STRATEGY POLICY INVENTORY DATA
SYSTEM PROCESS
CONTROL SUSTAIN
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tangoanalytics.com
ROAD TO LEASE COMPLIANCE
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DATA
Proprietary legacy data structures and
technology lack adequate documentation
Great, you're ahead of the game because you have a legacy system with much
of the data you need for lease accounting compliance. The problem is, there is
limited to no documentation about how the data is structured and how it can
be properly extracted. Ideally, you'll have access to internal IT resources with
the technical skills needed to crack the data puzzle. If not, make sure that you
select a lease administration and lease accounting partner who has experience
with your legacy system and a documented and proven approach to data
management.
Heterogenous data sources
and systems
The larger the organization, the more likely you'll face this data challenge.
Mergers and acquisitions almost inevitably result in a mix of data sources
and systems. The same can be said for large organizations who manage real
estate leases in a decentralized manner by operating company, geography or
department. The only way past this hurdle is a systematic rationalization of data
so that all data aligns across every system.
Once you have your arms around all of the different values for any data
element across all of your systems, consolidate it into a consistent list of values
(LOV) whenever possible. Doing so will create structured data that is reportable,
leads to a better understanding of your lease portfolio and streamlines the
inevitable day-to-day questions and analyses that all lease administration
departments must contend with. Again, here is where a lease administration
and lease accounting partner with a proven approach to data management is
critical as you will need to transform data from the old legacy values to the new
consolidated list of values.
08.
DATA
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