The Leader Magazine

SEP 2018

Issue link:

Contents of this Issue


Page 47 of 55

Turning corporate real estate data into gold through governance with HoChun Ho, Charles Tillett and Tom Tinker Ho: Charlie, at G s K you developed an interest in data and data governance ( d G), and very quickly went about getting the buy-in of the larger business and creating demand for reliable C re data. What prompted your d G journey? Tillett: To establish holistic real estate asset plans and improve the performance of the FM services we provide, it's essential to bring together many disparate sources of data. We've seen frustration across the organization when trying to do this – the wrong data, in the wrong form, at the wrong time. We want our function, and the business units we serve, to make decisions and develop strategies based on accurate real estate information. Change is happening across all industries, and we must all evolve more quickly to survive. It is clear that we can no longer rely on our historical experience to inform our strategies. We need to shift to basing our decisions on accurate, real-time information… spanning our customers, products and services. Therefore, information should be treated as an asset and managed accordingly, with DG and data management (DM) at the heart. Ho: How have you progressed so far? Tillett: Our model continues to mature. We've had a central real estate data warehouse for about a year. We maintain a central historical repository for information used in management reporting across real estate and facilities. After this warehouse was adopted, we quickly recognized that a DG structure is absolutely essential for addressing business issues that are being identified from use of the warehouse. In 2018, we are creating the infrastructure to build out the data model, create a process for data integration, and improve data quality. We C orporate real estate (CRE) is rich with data – in your building systems, your workplace technologies, your administrative databases, and sources across your organization. All that data has the potential to inform the future of work, help your company become more agile, and create competitive advantage. The catch? Data is only as good as its governance. Data governance is defined as the process of ensuring that your data is trustworthy, understood, accessible, and protected throughout its lifecycle. It's built on the idea that we are all stewards of the information we use each day, and we should all have access to the right data at the right time to inform our decisions. Without data governance, you can't trust your data. If your data isn't reliable, you can't deliver accurate and repeatable analyses of your facilities and portfolio. When information is unreliable, so are your real estate decisions. You wind up basing decisions on your intuition – rather than on the wisdom acquired from facts and knowledge. Given that data-centric approaches to CRE are relatively new, ensuring strong data governance can also be challenging. HoChun Ho, JLL's global head of data governance, and Charles Tillett, GSK's director of Worldwide Real Estate and Facilities (WREF), are building CRE data- governance functions from scratch. In contrast, Tom Tinker, senior vice president and data steward executive-facilities at Bank of America, is part of a long-established, data-governance team that has transferred some data governance to its real estate service providers. Following is their deep dive into their companies' data-governance practices. F E A T U R E A R T I C L E 48 September 2018 the leader

Articles in this issue

Archives of this issue

view archives of The Leader Magazine - SEP 2018