Data Standardization and Cleansing
Client Profile:
A Florida-based investment firm specializing in global real estate, currently managing over $100 billion in assets. The firm has received over 40 awards in the Private Equity Real Estate (PERE) sector.
Scope of Work:
Review and extract demographic and ESG data from comprehensive reports such as ESG Due Diligence reports, PCA reports, and appraisal reports, and organize them into a structured format. Conduct a historical data audit for the central repository and continuously monitor to track changes.
Existing Setup and OHI’s Role:
Existing Setup:
- Cluttered, unorganized, and inaccurate data in the repository warehouse.
- Unclear data sources.
OHI’s Role:
- Standardize each data point and document findings along with their sources for future reference.
- Enhance the overall usage of existing tools in the repository system through data cleansing.
Overview
Challenges
- Changing Requirements: ESG being a new concept, the client’s data requirements kept evolving, necessitating repetitive reviews.
- Data Standardization: Different documents had varied definitions and units for the same data points, making standardization a challenge.
- Document Procurement: Collecting documents from various sources posed a significant challenge.
Solutions
- Training & Standard Procedures: Provided comprehensive training to the ESG Consultant to understand the client’s benchmark requirements.
- Defined Data Points: Standardized each data point, documented findings and sources to support each result.
- Collaboration: Worked with different departments to correct inaccuracies and complete the data points in the repository system.
- Periodic Meetings: Held weekly meetings with the relevant departments to understand development needs and meet expectations effectively.
RESULTS
1)
Addressed detailed utility data needs for a portfolio of 200 hotels, ensuring compliance with the 2023 GRESB benchmarking requirements.
2)
Conducted a historical data audit for over 1,500 assets across diverse classes, identifying and rectifying inaccuracies, resulting in a 35% improvement in data quality and reliability.
3)
Ongoing maintenance of periodic reports detailing the ESG matrix for acquisitions and dispositions.
4)
Implementation of cost-effective measures optimized processing procedures and enhanced accuracy, leading to the addition of a new resource to the team.
If you are interested in knowing more about how OHI can help your organization, reach out for a customized cost-benefit analysis tailored to your needs.
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