PwC Consulting Seminar "Reducing Investment Costs and Time with Digital Twin"

Over 120 Senior Officials from the Equipment Industry Attend
Panel Discussions with LG Chem, SK Chemicals, GS Caltex, and Others
Digital Twin Expected to Grow More Than 20-Fold Over 10 Years

PwC Consulting announced on the 25th that it held a seminar on the 24th in Yongsan-gu, Seoul, titled "Digital Twin Realized with AI Wings: Utilization Strategies for the Process Industry." The seminar was organized to help establish and implement strategies to enhance competitiveness through digital twins. About 120 senior officials from the process industry attended the on-site seminar.

At the seminar titled "Digital Twin Realized with AI Wings: Utilization Strategies in the Process Industry" held on the 24th in Yongsan-gu, Seoul, Shin Min-yong, a partner at PwC Consulting, is giving a presentation on "Accelerating AI-Based Digital Twin."
[Photo by Samil PwC]

At the seminar, amid rising economic uncertainties due to recent high oil prices and inflation, ways to improve operational efficiency and safety of large-scale process industry plants through digital twin technology integrated with artificial intelligence (AI) were introduced. A digital twin refers to a technology that implements machines, equipment, and objects from the real world into a virtual world within a computer. The investment scale in this field is expected to grow more than 20 times over the next decade.

Beom Yong-gyun, Vice President of PwC Consulting, stated, “The process industry is at a turning point in terms of digital utilization.” Partner Yoo Won-seok said in his opening remarks, “The process industry has vast amounts of data, heavy burdens in plant renovation and management, and tends to rely on humans for operations, which has slowed digitalization. Recently, the integration of various technologies into digital twins has greatly helped reduce investment costs and shorten time.”

During the panel discussion session, representatives from LG Chem, SK Chemicals, GS Caltex, and SK Innovation attended and shared their companies’ digital transformation (DX) cases and strategies. Following this, a Q&A session was held where presenters and company representatives answered participants’ questions. Practical advice was given in response to inquiries about the ultimate goals to be achieved through building digital plants based on digital twins, the most effective items from the perspective of field workers, and precautions during implementation.

Finally, Partner Jung Kyung-in introduced PwC Consulting’s Digital Plant Center. Partner Jung said, “The center’s services will help overcome difficulties in data, systems, and field change management, which are obstacles in the process of transitioning to digital twin-based factories.”

This content was produced with the assistance of AI translation services.