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 saves time.
Data governance: consistent and reliable data
During software changes, maintaining consistent data quality is crucial – especially if you have several people or teams or there are manual processes involved.
PRODA standardises and error-checks the rent roll data, so that it is consistent and reliable – giving you the confidence to make more accurate decisions quickly. And with its tracked-changes feature, you can monitor any updates made to ensure that your data remains within the limits of governance.
Whichever systems you use – now or in the future – you want your data flow to be joined up for efficiency and for collaboration. You’ll need relevant stakeholders to see the same rent roll data set, but you may want to give each one different access rights.
With PRODA, you can set access rights per stakeholder and grant each one granular access so that they only see the data you need them to see. The flexibility of the platform makes it great for teamwork, communication and efficient workflows during software changes.
Future-proofing and scalability
The last thing you need is to invest in shiny, new solutions that you end up nursing, shoe-horning or just making do with either because they don’t fit together or they can’t cope with your growing business needs.
PRODA offers future-proofing capabilities by being system-agnostic, flexible and scalable. It’s not dependent on any specific software or platform, making it a reliable choice for the long term.
You can add or change variables (out of 3,000+) and capture new information from your rent roll data according to your business needs over time. For instance, if you start managing assets in different currencies to your base one, you easily incorporate columns to handle this/these variables. You can do this very easily on the PRODA platform with just a click of a button or two – no waiting involved.
What’s more, we’ve developed the PRODA platform to provide efficient management of increasing amounts of rent roll data. So, as your business grows, you can be confident that you’re not sacrificing performance or data integrity.
Cost-effectiveness and return on investment (ROI)
Investing in the right solutions during software changes is essential if you want to minimise costs and maximise returns.
If you spend less time processing your data, you have more time to evaluate deals or analyse your data.
When you reduce manual efforts with automation and you mitigate the risks associated with data errors by getting accurate and reliable data from PRODA, the cost-effectiveness becomes clear very quickly. Being able to make informed decisions quickly leads to improved efficiency and a higher ROI.
Read more about what prevents productivity gains from data in commercial real estate.
Is it time to upgrade your data processing?
No matter what’s going on in the world outside, using PRODA means you can weather any software storms with confidence. By simplifying processes, standardising data, improving data quality with robust error-checking features, and with its seamless integration capabilities, PRODA has earned its reputation as a trusted partner in commercial real estate for good reason.