Modern building automation systems implement plenty of advanced control and monitoring functions that consider various parameters like users’ activity, lighting, temperature changes, etc. Moreover, novel solutions based on the Internet of Things and cloud services are also being developed for smart buildings to ensure comfort of use, user safety, energy efficiency improvements, and integration with smart grids and smart city platforms. Such a wide spectrum of technologies and functions requires a novel approach in building automation systems design to provide effective implementation and flexibility during operation. At the same time, in the building design and operation industries, tools based on building information modeling and digital twins are being developed. This paper discusses the development directions and application areas of these solutions, identifying new trends and possibilities of their use in smart homes and buildings. In particular, the focus is on procedures for selecting automation functions, effective integration, and interoperability of building management systems with the Internet of Things, considering the organization of prediction mechanisms and dynamic functional changes in buildings and smart networks. Chosen solutions and functions should consider the requirements set out in the EN ISO 52120 standard and the guidelines defined for the Smart Readiness Indicator.