Digital Twins in Finance Applications: Systematization, Delimitation, and Application Potential

Initial Situation and Objectives

Digital twins link data, models, and real-world systems to transparently map states, forecast developments, and support decision-making. While their use in production and logistics is increasingly being studied, it remains unclear exactly what a digital twin entails in finance applications.

The literature discusses applications in areas such as cash flow and working capital management, controlling, risk management, investment decisions, and supply chain finance, among others. At the same time, the distinction between digital twins and simulation, digital shadow, business intelligence, decision support, as well as ERP and SAP functionalities often remains unclear.

The aim of this thesis is to systematically catalog existing concepts and applications, define their conceptual boundaries, and organize them into a coherent structure. This should create a solid foundation for further research into financial digital twins.

Possible Research Questions

FF1: How are digital twins defined in finance applications, and what conceptual characteristics are attributed to them?
FF2: What application areas, potential benefits, and requirements are described in academia and practice?
FF3: What criteria can be used to distinguish financial digital twins from other technologies?

Methodological Approach

• Systematic literature review in relevant academic databases.
• Definition-based analysis and development of a concept and differentiation matrix.
• Structuring of the identified use cases according to purpose, data basis, model logic, decision relevance, and degree of integration.
• Concise validation of the results through practical examples and two to four guided expert interviews.

Expected Results

• A working definition and delimitation criteria for financial digital twins.
• Taxonomy of relevant finance applications and their value mechanisms.
• Research agenda identifying prioritized conceptual and empirical gaps.

We offer you

• Structured guidance and regular professional exchange.
• Support with literature reviews, qualitative research, and academic writing.
• Access to existing research findings, relevant scholarly literature, and methodological groundwork, to the extent that they are relevant to the topic.
• The opportunity to contribute to a joint publication, provided your scholarly contribution is appropriate.
• Well-structured templates for efficient writing.

What You Bring to the Table

• Independence, motivation, and an interest in an interdisciplinary research topic.
• Strong academic performance and a structured approach to work.
• Interest in digital twins, finance, controlling, or supply chain management.

Supervision and Application

The position is supervised by the Chair of Enterprise Logistics (LFO) at TU Dortmund University in the research area “Strategic Digitalization in Supply Chain Management.” If you are interested, please send your most recent transcripts, a brief cover letter with your resume, and three suggested dates for an initial interview.