{"id":1004572632,"date":"2022-03-30T06:42:00","date_gmt":"2022-03-30T14:42:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004572632"},"modified":"2022-12-06T23:52:56","modified_gmt":"2022-12-07T07:52:56","slug":"the-cdo-stack-pouring-a-data-foundation-in-cre","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/the-cdo-stack-pouring-a-data-foundation-in-cre\/","title":{"rendered":"The CDO Stack: Pouring a Data Foundation in CRE"},"content":{"rendered":"<p>Last month, we talked about <a href=\"https:\/\/www.commercialsearch.com\/news\/the-cdo-stack-advanced-predictive-analytics-in-cre\/\">AI and analytics in real estate<\/a>, and I mentioned that having a data foundation is a critical element in performing analytics. This month we\u2019ll further explore what it takes to stand up a foundation of data and the work typically involved.<\/p>\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-white-color has-text-color has-background\" href=\"\" style=\"background-color:#00aeab\" target=\"_blank\" rel=\"noreferrer noopener\">READ THE DIGEST<\/a><\/div>\n<\/div>\n\n\n<div id=\"attachment_1004311820\" style=\"width: 410px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004311820\" data-attachment-id=\"1004311820\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/how-to-take-your-cre-data-to-the-bank\/john_dangelo\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/John_DAngelo.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;8&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;NIKON D3&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1537782719&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;70&quot;,&quot;iso&quot;:&quot;500&quot;,&quot;shutter_speed&quot;:&quot;0.00625&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"John_DAngelo\" data-image-description=\"&lt;p&gt;John D&#8217;Angelo&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;CDO Stack: Smarter Buildings Can Be More Sustainable&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/John_DAngelo.jpg?w=800\" class=\"wp-image-1004311820\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/John_DAngelo.jpg\" alt=\"John D'Angelo\" width=\"400\" height=\"310\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/John_DAngelo.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/John_DAngelo.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/John_DAngelo.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><p id=\"caption-attachment-1004311820\" class=\"wp-caption-text\">John D&#8217;Angelo<\/p><\/div>\n<p>Apologies if you\u2019re tired of me pointing this out, but there are few places where our industry has bigger shortcomings than in data. The challenge\u2014or opportunity, depending on how you look at it\u2014is threefold:<\/p>\n<ul>\n<li>First, while there are industry bodies focused on defining data standards for real estate, there are no commonly accepted, widely adopted data standards in real estate.<\/li>\n<li>Second, data governance isn\u2019t as mature or common in real estate as it needs to be.<\/li>\n<li>Finally, data is typically found in multiple siloes, captured by function, and very often duplicated across multiple siloes.<\/li>\n<\/ul>\n<p>Before we go much deeper in how to overcome these challenges, the single biggest key to success in establishing a data foundation is having a leadership team who believes that data infrastructure is important and worth the time, effort and resources required to build and maintain. Without this, odds are terrible that data problems get solved.\u00a0<\/p>\n<p>Okay, so let\u2019s say you\u2019re a leader or have a leadership team who is there. Great. Now what?<\/p>\n<p>With respect to data standards, the best place to start is to think about what analytics you want to be able to perform and work backwards to identify the data sets that are required to fuel those analytics. I find that identifying and defining a good set of analytics is best as an iterative process. In other words, don\u2019t expect to sit down in one session and identify a fulsome starter set.\u00a0<\/p>\n<p>I also find it\u2019s easiest to start with a question mentality\u2014in other words, what questions would you like to \u2018ask\u2019 the data and whose answers would lead to the most valuable and\/or potentially valuable actions.<\/p>\n<p>Once you do this, determine how valuable having the answer would be, how actionable that answer is, how much you would trust the answer, and what data is required (pro tip &#8211; start with classes \/ \u201cbuckets\u201d of data, rather than individual data elements).<\/p>\n<p>Now sort the questions and analytics you\u2019ve identified according to your priorities, look at what required data sets the high priority questions have in common, and you\u2019ll find you have your list of starter foundational data.<\/p>\n<p>Trust me on this, don\u2019t try to do everything at once. Defining data standards can be tedious detailed work that\u2019ll seriously try your patience. If you start with the data that is most important, and go in phases, you\u2019ll be far less at risk for data project fatigue.\u00a0<\/p>\n<p>Now that you have data definitions, a data governance function and further resources will be important to get the data in good shape and keep it that way. Depending on the size of your company and the magnitude of the task, this function can range from a single person who is partially responsible, to a whole team of fully dedicated people. The important thing to remember is that efficient effort by a single person or team to keep data clean can eliminate a tremendous amount of fractional effort hidden across dozens of workstreams.<\/p>\n<p>Finally, data duplication can be a sticky problem that represents real enterprise risk when the wrong set of dated or flawed data is used. It\u2019s fine for data to be duplicated, but it\u2019s not fine to lack clarity about which data set is the \u201cgolden source\u201d. In the steps above, once you identify the data that\u2019s critical, it\u2019s equally important to identify who in the organization owns that data and its golden source. Your data governance function should then keep track of who owns what and, ideally, how, where and why that data is duplicated.<\/p>\n<hr \/>\n<p><a href=\"mailto:johndangelo@deloitte.com\"><em>John D\u2019Angelo<\/em><\/a><em> is a managing director with Deloitte and is the Firm\u2019s real estate solutions leader, designing solutions to address client challenges and push the industry forward. With over 30 years of experience as a management consultant to the global real estate industry, John has helped some of the biggest names in real estate leverage technology and use data to optimize and transform their operations.<\/em><\/p>\n<p><a href=\"https:\/\/mydigitalpublication.com\/publication\/?i=743034&amp;ver=html5\" target=\"_blank\" rel=\"noopener\"><em>Read the April 2022 issue of CPE.<\/em><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>A solid data infrastructure is worth the time, effort and resources, according to Deloitte&#8217;s John D&#8217;Angelo.<\/p>\n","protected":false},"author":1119,"featured_media":1004311820,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[39191,1521],"tags":[32782],"class_list":["post-1004572632","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rc-cfo-corner","category-digital","tag-deloitte"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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