Adopting digital twins can reduce the operating costs of real estate by up to 35%, reduce carbon emissions, make the workplace healthier and improve the user experience, says a new white paper from EY.
In the era of the fourth industrial revolution, technological innovation and automation went from being “nice to have” things to the essential foundations of industry. According to EY, first of all digital twins…
According to the report, the pioneers in healthcare, energy and transportation are stimulating generation and raising awareness… With a global market size of US $ 3.1 billion in 2020, the digital twin market is projected to reach US $ 48.2 billion by 2026.
The concept of the digital twin is steeped in fear of the unknown, so senior executives who ignore this new technology cannot be at fault. Uncertainty about investing large amounts of money is a serious and understandable problem.
However, when it comes to using digital twins, there is a foundation in construction and real estate.
Time to stop “doing business as usual”
The EY paper argues that repeated market disruptions are now forcing business decision makers to think outside the box to solve problems faster and more efficiently, especially as the economy is still struggling to recover from the effects of the Covid-19 pandemic.
As if that weren’t enough, climate change looms menacingly behind the shadows of every living thing, threatening to exacerbate global catastrophes if companies and industries continue their carbon footprint as they usually do.
Trillion dollar companies like Blackrock are already included resilience and climate change as an investment risk factor… This is no longer just a consideration, but a critical need for businesses and industry leaders to put more effort into neutralizing or reducing their carbon footprint.
What are digital twins?
Technologies such as digital twins offer a real approach to digitizing process-driven processes, while at the same time providing a framework for solving long-term global challenges. This is especially true for the slowly converting to digital technologies of construction and ecology.
V Consortium of digital twins defines the digital twin as “a virtual representation of the real world objects and processes synchronized with a given frequency and accuracy ”.
This technology uses design, construction, geospatial and operational data to represent a facility and associated systems. The digital twin uses IoT-enabled sensors to collect and process asset data, which are used in machine learning (ML) models. These models analyze and learn from previous presentations as part of the Internet of Ability (IoA) strategy.
The IoA is heralded as the next evolutionary milestone for the Internet of Things, in which human excellence and digital intelligence constantly develop and monitor the IoT networking platform.
It represents a fundamental shift from human-computer interaction to human-computer integration, with functions interconnected through various IoT networks within a virtual twin.
But why digital twins for built environments?
Digital twin technology consumes massive amounts of data to support intelligent decision making in real estate transactions faster, more accurately and more efficiently than humans. The EY paper argues that digital twins have four important propositions within the built environment, namely:
- Repair and maintenance of buildings
- Environmental impact and sustainability
- Health and wellness
- Improving people and real estate interface
In the created environment, digital twins use spatial data to provide basic structure, equipment and engineering data to understand internal systems, and IoT with sensors to collect data in real time.
This allows the physical building to adapt to the needs of the person, instead of the person to adapt to the constraints of the building. Aggregated data is used for simulations using physics-based simulations to run what-if scenarios to optimize performance.
The digital data can then provide useful information to improve efficiency while reducing wasted resources. A dynamic digital copy of an object or a virtual copy of a building can be created by comparing streams of historical and current data.
According to EY’s calculations, using a digital twin approach can not only reduce real estate operating costs by up to 35%, which is certainly an attractive proposition for construction companies. It can also help in reducing carbon emissions as well as providing a healthier workplace and better user experience.
Because digital twin technology has the potential to address industry challenges and drive cost savings, there is good reason for players in built environments, including construction and real estate, to jump ahead and adopt digital twin technology sooner rather than later.