Content related to ‘OSCRE’
By Lisa Stanley 2015 has seen significant consolidation in the real estate service provider and software sectors serving the corporate real estate market. CBRE has purchased Johnson Controls, DTZ merged with Cushman & Wakefield, and MRI Software acquired Cougar Software, among others. This industry consolidation is expanding the global footprints of these organizations and with it an increasing need for attention to compliance and regulatory oversight issues. Timeframes for due diligence are also getting shorter in some markets with evaluation and decision making on whether to proceed now required in days and weeks not months. As a result, data integrity is key to these transactions through the due diligence process and beyond. With consolidation comes challenges — additional platforms that don’t communicate with each other for collecting and analyzing data, managers of these platforms who aren’t accustomed to communicating with each other, and an expanded client base that expects a consistently high level of service regardless of the internal issues that accompany consolidation for their vendors and business partners. How can an organization manage the integration of the data effectively with the complexities of regulatory compliance? The first step of the transformational change is acknowledging the difference between information and data. Information is the key — it’s derived from the data collected and drives decision — making at all levels of the organization. An Information Strategy and Roadmap is needed that implements standards as a building block for the framework using the following steps: Incorporate standards requirements into RFPs for systems and services. Use a standards approach as core to systems integration with business partners. Design an information model built upon standards. Develop functional and systems requirements that are built on standards. Integrate corporate data governance procedures into all aspects of the plan. The next step in the change process is to develop a clear value statement for standards that resonates with the C-suite. For some, this approach is a significant shift from one that has been focused on cost rather than value. Improved information quality builds a stronger data governance program, effectively addresses risk management and compliance issues, and improves benchmarking and performance. This value-based approach enables organizations to implement quickly and maintain agility, and makes on-boarding acquisitions faster not just locally, but globally. Consistency and quality of information is integral to the process, starting with implementation of a data dictionary that ensures the use of common terms and definitions within the organization and with external business partners. Think of a data dictionary as a cohesive way to link outsourcing, systems, processes, and… …Read More…
Standards-based web tools can help facility managers cut costs and drive value.
Now there are solutions ready for the export of standards compliant data files, meaning that lawyers can be better positioned to support the needs of their property investment customer base.
OSCRE (the Open Standards Consortium for Real Estate), announced it has signed a Memorandum of Understanding together with CoreNet Global, with the aim of advancing the use of technology in the real estate sector to the benefit of both sets of members and wider real property industry. The two organizations will become more closely acquainted with each other’s goals and leverage the knowledge and insights of the respective memberships required to deliver best practice business processes around the use of technology in sharing data. OSCRE and CoreNet Global will collaborate and co-ordinate their research and development efforts in order to take mutual advantage of work already accomplished; foster alignment of objectives; ensure standards development work is effectively co-ordinated; and work together to help prevent the proliferation of competing and duplicative efforts.
In late August 2009, OSCRE announced that IFMA had awarded OSCRE CEO Andy Fuhrman the Association’s highest honor and designation of IFMA Fellow.