OSCRE International, a non-profit organization focused on the benefit of real estate standards and data governance for the entire real estate asset life cycle, is providing free access to the OSCRE Industry Data Model™ (IDM). The IDM is a tool developed to improve data integrity, transparency, agile response time, and enable better insights to inform better outcomes for organizations that have struggled with collecting data from disparate systems.
OSCRE’s decision to provide the industry open access to the IDM is aimed at encouraging digital transformation efforts through data standardization. According to the organization, the current environment (i.e., impact of the COVID-19 pandemic) has confirmed the challenges many organizations face in gathering lease information for discussions with tenants around modifications to existing lease agreements. The IDM provides a framework for core real estate functions with more than 130 use-cases covering leasing, space management, facility management work orders, investment management and more. It has been developed over nearly 20 years in collaboration with real estate owners, occupiers and investors, service providers, leading software companies, and other real estate industry stakeholders.
The real estate industry is faced with unprecedented challenges presented by the COVID-19 pandemic and the economic crisis that quickly followed, causing organizations to take a closer look at the data driving their decision-making. A standardized approach to collecting and managing data makes critical property information accessible more quickly and can contribute to better decision-making. For example:
- Real estate investment managers are able to aggregate data more quickly in order to evaluate the properties in their portfolio that are at risk of rental default. This enables them to take preemptive measures to negotiate and restructure payment plans with tenants.
- Corporate real estate leaders can access up-to-date office utilization and occupancy data to enable portfolio decisions to be made quickly, including renegotiating leases, workplace compliance with social distancing requirements, and improving operational efficiencies.
“The COVID-19 pandemic’s impact on the real estate industry underscores how critical it is to make timely financial and operational decisions based on accurate data,” said Naseem Wenzel, OSCRE’s Chairperson, and Managing Partner at CohnReznick, LLP. “Open access to the OSCRE IDM will accelerate the large-scale implementation of data standardization and the adoption of data-gathering and analysis technologies like artificial intelligence and distributed digital ledgers.”
OSCRE will support implementation of the IDM through its education and training programs. Through the OSCRE Academy, end-users can access certificate programs and other virtual education and training resources to learn the skills needed to build digital competency and develop a data governance strategy.
“Digital transformation is a large undertaking for any organization, and it starts with having a standards-based approach to collect and manage data from a variety of sources,” said Lisa Stanley, OSCRE International’s CEO. “Through our education and training programs, OSCRE is uniquely positioned to help organizations develop the skills needed to implement data standards, which provides a strong framework to advance their own digital ecosystems.”
For more information, visit OSCRE’s website to request access to the standards.
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