The digital twin is widely known as a tool for digitalization of a product, but there is no common definition concerning this term. This article discusses the definition and utilization of digital twin. Areas of use, it’s implementation in the product lifecycle and most importantly it’s benefits. The lack of a standardized concept of a digital twin leads to a misunderstanding between mathematical models and digital twin. Several definitions of digital twin were analyzed and compared with the definition of mathematical model and simulation modelling. The basic concept of areas of use for digital twin is introduced. The differences and similarities between the two definitions were found. The article aims first of all to help the management of digital twins in practical application.
Keywords: Digital twin, Mathematical modelling, Mathematical model, Lifecycle of a product, Simulation modelling, Practical use of digital twin, Difference between the digital twin and mathematical model, Simulation.