One Initiative, One Goal,
Open to Everyone.
International Building Performance & Data Initiative
A standard can only be as good as it is accepted and used. That’s why the International Building Performance & Data Initiative pursues the goal to continuously expand, improve and, above all, make the International Building Performance & Data Standard accessible to all. Results will be shared, questions defined and strategies discussed on open platforms and at regular, open events.
The integration of a Common Data Model with international building performance and operations standards right from the beginning results in unprecedented consistency and coherence of industry-related data, enabling
- Benchmarking according to international standards
- The integration of industry-specific KPIs from occupant satisfaction, to sustainability to finance KPIs
- Machine learning and artificial intelligence for data-driven insights
Maximizing building performance through international standards
Organizations expect more from their buildings in terms of experience, environmental and social impact as well as wellbeing, reputation, recruitment and retention. Cost is still at the core, however, complemented by further strategic drivers. In order to benchmark and manage building operations consistently, cost and experience KPIs have to be aligned. Consequently, more and more qualitative data are required in order.
The RICS high-level data led global standard project provides international standards build on
- ICMS (International Construction Measurement Standards),
- IPMS (International Property Measurement Standards),
- ILMS (International Land Measurement Standards),
- IVS (International Valuation Standards)
- and IES (International Ethics Standards).
It delivers a consistent approach for the management of all organizations and built assets and it enables benchmarking, improved performance and efficiency, productivity, wellbeing and value delivery.
“Enabling the real estate industry to better assess, more concretely evaluate and effectively improve their businesses is one of our core topics,” says Andrew Knight, International Data Standards Director at RICS. “As an internationally positioned professional association, we are very interested in integrating standards right from the beginning into an industry-specific Common Data Model that structures the digital sphere across companies and borders”.
A Common Data Model to future-proof the industry
The Common Data Model serves as a universal data language for all real estate-related business processes. By integrating all relevant data, it enables 360-insights. Investors, owners, and process-stakeholders the exactly right information: from a holistic, birds-eye view of the portfolio to grassroots, granular building focus, effectively combining decarbonization strategies, people satisfaction targets and profitability KPIs. The Common Data Model considers both, national and international data-exchange standards.
For the first time, it will make advanced technologies such as Machine Learning or Artificial Intelligence fully applicable in this field. The Common Data Model lays the cornerstone for truly advanced portfolio management. Its first version of the Common Data Model for the real estate industry is to be made available as an open standard this year.
“The lack of standardization of data and information flows leads to numerous data silos in companies in the real estate industry. As a result, seamless processes, information-driven decisions and smart data applications are often simply not possible. The need of an open data standard that can be used by everyone is clear,” says Tobias Decker, VP Product Development at BuildingMinds. “With our joint initiative, we are bringing together what belongs together – data-driven insights and global industry standards.”
A powerful concept, derived from the best
Its concept is derived from Microsoft’s Open Data Initiative and already established in other industries. “The real estate industry needs to rethink how efficiency and innovation are achieved. The exchange of data beyond the company’s own boundaries and across industries is absolutely critical to success. Common Data Models have already been successfully introduced in other industries. These open data pools will not only enable the increase of building efficiency but also create new business models with innovative customer-focused products and services,” says Chris Tschumper, SME Lead at Microsoft Switzerland.