of several
books and journals (Kashyap, 2016). To enhance the core importance of these sections, the
primary focus of the investigator is to include different perception of the authors and writers
which ultimately provides value to the current study in an appropriate manner. All the bifurcated
sections of the present investigation are specified as below.
The conceptualisation of digital twin
From the viewpoint expressed by the author Erkoyuncu et. al., (2018), it has been
acknowledged that Digital Twin is referred to as the effective technology which has emerged
manufacturing to the other areas of the businesses. This simply includes integration of several
advance form of technologies such as the Internet of Things, data analytics and artificial
intelligence with the motive of reaching the growth of the overall globe in an effective manner
(Weber et. al., 2017). In simple words, a digital twin is comprehensively said to be as the virtual
replica or twin of the technology-oriented physical devices which are being used by the IT pros
and scientists before their actual deployment at the marketplace. Digital Twin is also useful in
completely changing the way through which how initially technologies such as the Internet of
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Things, data analytics and artificial intelligence were being optimised in the initial time. Apart
from this, the concept is also acknowledged as the virtual models of the process, products and
services which are incorporated with the motive of determining how things will effectively work
in real-time after the introduction of this advance form of technology in business enhancement
(Nochta et. al., 2019). A digital twin is mainly incorporated within the business to assess its
future performance at the marketplace. Its contribution can also be seen in the form of reduction
of the business cost as the company is well prepared about the future circumstances associated
with it effectively.
According to Udas (2020), here are already a lot of enlargement in the AI and ML sector
with new competences likewise automation, forecast, and chats coming into being. The digital
twin technology would be an inevitable invention which would significantly benefit
organizations with efficiency and competitive benefits. The world is moving to more intelligent
solutions and digital twin which fulfills the requirement for insights and analysis. With more
maturity and improvement in its model, this technology is here to stay. On the contrary, it can be
said that Digital twin is also seen as the essential and disruptive form of a new technique which
supports in the modern digital transformation at the same marketplace. It has been later analysed
that with the passing period business association are mainly making use of digital twin to execute
their business activities effectively at the marketplace in such a manner that can provide them
huge benefits the near future. Shaw and Fruhlinger (2019), has said that nowadays all the
companies are taking the initiative of acquiring digital twin to execute their business activities in
a rightful manner that provides a maximum level of benefits to them in terms of higher
profitability as well as a better market presence which influences customers to remain loyal with
the company and make a regular based purchase from them effectively. This also contributes to
increasing large number of opportunities for the same entity at the marketplace (Bukht and
Heeks, 2017). This could be well understood with the help of taking an example of the several
companies which makes use of digital twin with the motive of improving their business
performance. One of the most common examples of this is General electronics who are
acknowledged as one of the most well-settled companies which believe in making use of modern
and innovative technology to serve its customers efficiently. It has also been studied that the
company have developed an effective digital environment which includes range technology-
oriented services which are highly supportive in resolving issues of the customers with disruptive
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