Real estate data strategies - don't let IT own the plan
Real estate data strategies should follow one key piece of advice to succeed – it has to be owned by senior business leaders in the firm, not the IT group.
The NAREIM Data Strategy meeting, which took place in Chicago last week, heard it was critical for business leaders to take ownership of data initiatives, to clearly articulate the goals of a data strategy – and to fight for the resources needed to clean financial and operation data and to build the systems around it.
Among the best practices shared at the Data Strategy meeting included:
Creating business analyst roles to act as the bridge between the business and technology
Ensure vendor contracts specific upfront the precise format for data delivery
Create owners for each piece of data and produce data quality reports, highlighting data errors by respective owner
Utilize S&P data to organize tenant rolls and exposure data
Check out the meeting slides on data warehouses; talent and skills abnd data governance here.