How to change external vendor ownership and gain internal control of your asset data
by Sjef van Vugt, on Apr 28, 2022 11:00:00 AM
How to Change External Vendor Ownership and Gain Internal Control of Your Asset Data
How do you currently work with your clients, consultants, and contractors? Do you find that you tend to all work separately and distinctly, each using your own software? You’re not alone.
This is a reality that many corporate real estate managers are facing today. It has very much become the expected thing to be given access to other systems. But there are major problems with this method:
- You and your team need to dedicate significant time to learning how to use each of the systems that your clients and contractors use. It can feel overwhelming.
- You and your team need to constantly switch between different systems depending on the type of data you need access to, which can be a time sink.
- Perhaps most importantly of all, you and your team don’t ever have full ownership of your data; you’re reliant on being granted access to the data sets needed.
The third problem must be a priority. At a time when data is gearing up to shape the future of corporate real estate, owning your data has never been more crucial.
The Role of Data in Corporate Real Estate
Today, data is everywhere. The amount of data we hold about any given element is substantial. And so, it’s not surprising that more and more is being expected of corporate real estate managers.
Investors especially are demanding deeper insights into ROI, cost reductions, value enhancements, and occupancy optimisation. And data is how CREM professionals are going to provide them with this kind of insight.
The more data corporate real estate managers have access to, the more visibility they have over their portfolio, over their facilities, and over their projects. And with greater visibility comes greater understanding, and a greater ability to evaluate possibilities and make smart, intelligent decisions that drive the best outcomes.
If you’re leaving packets of data in the tools of your clients, contractors, and consultants, you’re at a disadvantage. CRE professionals must make sure they’re in control of their data; that they own their data.
Ultimately, they must ensure that they’re taking measures to change the ownership from external to internal.
After all… if you don’t have your data, then what do you have?
What is Internal Data Ownership?
Internal data ownership means your data is just that: your data. It means you know exactly what data you hold about what area of your business. It means you know where that data is stored at all times.
And it means you have unlimited access to that data, enabling you to leverage the power of this data any time you need it.
When you’re building a ‘big picture’ overview of your facilities by relying on piecing together your data with the data owned by your clients and contractors, you’re only in control of a small packet; just one part of the puzzle.
That needs to change. You need to switch to internal data ownership and place your data in your own hands.
The Benefits of Owning Your Own Data
Many corporate real estate managers don’t fully see the benefits of switching from external vendor ownership to internal ownership. However, there are many clear advantages that can be seen when taking more control of your data assets, like:
- Peace of mind: When you own your data, you know that it’s being stored and used in compliant ways and protected through your own security measures.
- Ability to answer complex questions: No matter what questions you need answered, you’ll have all the data you need, right at your fingertips.
- See the big picture: You’re no longer only seeing the story page-by-page; you can view the big picture and make better decisions for your business’ future.
- Quicker decision making: When data is disparate, mobiling this data takes a lot of time, delaying decision making. When it’s all in one place, it’s quicker.
- Access data any time: When you own your data, you can access it in just a few clicks, rather than waiting around for access or for external data exports.
- Competitive advantage: As discussed, data is shaping the future of corporate real estate. Armed with all the right data, you can gain a competitive edge.
How to Change External Vendor Ownership
Owning your data means getting everyone working in the same integral project management system.
It can be a challenge, especially if each stakeholder is keen to keep using the familiar, long established, tried-and-tested legacy asset systems that they’ve been using from the start.
A successful switch means being able to achieve two things:
- Finding a solution that’s diverse enough to be used by all stakeholders
- Finding a solution that’s simple enough that all stakeholders WANT to use it!
The second is really the key here. Because even if you find a powerful and comprehensive digital project management platform that can be used by everyone, it’s ultimately useless if the solution it’s embraced by everyone. A strong system like PMWeb can help.
Prepare for Tomorrow
With data becoming such a critical part of successful corporate digital real estate management, now is the time to start building a robust data foundation.
And a good starting point in achieving this is to start to bring all your data back home, gaining control over your information, and owning this incredibly powerful asset.