A comprehensive platform for creating simulation-based digital twins, incorporating real-world sensor inputs to enhance predictive maintenance, reduce warranty and insurance costs, and optimize operations. The platform combines a multidomain system modeler with 0D libraries, 3D physics solvers, and reduced-order models, simplifying system development. Embedded software tools support component reuse for rapid system modeling. Twin Builder's capabilities include multidomain simulation, HMI prototyping, systems optimization, and XiL validation for performance assurance. Integration with IIoT platforms allows real-time data connectivity and runtime deployment, facilitating effective predictive maintenance and digital twin implementation.