Innovation

Asset management

Asset management refers to a systematic approach to the governance and realization of value from the things that a group or entity is responsible for, over their whole life cycles. It may apply both to tangible assets (physical objects such as buildings or equipment) and to intangible assets (such as human capital, intellectual propertygoodwill or financial assets). Asset management is a systematic process of developing, operating, maintaining, upgrading, and disposing of assets in the most cost-effective manner (including all costs, risks and performance attributes).

Digital twin

A digital twin is a virtual representation that serves as the real-time digital counterpart of a physical object or process. Though the concept originated earlier the first practical definition of digital twin originated from NASA in an attempt to improve physical model simulation of spacecraft in 2010. Digital twins are the outcome of continuous improvement in the creation of product design and engineering activities. Product drawings and engineering specifications progressed from handmade drafting to computer aided drafting/computer aided design (CAD) to model-based systems engineering (MBSE).

The National Digital Twin (NDT) has been cited by the National Infrastructure Commission as having the potential to unlock an additional £7 billion per year of benefits across the UK infrastructure sector. The NDT will be a national resource for improving the performance, service and value delivered by the UK’s infrastructure; delivering benefits to society, business, the environment, and the economy. Its development is being guided by CDBB’s Digital Framework Task Group (DFTG).

Ontology

In computer science and information science, an ontology encompasses a representation, formal naming and definition of the categories, properties and relations between the concepts, data and entities that substantiate one, many, or all domains of discourse. More simply, an ontology is a way of showing the properties of a subject area and how they are related, by defining a set of concepts and categories that represent the subject.

Every academic discipline or field creates ontologies to limit complexity and organize data into information and knowledge. New ontologies improve problem solving within that domain. Translating research papers within every field is a problem made easier when experts from different countries maintain a controlled vocabulary of jargon between each of their language

The Internet of Things (IoT)

The Internet of things (IoT) describes the network of physical objects—a.k.a. "things"—that are embedded with sensors, software, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the Internet.

Things have evolved due to the convergence of multiple technologies, real-time analyticsmachine learningubiquitous computingcommodity sensors, and embedded systems. Traditional fields of embedded systemswireless sensor networks, control systems, automation (including home and building automation), and others all contribute to enabling the Internet of things. In the consumer market, IoT technology is most synonymous with products pertaining to the concept of the "smart home", including devices and appliances (such as lighting fixtures, thermostats, home security systems and cameras, and other home appliances) that support one or more common ecosystems, and can be controlled via devices associated with that ecosystem, such as smartphones and smart speakers. The IoT can also be used in healthcare systems.

Cognitive computing

At present, there is no widely agreed upon definition for cognitive computing in either academia or industry.

In general, the term cognitive computing has been used to refer to new hardware and/or software that mimics the functioning of the human brain and helps to improve human decision-making. In this sense, CC is a new type of computing with the goal of more accurate models of how the human brain/mind senses, reasons, and responds to stimulus. CC applications link data analysis and adaptive page displays (AUI) to adjust content for a particular type of audience. As such, CC hardware and applications strive to be more affective and more influential by design.

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