Digital twin: what is it?
In recent years the word digitization has established itself in numerous sectors, undeniably becoming a game changer in many industries. An on-going movement that no one can overlook or ignore. The digitization itself is composed by many different stages and processes, the one we are looking at today is the digital twin.
The digital twin is nothing new, it has been in the industry sector for a long time, but it is only now, with the development of new technologies such as IoT (Internet of Things), that its potential can fully be used.
But what exactly is a digital twin?
The digital twin could be defined as a bridge between the real and digital world. It is the virtual counterpart of a physical object (such as a machine for an example) or a process. From the creation to the disposal of the real object, the digital copy follows its whole life cycle.
The digital twin can come in handy to showcase the past, present and future performances of an object as it can be created before its real counterpart exists. Less expensive and allowing better communication between different parties involved, it has become almost an essential in the industry sector.
Because of its versatile usability, it enhances not only the production phase, but also sales and future developments. With the help of the digital twin, companies can minimize paperwork and solve common communication problems, enabling better cost- and time-efficient planning of the real object.
Why is the digital twin so relevant for the real estate sector?
The real estate market is no exception to the use of this new technology, even if the digital twin bares another name (BIM: building information model), the concept stays the same. Often used as a pillar for new projects or already existing buildings, it showcases the life cycle of an asset. From a first draft to the management of the building, its digital version allows stakeholders to make more accurate and sustainable plans for their properties.
As the model is based on a real object, it reflects all its potential but also its possible defects. This enables companies to minimize risks as well as maximize their management potentials. Different parties can have access to the digital twin and thus allowing a better communication for an example between stakeholders, facility managers or construction planers. As the digital twin showcases a lot of different information (how much specific renovations or constructions would cost, energy levels etc.) owners and stakeholders get a more transparent overview of their buildings or assets even before it has been created.
At Convaron we’re enhancing the transparency in the real estate market by giving stakeholders a detailed overview of their assets. By creating a digital twin not only is it possible to improve management but also reduce costs. Data-Based asset management improves the property’s value and potential.