Member article from Real Asset Management
The movement of data and integration of systems between departments, together with reporting, is key to an automated and streamlined organisation and is one area where other systems fall down.
In the case of organisations with property-based assets, the responsibility for the management of these is often spread across different departments. For example, handling estate function, ownership, maintenance, etc will fall to the corporate property team, and asset value, acquisition, disposal and auditing, the responsibility of the finance team. In this scenario, data integration is critical.
The days of moving paper-based data between departments, or having the confusion of two people working on the same task at once can be negated by one best of breed solution that no only brings together property and finance but also ensures IFRS compliance, auditing, reporting, property compliance (such as asbestos surveys for example) and removes wasted time and effort in the process.
For too long, a holistic corporate approach to what the property services team require in order to fully manage property assets, and reliable integration into the IFRS complaint aspect of what the finance team requires has been missing.