Mind the Data Gap: Aspiration vs. reality in corporate real estate
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1 Mind the Data Gap: Aspiration vs. reality in corporate real estate A commissioned study by Forrester Consulting on behalf of JLL November 2014
2 On behalf of JLL, Forrester surveyed nearly 400 CRE executives globally on data and analytics strategy Latin America 16% 40% Asia Pacific Life Sciences Other 15% 15% Professional services 7% 19% Manufacturing North America 21% GEOGRAPHY 23% Europe Energy & Utilities 9% Retail 11% INDUSTRY 11% Technology, media, telecoms 13% Banking & Insurance
3 The survey found that there are high aspirations for data and analytics Top three desired outcomes from corporate real estate data and analytics Enable more informed decision-making Improve workplace collaboration and productivity Monitor, improve and optimize process performance
4 and that corporate real estate is viewed as a core part of overall data and analytics strategy 75% state that corporate real estate is a core part of overall data and analytics strategy 55% state that that corporate real estate data and analytics is entirely supportive of business strategy
5 The proportion of CRE organizations who expect to be data-centric in three years will double to 56% Data and analytics use, now and in three years, %* % 42% 56% 28% 1% 4% 2% Data denial Data indifferent Data informed Data-centric Firm has a distrust of CRE data and avoids using it Firm does not care about CRE data and/or have no need for it Firm uses CRE data only when it supports opinions or decisions Firm uses CRE data to shape all of its opinions and decisions *Figures are rounded for ease
6 However, these aspirations could be curtailed by current capabilities, which focus on low value-added tasks Top three strongest and weakest CRE capabilities in data and analytics TACTICAL STRATEGIC 41% 38% 37% 30% 26% 26% Data storage systems Standardized process for data generation Data gathering Standardized data governance policy Talent Data and analytics KPIs PERCEIVED STRENGTH PERCEIVED WEAKNESS
7 Organizational inhibitors and limited take-up of advanced tools could also impede success Top inhibitors for CRE D&A strategy Limited adoption of advanced analytics tools and platforms Fragmented data initiatives User training a low priority Limited cross-functional data sharing Less than one-third view predictive analytics as a driver of growth Only 11% plan to develop real-time analytics capabilities
8 Addressing gaps in people and process is most critical to overcoming this tactical focus Having the right people, process and technology in place fundamentally drives data and analytics The most urgent issues are in people and process PEOPLE PROCESS PEOPLE Steer teams away from focusing on collection and management of data Establish and standardize data governance policy Address the data and analytics skills gap TECHNOLOGY PROCESS
9 Overall, leaders must transform their data and analytics culture, and move from a tactical to strategic approach Key recommendations for data and analytics leaders Collaborate with other departments to drive the data and analytics agenda Review data and analytics supplier relationships Structure teams for a strategic focus
10 Want to learn more? Click here to download your free copy of the full Forrester study Mind the Data Gap: Aspiration vs. reality in corporate real estate Or contact : Bryan Jacobs Solutions Development, Americas Bryan.jacobs@am.jll.com Iain Mackenzie Solutions Development, Asia Pacific iain.mackenzie@ap.jll.com Jeff Schuth Solutions Development, EMEA jeff.schuth@eu.jll.com COPYRIGHT JONES LANG LASALLE 2014
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