It is the use of the information model during construction: the design model is completed with site information (phases, work packages, suppliers, actual products), linked to the programme and the bill of quantities, and updated with progress and variations until it becomes the model of the asset as built. The contractor uses it to plan, measure and report; the works supervisor uses it to check.
It does not replace the site, but it removes the part of the work that is done twice today: quantities recalculated, drawings updated by hand, interim valuations rebuilt from spreadsheets.