In a large organisation it is common for there to be several versions of the truth. It is not through any individual’s fault, but instead a keenness to have access to the information you regularly use. The trouble is this can result in inaccurate and out-of-date information and a lack of trust between departments. In some cases, there can be multiple teams all holding what they see as the most reliable source of data, but which do not agree with one another. So which one is right?
Gaps in data mean missing critical decision-points. In some cases, inaccurate data results in the wrong action being taken altogether
For example, opportunities can be missed because there is no trigger process set up for spotting when a lease break is coming up so the site you want to exit, remains in your estate for another five years. Or maybe the status of a property has not been linked to the liabilities and you are paying utilities bills on properties that have been vacated, surrendered, or sold.
Further-more, when the confidence doesn’t exist in the information you hold on your estate, it’s impossible to start building further trigger-points off the back of it, and any projects seeking better protocols for keeping data up to date never get off the ground.
Solution & Benefit
With a single version of truth, you see all you need in one place. Information is made readily available at the critical time. Protocols are set up so the data being used is trusted, removing confusion between different versions. iSite can highlight the status of property ownership through reporting so you don’t keep occupancy costs running when you shouldn’t.