Top 5 trends that will revolutionize Asset Management for Telco in 2023

The Digital Twin and Low-Code technologies are at the heart of the transforming Telecommunication enterprises

The Digital Twin and Low-Code developed apps are two emerging solutions that are destined to revolutionize asset management in the Telecommunications industry. They are like Neo and Trinity but without the duster coats.

As the industry continues to evolve, these technologies will play an increasingly important role in ensuring that assets are well-maintained, reliable, and secure. In this article, we will take a closer look at five key trends driving the adoption of these technologies in the Telecommunications industry for 2023.

Trend #1: A growing use of the Digital Twin

Digital Twins are virtual replicas of physical assets that allow for real-time monitoring and prediction of equipment failures and maintenance needs. With this technology, we can track an asset’s lifecycle from demand, through operation, all the way to disposal. Digital Twins can be used to simulate different scenarios and identify potential problems before they occur, allowing for more proactive maintenance and fewer unexpected failures.

For example, Vodafone uses Digital Twin technology to simulate and optimize its network infrastructure, allowing the company to improve network performance, reduce costs and quickly troubleshoot any issues that arise. The company’s Digital Twin solution includes a virtual replica of Vodafone’s network, including all of its physical and virtual network components, which allows for testing new network configurations and identifying potential problems before they occur in the real world.

Trend #2: Low-code-based development

This year the low-code development platforms will continue to play an influential role in the creation and maintenance of Digital Twin models (DTM). According to a market research report by Forrester Research, the Low-Code development market is projected to grow at a CAGR of 30.8% during the period 2020-2025.

Low-Code platforms can make it easier and faster to create digital twins by providing pre-built templates and drag-and-drop interfaces. These platforms can also make it more accessible for non-technical users to build theirs, such as business analysts, operations managers, and domain experts who may not have the technical skills to code from scratch.

Low-Code is also becoming more popular with enterprises, as they are looking for ways to improve the efficiency of their IT teams and speed up their digital transformation process.

Trend #3: Adopting 5G means more data

Simply put, 5G networks will make the abounding river of data even greater. Increased data speed and capacity: 5G networks offer faster download and upload speeds, as well as lower latency (about 1 ms, which is 10 times faster than 4G) than previous generations of mobile networks. This means that large amounts of data can be transmitted and received quickly, allowing for faster and more efficient data streams and data gathering.

The new generation of the Internet will drive the use of digital twin technology in Asset Management for Telecommunications. 5G networks are expected to offer download speeds that are 10 to 100 times faster than 4G networks. This means that 5G networks have the potential to support download speeds of up to 10 Gbps and upload speeds of up to 1 Gbps, allowing for real-time monitoring and control of assets. This will enable companies to quickly identify and respond to potential problems, leading to more reliable and secure networks.

According to a market research report by Ericsson, it is projected that by the end of 2026, around 55% of the global population will have access to 5G networks.

Trend #4: Machine learning and Artificial Intelligence

Integrating Machine Learning and Artificial Intelligence technologies with Digital Twins will allow for more accurate predictions of equipment failures and maintenance needs, as well as the ability to optimize the performance of assets.

AI and Machine Learning algorithms can be used to analyse sensor data from equipment to predict when maintenance is needed, reducing downtime and prolonging the life of the assets. They can also be used to monitor assets in real-time and detect anomalies.

With these technologies, the Digital Twin models can also learn from historical data and improve over time, providing you with self-sustained growth. ML and AI can be beneficial for businesses that use them to learn from historical data in several ways:

  • Analysing large amounts of data to identify patterns and trends, providing insights that can inform better business decisions.
  • Automating tasks such as data analysis and prediction, reducing the need for manual labour and increasing efficiency.
  • Predicting when maintenance is needed or identifying potential risks, reducing downtime, and prolonging the life of assets, ultimately lower costs.

Trend #5: A Digital-Twin-shaped cloud

We sent our marketing team cloud-gazing, and they found that for 2023 we can expect an increase in the use of cloud-based solutions for digital twin technology. Cloud-based solutions are easily accessible and scalable, allowing for digital twin models to be used across multiple locations. This will enable companies to monitor and control their assets from anywhere and make better decisions about their maintenance and operation. Machine learning, AI, and 5G are only going to accentuate that.

In conclusion, the Telecommunications industry is on the cusp of major changes with the emergence of Digital Twins and Low-Code development. These technologies will enable companies to improve the reliability and security of their assets, reduce costs and increase efficiency. As the industry continues to evolve, companies that adopt these technologies will be well-positioned to compete in the global market. As Dewey from Malcolm in the Middle said:The future is now, old man!’