The use of digital twins is revolutionizing the way businesses approach asset lifecycle management. Early adopters see how digital twin technology can enable better decision-making, improve efficiency, and increase sustainability. Digital twins offer unprecedented insights into asset performance thanks to the power of real-time data and analytics.
How do digital twins benefit asset management?
By integrating data from various sources, digital twins can create predictive models for building assets that anticipate potential problems and support preventive maintenance. This helps to reduce downtime, increase asset availability, and extend asset lifespans.
For example, a digital twin can simulate the impact of different lighting systems on energy consumption. Building managers can easily choose the most energy-efficient option based on these simulations.
Making your assets smarter
To make assets smarter, digital twins utilize telemetry data, relations, and deep links to provide real-time monitoring and analysis. Telemetry data allows digital twins to replicate a variety of data points such as the number of times a door has been opened or pressure around a ventilation filter.
They can also use deep links to detailed information in a myriad of related systems, including the BMS system, inspection logs in the FM system, and original requirement documents from the design process or service cards from the sourcing process. Finally, digital twins can establish relationships between assets to provide comprehensive system modeling. All of this information makes preventative maintenance simpler and allows building managers to optimize asset efficiency with ease.
What role does the digital twin have today?
Digital twins continue to grow in importance for managing commercial properties as building systems grow larger and more complex. In fact, MarketsandMarkets predicts the digital twin industry to maintain a CAGR of roughly 60% until 2027. With the way digital twins allow building and property managers to optimize assets, this growth comes as no surprise.
Decision-making in digital asset lifecycle management
With a virtual replica of physical assets, property managers can make data-based decisions to optimize asset performance, reduce costs, and extend asset lifespan. They can help property managers identify and address potential issues before they become major problems. Additionally, they can facilitate collaboration and communication between stakeholders to resolve those issues as quickly as possible.
Decision support
Asset telemetry and related telemetry data allow digital twins to provide decision support for asset management. For example, a digital twin can monitor the pressure on a ventilation filter and the number of times a door has been opened. Based on this data, it can determine when the filter needs to be changed or if the door is being used excessively.
Related telemetry data such as indoor air quality in the ventilated space or presence in the room that the door leads to can then be used to make informed decisions about energy usage and occupant comfort.
Data smart asset solutions
Data smart asset solutions leverage the power of digital twins to provide a range of benefits for asset management. These solutions use advanced analytics and machine learning to turn asset telemetry data into actionable insights. This can include identifying areas of inefficiency, predicting maintenance needs, and optimizing energy usage.
Innovative asset integrity
Innovative asset integrity ensures assets remain safe, reliable, and perform at their best. Digital twins provide a detailed and accurate virtual representation of physical assets, allowing for early detection of potential issues and better overall asset performance. By analyzing data from sensors and other sources, digital twins can monitor asset integrity. This real-time data allows for proactive maintenance, reducing downtime and extending the lifespan of assets.
One key benefit of digital twins in asset integrity is their ability to provide a complete and continuous record of an asset’s condition throughout its entire lifecycle. This allows for using historical data to inform current decision-making, helping to identify patterns and trends that can inform future asset management strategies.
Digital twin data management
To ensure the accuracy and usefulness of digital twins, data management must be carefully considered. Data management for digital twins involves managing and organizing the vast amount of telemetry, related telemetry, and other relevant data.
One innovative approach to digital twin data management is using an ESG data platform. This platform integrates environmental, social, and governance (ESG) data with asset data, providing a comprehensive view of asset performance and sustainability.
Effective digital twin data management also requires robust data governance practices, including data quality control, data security, and data sharing protocols. With the right data management practices in place, digital twins can provide valuable insights that improve overall efficiency.
Dr. Erik Wallin
Chief Ecosystem Officer, and founder of ProptechOS and RealEstateCore is recognized as a leader in Building Operating Systems (BOS) and making the buildings of the world smarter. He holds an MSc and a Ph.D. in Media and Computer Science from KTH Royal Institute of Technology.
Read his full bio and information here.
