While most companies find a way to maintain a firm grasp on their domestic portfolio and expenses, they often report significant data gaps with their international locations. This is primarily due to the lack of similar processes and communication between global colleagues that would foster regular review, input, and change management. These challenges are further complicated by time, language, and measurement differences. The result is the lack of a complete central source of information and documents which fractures the reporting and expense tracking.
There is little doubt that assembling and tracking the full global footprint is crucial to the proactive and comprehensive management of a real estate portfolio (for ASC842/IFRS16, gaining this capability is a critical first step). So, what can be done to unify the data, documents, information and activity cycles? In the past several years, we’ve gone from unchecked lists of locations to complete, fully reconciled global rent forecasts for some of the world’s best-known companies. Our “secret sauce” is no big secret: some common-sense adaptations on foundational lease administration basics, plus some good old-fashioned communication and hard work, facilitated by technology, and led by Senior Level Sponsorship.