What is the Common Data Model for Real Estate?
A Common Data Model (CDM) is a declarative specification, and definition of standard entities that represent commonly used concepts and activities across business and productivity applications, and is being extended to observational and analytical data as well. The CDM provides well-defined, modular, and extensible business entities such as for example Account, Business Unit, Case, Contact, Lead, Opportunity, and Product, as well as interactions with vendors, workers, and customers, such as activities and service level agreements. Anyone can freely build on and extend or customize CDM definitions to capture additional business-specific ideas.
The CDM for Real Estate is structured in clusters with their corresponding entities representing different specializations and tasks throughout the real estate industry. The clusters are interconnected but yet independent. They cover area-specific processes and cycles that are functional on their own but at the same time depend on or can be improved by exchanging data. The modular structure of the clusters and entities allows organizations to only implement particular clusters of the CDM for Real Estate according to their needs while still being able to expand data sharing possibilities across applications.The CDM for Real Estate is being developed in a series of interconnected working clusters around a single central cluster, the Digital Building Twin. So far the individual data clusters include:
How does it work for the real estate industry?
What is IBPDI’s mission?
The International Building Performance & Data Initiative (IBPDI) was launched in 2020 to develop the first global data standard for the real estate industry.
Based on existing international standards, the initiative’s members and partners work in different working clusters to develop the open-source Common Data Model (CDM) for Real Estate. It is IBPDI’s mission to establish the Common Data Model for Real Estate as a universal data language for all real estate-related business processes.
Integrating this CDM for Real Estate with existing industry-wide standards results in unprecedented consistency and coherence of industry-related data. This not only creates a basis for cross-company and cross-system data utilization, it also enables the application of advanced technologies such as artificial intelligence and machine learning to provide data-driven insights.
The integration of a Common Data Model for Real Estate provides a new level of consistency and coherence for industry-related data. This enables the integration of industry specific KPIs into real estate management and the application of national and international benchmarks.
A uniform data language is also a prerequisite for the use of advanced technologies such as machine learning and artificial intelligence in real estate management applications.
As a global and industry-wide initiative, IBPDI is developing an open, free and standardised Common Data Model for Real Estate. Users and members are able to shape the industry standard in a series of digital events and interactive workshops.
If you want to learn more about the Common Data Model for Real Estate, please find the documentation below: