by Brianna Crandall — August 21, 2020 — Real estate data nonprofit OSCRE International just announced it will provide the real estate industry with free and open access to the OSCRE Industry Data Model (IDM) to encourage digital transformation efforts through data standardization. According to OSCRE, the IDM is a valuable tool to improve data integrity, transparency and agile response time, as well as to enable better insights to inform better outcomes for organizations that have struggled with collecting data from disparate systems.
The current environment has confirmed the challenges many organizations face in gathering lease information for discussions between owners and tenants around modifications to existing lease agreements, points out OSCRE. The IDM provides a framework for core real estate functions with more than 130 use-cases covering leasing, space management, facilities management (FM) 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, notes OSCRE.
- 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 (CRE) 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.
Naseem Wenzel, OSCRE’s chairperson, and managing partner at CohnReznick, LLP, stated:
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.Open acc ess 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.
Lisa Stanley, OSCRE International’s CEO, remarked:
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. 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 about the OSCRE Industry Data Model or to request your access to the standards, visit the OSCRE website. OSCRE International is a corporate member-based nonprofit organization focused on real estate data standards and effective data governance practice for the entire real estate asset life-cycle.