When you pick Pereview, the only Life of the Asset® solution for commercial real estate asset management, our data management team will assess, integrate, clean, and optimize all of your asset-related data in one secure Single Source of Truth. Here’s how it happens.
What to Expect When You Switch to Pereview
You’ve decided to make the switch to Pereview, the only Life of the Asset® solution for commercial real estate asset management. Congratulations!
You know about the benefits associated with Pereview – all of your data clean and in one place, push-button reporting, reduced operational and reputational risk, streamlined and automated processes. How do you get from where you are currently to this future state we’ve promised?
We start with a thorough assessment.
“One of the first things we do as part of the implementation process is map the chart of accounts,” says Daryl Pitts, Senior Vice President of Sales for Pereview. “Here’s where we discover if the data are dirty or clean.”
We corral all those disparate spreadsheets and siloed systems, pulling together a complete picture of your assets at whatever stage of the lifecycle they are in. Budgeting models, underwriting models, valuations models – everything is brought into the light, sorted, evaluated and, finally, integrated.
This leads to the next stage of Pereview implementation, we establish a Single Source of Truth – a complete data warehouse where all of the data related to your assets will be stored and secured. When all of the asset-related information is pulled into a single database, the dirty data will have nowhere to hide.
“When we set that up and we spot things that don’t balance or don’t add up, then we can alert them and figure out how to fix it and govern it,” Pitts says.
Then, we clean your dirty data.
Let’s pause a moment and declare an uncomfortable truth: everyone has issues with dirty data…even great companies with exceedingly competent employees. So, don’t feel singled out if the assessment reveals some inaccurate or miscategorized data.
“In today’s world, especially in the real estate industry, where there’s data, there’s going to be dirty data,” Pitts says. “The only time a company could have clean data is on day one. And even on day one, they may have compromised venture capital or start-up data.”
Within the Single Source of Truth, numbers can be correct and reconciled. Inaccuracies are corrected, categorization errors are fixed, and the stage is set to begin reporting.
“You’re pulling people out of siloes and into an all-in-one-solution,” Pitts says. “In doing so, you’re getting to standardization, consistent reporting, repeatable processes. The time it takes to do reporting goes down while accuracy goes up. You’ve got a data dictionary that defines your company and how you operate because you’ve had to go through that process to get there.
“The risk of having bad data is lessened significantly, if not eliminated.”
It’s time to adopt a Life of the Asset® solution for your commercial real estate assets. A thorough business process assessment, a Single Source of Truth for your data, freedom from the risks of dirty data, push-button reporting – this is why firms nationwide are making the switch to Pereview. Let’s talk about how a Life of the Asset® solution will transform the way you manage your commercial real estate assets.