Technology and software providers have to move at pace to keep up with ever-changing user needs for better features and functionality, protection and security. That means there’ll always be systems that will need to be modified or upgraded. But you also need to future-proof your data management to prevent your data and processes becoming vulnerable.
So how can you protect your data during those software changes – especially critical data, like rent rolls – that are the lifeline between stakeholders in commercial real estate?
If you’re a fund or asset manager, your rent roll data appears in all shapes and sizes as a result of the broad breadth of different systems used to record property data.
You first have to understand, error-check and convert it into the format(s) that your system(s) can use before you can make use of the data. And you need to do this for every rent roll that comes in during every reporting period. That can work out to a substantial number of work hours…regularly.
When you share your data across your business or with external stakeholders, they may also have to reformat it for use on their (different) systems. So how can this intensive labour and the risk of errors with each transformation be reduced?
You need a powerful solution that makes managing rent roll data easier while keeping the data system-agnostic, which means it’s not dependent on any one software or system. The benefits are that you’re not tied to any one company or software, allowing for greater flexibility and reliability for your data management.
Smooth data transition
Sometimes, when you move data from one software to another, it can be tricky, lengthy and likely to cause errors. Even as you perform each data transformation, the problem isn’t solved. It’s just moved to somewhere else in the data chain (often somewhere now beyond your control).
Migrating data to PRODA is simple. No technical know-how needed. You drag and drop your rent rolls straight onto the platform. There’s no need to manually clean and validate your data, which saves you hours/days during every reporting period.
You can export the data into different formats for use with multiple systems internally and, unlike direct integrations, you can change the formats to suit user needs.
By using PRODA, you also don’t impose anything on your external data providers, so they can continue their processes as usual. This makes it an extremely efficient and streamlined process.
Adapting to new systems: data standardisation
When software systems change, it can be hard to adjust your data to fit the new requirements and to migrate historical data.
PRODA is flexible and can work with different data formats and structures for your rent rolls.
PRODA extracts your data, organises it and then standardises it (n formats → 1 format). However, it allows you to view and export the data in your specific format(s) (1 format → m formats). Therefore, you might say that PRODA standardises your data without requiring any changes to preferred representations.
Not only does this allow you to export your data into other formats, it also allows your data to be matched to any new software in your business – which simplifies the transition and