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February 2025 E-News

Shaping the Future: Master Data, Leadership & Sector Strategies

A Message from Richard Reyes, Executive Director of OSCRE International: Looking Ahead with OSCRE

OSCRE International and ConnexFM has entered into an agreement for ConnexFM to provide association management services for OSCRE, supporting our mission “To enhance real asset data through unified standards and knowledge.”

I am honored to lead OSCRE International at this exciting time. Data is no longer just an operational asset; it's a strategic driver of success. Organizations that embrace data standards and governance frameworks will gain a lasting competitive advantage. OSCRE's focus will be on:

Enhancing Industry Data Standards:  

• Reviewing and revising the existing Industry Data Model™ (IDM): Ensuring its continued relevance and effectiveness in addressing the evolving needs of the industry.

• Developing robust data models and governance frameworks: To improve efficiency and drive better decision-making across the real estate sector.

Expanding Professional Development: Offering comprehensive training, education, and networking opportunities for our members, including workshops, webinars, and conferences.

Driving Innovation: Exploring and implementing AI, automation, and emerging technologies to improve data analysis, enhance efficiency, and unlock new insights.

Improving Data Infrastructure: Assisting companies in building better data ecosystems to support long-term success by providing guidance on data collection, management, and utilization.

Your participation as an OSCRE member is crucial. I encourage you to actively leverage available resources, including networking opportunities and training programs, to maximize the value of your membership. Your valuable input and feedback will shape the future of OSCRE.

If you are not currently an OSCRE member, I encourage you to consider joining our community. Membership provides access to valuable resources, including the Industry Data Model™, and connects you with a network of industry professionals dedicated to advancing data governance in the real estate industry. To date, over 1,200 end-user license agreements have been executed for the Industry Data Model™, demonstrating the growing industry adoption of these critical standards.

Let's work together to build a stronger, more data-driven future for the real estate industry.

Master Data and Portfolio Management

OSCRE’s Sector-based Strategies

OSCRE has a long history of serving multiple sectors in the real estate industry. The investment and corporate sectors have been two of OSCRE’s primary sectors from the very beginning and that continues to be a high priority for OSCRE today. With the new role of ConnexFM managing OSCRE’s operations and the leadership of Richard Reyes, OSCRE’s new Executive Director, the Facilities Management (FM) and the retail sector perspectives are vital additions, augmenting our existing relationships with organizations such as IFMA and CoreNet Global.

We’ve already begun to incorporate these perspectives into our Innovation Forums and programs. As shared in earlier newsletters, we’ve also been very active in multi-family residential. Our work with the NMHC and their technology arm RETTC on the MITS Data Model is an excellent example of OSCRE’s shift to a deeper collaboration with other industry organizations and standards bodies. This builds on OSCRE’s multi-project, multi-year collaboration to build the UK Housing Data Standard for the UK-based Housing Association Charitable Trust (HACT). Look for more details on OSCRE’s sector-based strategies in the months ahead.

Use Case of the Month

Classifications in the IDM

At its core, the OSCRE Industry Data Model™ (IDM) has two basic components including (1) data models, including entities, attributes, and relationships, and (2) code lists. The code lists contain what we refer to as “reference data”, including for example detailed classifications and codes for types of assets, spaces, and properties. Each use case in the IDM comes with code lists. We encourage you to scan the IDM for use cases that matter the most to you and review the associated code lists.

OSCRE’s long-term strategy for expanding the scope of the IDM is to integrate complementary data standards and classifications from industry organizations that have specific expertise in areas such as asset classification. Here’s an example for classifying assets where OSCRE has adopted the Uniclass approach. These code lists can be viewed in the use cases published in the IDM. View them by registering on the OSCRE website.

Join Us for the March Innovation Forum:

Master Data and Portfolio Management

Thursday, March 26, 2025

11:00 AM -12:00 PM Eastern Time

OSCRE’s March Innovation Forum is diving deeper into the role of master data in managing real estate portfolios. Master data inherently brings an enterprise-wide perspective, ensuring consistency across multiple functions and seamless integration with business partners. Likewise, portfolio management requires a similar approach—spanning asset lifecycles, processes, systems, and data—with a strong emphasis on data consistency for informed decision-making.

When master data and portfolio management come together, exciting opportunities emerge. Our panel of industry experts will explore key trends and firsthand experiences in real estate data management, focusing on:

• Functional interdependencies become clearer 
• Data ownership becomes more formalized
• Analytics have a stronger foundation
• Lifecycles become easier to manage
• Variations in portfolio performance can be better understood
• The potential for AI becomes more attainable

Sign up and register to join us in March for this great topic!

OSCRE Industry Data Model

Setting Priorities for Future Development

Last month we asked for your perspective on which use cases would be the most compelling for addition to the IDM. A formal process is underway to set priorities and a product roadmap for the extension of the IDM. This will include an assessment of demand, scope, and business case by a group of Innovation Teams that will be open to you.

We asked for feedback on a few options that are already on our radar. The feedback emphasizes data models for asset lifecycles and AI followed by reporting building performance. Classifications are foundational to other use cases and waste rounds out the 3-part goal for ESG, including energy and water. Your feedback will be shared with the team leading the effort – stay tuned for more on the OSCRE Product Roadmap and Innovation Teams in the next couple of months.

Thank you for your responses to these monthly polling questions. They are very helpful so please keep them coming.

We like to post a polling question this month to help us prepare for the next month’s Innovation Forum which will be Master Data and Portfolio Management. We’d like to get your feedback on how far master data management has evolved for portfolio management purposes.

OSCRE’s Product Advisory Council Needs You

OSCRE's Industry Data Model^TM (IDM) is the cornerstone of OSCRE's interaction with the Real Estate Industry. The product strategy to ensure that the IDM meets market needs is developed by the OSCRE Product Advisory Council. We’re forming the 2025 council now with 4 positions open to OSCRE members to evaluate and prioritize potential new standards projects and revisions to the IDM.

The Product Advisory Council will be supported by small, nimble Innovation Teams who will take a close look at potential use cases and guide the Product Advisory Council. From there, the council advises the full OSCRE Board on the 2025 pipeline for standards projects. We need your insights and guidance.

Please contact us at info@oscre.org if you’re interested in joining the Product Board or collaborating on one of the Innovation Teams. 

For more information on the content of this newsletter, OSCRE membership, or any of our programs, please contact us at info@oscre.org.

Visit our website at www.oscre.org

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