A Guide to Increasing EBITDA and Monetizing the Digital Twin for Construction Leaders

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Three key ways to increase EBITDA: capture onsite data, optimize process, and monetize the digital twin

A Digital Twin that captures real-time data offers short- and long-term benefits for Construction Firms.

Construction is an industry in flux. The pandemic has added new obstacles like supply chain interruptions and a shortage of skilled workers to perpetual challenges like low productivity and fragmented workflows.

Firms looking to increase their valuation know that technology will be key to overcoming these challenges, but it can be hard to understand which integrations will have impact in the short- and long-term.

It’s widely accepted that digital twins will transform the construction industry, though for some, the value of the investment is still unclear. But a digital twin that captures real-time data has direct and immediate ROI for construction firms, allowing them to:

  • Collect onsite data
  • Optimize process
  • Monetize the digital twin

Collect Onsite Data

The unfettered growth of technology companies is built on a foundation of digital data collection, which supports analysis, testing, and optimization. This is where construction companies lag.

The missing piece is “real-time,” as-built data, which is critical to creating a 4D digital twin. BIMs provide information on initial design and specs, and project management tools can measure delays, but much of the manual, service, and as-built work on projects goes uncaptured. This information is critical for firms looking to fine-tune construction cadences during the project.

Bridge the Process Gap

IoT sensors and mobile devices present an opportunity to gather reams of real-time data from work sites. To take advantage of this potential, data gathering at the construction site must be mobile, flexible, and easy to adopt.

BuiltSpace is a seamless solution for on-site data collection and analysis, providing real-time, as-built documentation from customizable points of service. The technology uses assets that already exist—mobile phones, workers, suppliers, existing sensors—to deliver process and service data that supports constant optimization.

Using mobile devices, workers across the site capture and record data from QR codes, barcodes, and IoT sensors, which is sent to the cloud and is immediately available for stakeholders, partners, and clients. Teams can address issues in real time, testing creative solutions over the course of a project and learning from patterns presented in the data.

Optimize Process

Mobile scanning is a simple solution to a complex problem: how to capture timely, accurate information in a rapidly changing environment. Durable BuiltSpace labels are placed at points of service throughout the site and scanned by workers on a userfriendly mobile app. Easy installation and customizability open up possibilities for measurement, testing, and tweaking.

For example, sensors that measure concrete curing can promote faster pouring. BuiltSpace’s Service Twin® app can capture not only that curing data, but also concrete delivery times, as-built mix specification, pour times, and more—a wealth of information to help optimize the construction cadence.

Increase Productivity

McKinsey suggests that "a cloud-based control tower that rapidly assembles accurate data in near real time" could increase on-site productivity by as much as 50%. Gains come from mid- and post-project optimization, but also from automating documentation. Builtspace's 4D "Service Twin®" displays accurate in-building data across the whole building lifecycle, replacing paper and digital document reports with accessible data that can be easily flowed into other programs.

Monetize the Digital Twin

BuiltSpace makes it easy to create two buildings at once: one physical, one digital, both valuable. The digital building—a body of data on services, processes, and as-built specifications—is highly relevant during the project, but it’s also a post-project learning tool that can support cost accountability and change management.

And once the digital twin has been created, it can be sold. Digital twins are highly valued by building owners, who can use the data to inform operations, maintenance and repairs, and future renovations. The delivery of a digital twin can be a significant differentiator for firms looking to stand out in the proposal process.

BuiltSpace tracks over 1.8 million services in 25,000 buildings worldwide. If you’re interested in learning more about BuiltSpace, visit us online.

BuiltSpace understands that digital twin technology needs to work across the entire AEC industry to be effective and we are commited to developing a simple, elegent solution that addresses the needs of each member of the community. Please feel free to download or forward any of our custom guides.