OSCRE advances data infrastructure strategy – reminetwork.com
Canadian input will be gleaned in the effort to standardize a key accounting tool for commercial real estate and ensure it can meld effectively with emerging artificial intelligence (AI) capabilities. The Open Standards Consortium for Real Estate (OSCRE) will convene a roundtable in Toronto later this month to discuss the concepts and elements underpinning a universal chart of accounts (UCoA) and other projects aligned with the global organization’s data infrastructure strategy.
OSCRE — a non-profit venture that positions itself as a technology-agnostic facilitator of collaboration among commercial real estate players, data management service providers and various overlapping certification, benchmarking and oversight entities — first undertook the task of forging consistency to streamline information exchange across the industry’s myriad points of data collection in the nascent days of proptech in the early 2010s. Since then, there has been ever-accelerating growth in technological capability, the vastness of data troves and the demand for reporting.
That comes with a related need for the accurate comparability of data and performance across and between portfolios. In recent years, OSCRE took the lead to develop environmental data management standards, established principles for AI in data management and is tackling the data frameworks and integration needed to ensure that AI can draw sound conclusions that support asset and risk management and enable investment performance assessment.
The UCoA is considered a critical component of that work. OSCRE is aiming to transform this conventionally customized approach for categorizing a company’s or business unit’s financial transactions into envelopes for rental income, utility costs, capital expenditures, etc. into a standardized template. This would enable straightforward exchange of aggregate financial data in a format that is machine-readable.
“Standards like the OSCRE Industry Data Model (IDM) define consistent data fields and structures for property, lease, occupancy and financial data. The UCoA acts as a financial dictionary within these standards, ensuring that accounting and cost data align across systems,” a recent OSCRE backgrounder advises. “Together, these standards reduce friction in data sharing, support automation and AI-powered analytics, and accelerate innovation in smart building and portfolio management.”
The upcoming forum in Toronto is part of a series of collaborative sessions to share information on OSCRE’s work and progress and receive feedback from corporate and investment real estate executives. Industry professionals or organizations interested in participating in the half-day event on Feb. 18, are asked to contact OSCRE’s chief innovation officer, Ian Cameron, at [email protected].
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This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
OSCRE — a non-profit venture that positions itself as a technology-agnostic facilitator of collaboration among commercial real estate players, data management service providers and various overlapping certification, benchmarking and oversight entities — first undertook the task of forging consistency to streamline information exchange across the industry’s myriad points of data collection in the nascent days of proptech in the early 2010s. Since then, there has been ever-accelerating growth in technological capability, the vastness of data troves and the demand for reporting.
That comes with a related need for the accurate comparability of data and performance across and between portfolios. In recent years, OSCRE took the lead to develop environmental data management standards, established principles for AI in data management and is tackling the data frameworks and integration needed to ensure that AI can draw sound conclusions that support asset and risk management and enable investment performance assessment.
The UCoA is considered a critical component of that work. OSCRE is aiming to transform this conventionally customized approach for categorizing a company’s or business unit’s financial transactions into envelopes for rental income, utility costs, capital expenditures, etc. into a standardized template. This would enable straightforward exchange of aggregate financial data in a format that is machine-readable.
“Standards like the OSCRE Industry Data Model (IDM) define consistent data fields and structures for property, lease, occupancy and financial data. The UCoA acts as a financial dictionary within these standards, ensuring that accounting and cost data align across systems,” a recent OSCRE backgrounder advises. “Together, these standards reduce friction in data sharing, support automation and AI-powered analytics, and accelerate innovation in smart building and portfolio management.”
The upcoming forum in Toronto is part of a series of collaborative sessions to share information on OSCRE’s work and progress and receive feedback from corporate and investment real estate executives. Industry professionals or organizations interested in participating in the half-day event on Feb. 18, are asked to contact OSCRE’s chief innovation officer, Ian Cameron, at [email protected].
Your email address will not be published. Required fields are marked *
© Copyright, MediaEdge Communications Inc., All Rights Reserved
251 Consumers Road, Suite 1020, Toronto, ON M2J 4R3
Tel: (416) 512-8186
Toll Free: (866) 216-0860
[email protected]
www.mediaedge.ca
source
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
