Published on May 17, 2022, by SmartBuilt4EU, this white paper delves into the optimization of building costs. The report assesses the current state of life cycle costing and assessment, particularly focusing on the role of technologies like BIM in tracking asset costs. It notes that while BIM offers real-time cost tracking opportunities, its adoption seems limited to the construction phase and lacks usage during operations and retrofits. The paper highlights the potential of AI/ML, digital twins, and big data analytics to optimize life cycle costs and predict asset performance, but acknowledges challenges due to standards and skills gaps. The report presents pilot projects showcasing the implementation of digitalization and tools, emphasizing the importance of building automation systems and IoT data for cost optimization and the need for interoperability standards.

Keywords: Artificial Intelligence (AI), Internet of Things (IoT), Large Building Controls/Automation, BIM, Digital Twin