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This article explores the impact of AI and digital simulation on product development. It introduces the concept of "authoritative virtualizations," which are digital models that can replace or streamline real-world activities. The article provides examples of successful digital transformations in various industries, including sailboat racing, steel production, dairy production, farming, healthcare, and Formula One motor racing. It emphasizes the benefits of digital twinning and real-time feedback in improving performance and continuous improvement. The article also offers a roadmap for successful digital transformation, including data inventory, establishing digital infrastructure, owning virtualization building code, creating a digital value chain, upskilling the workforce, and fostering a digital culture. [Extracted from the article]

More than 90 percent of S&P 500 companies now provide ESG reports, and another 60 percent have pledged to act on the climate crisis.17 Titanium Economy companies have embraced this wave of sustainability18 in pursuit of the dual mission to decarbonize operations and accelerate the cost-efficient scale-up of new green businesses. Titanium Economy companies boast an average operating margin of 13 percent, compared with 4 percent for other industrials, according to McKinsey analysis. Companies in the Titanium Economy have taken steps to build agility in response to changing preferences and global supply chain challenges. [Extracted from the article]