Day 1 - Canada
Transforming Finance with Digital Twins: Exploring the Opportunities and Challenges
The banks of the world are trusted custodians of massive amounts of important data. Such data is currently held in warehouses, databases, and spreadsheets. Although some analytics are usefully deployed against the data, information about location is rarely used and the organization of the data does not allow a structure conducive to powerful analytics. Much of the “connection intelligence” between the various data elements is simply not present since it is held in the queries.
Along with the AI revolution, there is a less understood, but equally powerful, technology stack referred to as Digital Twins. Relationships between financial transactions and the physical world, including climate change insights, can be built into Digital Twins to enable far more powerful analytics. Digital Twins have opened a new and exciting path to understand systems previously beyond our comprehension. Financial entities around the world can include financial and financial-related data in the Digital Twins stack that until now was mostly built up to represent physical elements.
We challenge financially enabled Digital Twins with competency questions. Some of these are drawn from a climate change and agriculture viewpoint:
- If a retail bank changed the 5-year fixed mortgage rate, what effect would this have on climate change? Every decision a bank makes should be made in the context of climate change.
- Where can a bank make investments that are climate change sensitive – i.e., which investments are verified sustainable financing while still providing robust returns to the investors?
- What factors would be most effective during an advisor conversation in helping a prospective client sign with the bank?
- The supply chain for a business has been interrupted by a climate crisis – what alternative supply chain can we suggest to the business?
- What is the carbon sequestration capacity of a particular business (like a farm) and how can it be optimized and monetized?
- What does climate change cost (your organization here) per annum?
- How can carbon emissions be reduced while maintaining or improving the efficiency of growing food?
This thread is devoted to use cases, challenges and futures in the financial domain as it considers the adoption path and influence that wholesale Digital Twins use with financial data may create.
Toronto Time
October 3rd
London Time
October 3rd
Melbourne Time
October 4th
Session Type
Toronto Time
8:45 AM
London Time
1:45 PM
Melbourne Time
12:45 AM
Welcome and Keynote
Toronto Time
9:30 AM
London Time
2:30 PM
Melbourne Time
1:30 AM
Break
Toronto Time
9:40 AM
London Time
2:40 PM
Melbourne Time
1:40 AM
Session
Toronto Time
10:10 AM
London Time
3:10 PM
Melbourne Time
2:10 AM
Break
Toronto Time
10:20 AM
London Time
3:20 PM
Melbourne Time
2:20 AM
Session
Toronto Time
10:50 AM
London Time
3:50 PM
Melbourne Time
2:50 AM
Break
Toronto Time
11:00 AM
London Time
4:00 PM
Melbourne Time
3:00 AM
Panel 1
Toronto Time
12:00 PM
London Time
5:00 PM
Melbourne Time
4:00 AM
Day Concludes
Day 2 - U.K.
Connected Digital Twins and Social-Technical Solutions
It has been said Digital Twins are not so much a technology, but rather an approach. While there is a lot of truth in this statement, it’s also important to note that Digital Twins provide a great way to integrate a variety of different technologies.
The essence of Digital Twins lies in their ability to establish a connection between the physical and digital worlds. Data flows from the physical world to the digital world in one direction, while interventions flow from the digital world back to the physical world.
Around this loop, there is tremendous potential to leverage a variety of exciting and relevant technologies, including:
- Sensor technologies: to gather data about the physical world
- IoT and 5G: to transmit the data from the physical to the digital world
- Data management platforms: to handle data from multiple sources
- Modeling technologies: to generate insight from the data using any of a variety of modeling techniques, including physics-based models, agent-based models, or AI/ML-based models
- Visualization technologies: to enable people to see what is happening within the Digital Twins
- Decision support tools: to help make better decisions faster
- Robotics: to support effective interventions.
Each of these technologies is interesting and valuable in their own right, but they offer even more value when integrated in the context of Digital Twins. However, the promise of value doesn’t end there. There’s an opportunity to federate Digital Twins by establishing secure and resilient information flows between them. Therefore, interoperability solutions based on data sharing are of great interest in this space.
It’s important to remember that technical solutions alone are not enough. While necessary, they are not sufficient. To ensure connected Digital Twins are widely adopted and provide the most value, it’s essential to address the human and organizational factors involved. This means the development and adoption of federated Digital Twins is actually a socio-technical change programme.
The UK-hosted part of this conference will bring together some of the world’s leading experts in this field to explore and unpack these fascinating topics. By joining us on this journey, you’ll have the opportunity to learn from the best and make valuable contributions to the progress of this hugely important area.
Toronto Time
October 4th
London Time
October 4th
Melbourne Time
October 4th
Session Type
Toronto Time
3:45 AM
London Time
8:45 AM
Melbourne Time
7:45 PM
Welcome and Keynote
Toronto Time
4:30 AM
London Time
9:30 AM
Melbourne Time
8:30 PM
Break
Toronto Time
4:40 AM
London Time
9:40 AM
Melbourne Time
8:40 PM
Session
Toronto Time
5:10 AM
London Time
10:10 AM
Melbourne Time
9:10 PM
Break
Toronto Time
5:20 AM
London Time
10:20 AM
Melbourne Time
9:20 PM
Session
Toronto Time
5:50 AM
London Time
10:50 AM
Melbourne Time
9:50 PM
Break
Toronto Time
6:00 AM
London Time
11:00 AM
Melbourne Time
10:00 PM
Panel 2
Toronto Time
7:00 AM
London Time
12:00 PM
Melbourne Time
11:00 PM
Day Concludes
Day 3 - Australia
Advancing Digital Twins Governance: Best Practices and Standards
Digital Twins are often described as a digital replica of something physical. This incomplete description omits many of the fundamentals of fully functional Digital Twins. What distinguishes Digital Twins from any other digital models are the connections to the physical world. They should allow a two-way connection between the Digital Twins and what is being modeled. In other words, allow for data going from the physical to the digital and interventions going the other way.
Digital Twins can take the form of advanced spatially accurate digital representations of the real world with 3D and 4D (time) dimensions, becoming a globally powerful tool to improve our understanding of the physical environment and make better informed decisions.
Digital Twins can develop predictive capability through AI and machine learning and offer just-in-time analytics, products and services. They vastly improve the value of data through aggregation from multiple sources and shared access, leading to better information for decision-making and lower service life costs for many forms of infrastructure.
Given the increasing importance and complexity of Digital Twins, sound governance and widely adopted standards are critical to their ongoing success. The drivers for Governance and agreed standards include:
- As the world moves from data to models, interoperability between models is the next major issue to solve
- With Digital Twins now a critical national capability and an economic growth opportunity for both advanced and developing nations, with so many different parties contributing to and using the Digital Twins resource, well established governance goes hand in hand with standards along with funding responsibilities
- Digital and data tools and practices are key to unlocking substantial productivity gains and efficiencies across infrastructure planning, delivery and operations.
- Innovation supported by new technologies and digital transformation requires collaborative leadership between government and industry
The Australian-hosted part of the conference will bring together some of the world’s leading digital governance experts and international thought leaders to delve into world’s best practice on Digital Twins governance and the standards required to enable successful collaboration between all stakeholders. Join us to both learn and contribute to these important discussions being held by some of the world’s leading practitioners.
Toronto Time
October 4th
London Time
October 4th-5th
Melbourne Time
October 5th
Session Type
Toronto Time
4:45 PM
London Time
9:45 PM
Melbourne Time
8:45 AM
Welcome and Keynote
Toronto Time
5:30 PM
London Time
10:30 PM
Melbourne Time
9:30 AM
Break
Toronto Time
5:40 PM
London Time
10:40 PM
Melbourne Time
9:40 AM
Session
Toronto Time
6:10 PM
London Time
11:10 PM
Melbourne Time
10:10 AM
Break
Toronto Time
6:20 PM
London Time
11:20 PM
Melbourne Time
10:20 AM
Session
Toronto Time
6:50 PM
London Time
11:50 PM
Melbourne Time
10:50 AM
Break
Toronto Time
7:00 PM
London Time
12:00 AM
Melbourne Time
11:00 1M
Panel 3
Toronto Time
8:00 PM
London Time
1:00 AM
Melbourne Time
12:00 PM
Day Concludes