Sheetal Baliga’s insightful analysis on navigating the Digital Twin’s impact on the Real Estate industry and elucidating its enhancements in asset optimization, design, and sustainability.
Digital twins have a crucial role in transforming asset management across diverse asset classes within the real estate industry, enhancing operational efficiency, resource optimization, and informed decision-making through real-time monitoring and predictive maintenance. They ensure building health and safety by continuously assessing structural conditions, equipment performance, and environmental factors. Beyond this, digital twins contribute to cost-effective knowledge management, enabling visual management, predictive issue resolution, stakeholder collaboration, risk management, and overall cost reduction.
As indicated by UNEP, the building and construction sector, contributing to 21% of global greenhouse gas emissions, emphasizes the urgent need to enhance building resilience and take action to meet the objectives of the Paris Agreement. In the quest for transformative change within the real estate sector, traditional strategies deployed over the past decade have proven ineffective. Additionally, the importance of ESG and resilience in real estate investing has garnered substantial attention, accentuated by the recent pandemic, which underscored the critical importance of accessing and leveraging data seamlessly from anywhere at any time. In the current landscape, many firms acknowledge the genuine threat posed by climate change and its potential impact on their portfolios. Emphasizing the adage that what gets measured gets managed, there is a shift in focus towards managing externalities disclosed in ESG reporting. Furthermore, digital twins play a pivotal role in advancing sustainability goals, including net-zero targets, through real-time monitoring and data analytics. This enables organizations to optimize energy usage, reduce environmental impact, and promote eco-conscious practices. This proactive approach allows operators to adjust variables, predict threats, and prevent issues, ensuring higher occupant satisfaction while minimizing disruptions.
There is a significant opportunity to leverage real-time data and analytics in asset management. Evidently, firms are now more than ever intensifying their focus on capitalizing on insights derived from datasets, recognizing data as a competitive advantage.
At nhance, we prioritize swift action and recognize the pivotal role of data in developing effective solutions that cut across different sectors within the real estate industry.
