Corporations looking to expand their real estate portfolio on a global scale must consider diverse challenges. While it’s impossible to foresee everything, there are some areas of global strategy that can be planned for. Selecting and leveraging data management software, for example, can and should be a key component of expansion efforts.
But what should you look for in a software solution to set up your global expansion for success? Below are four key components to look for in a data management software to help establish and grow your global property tax strategy.
As a first step, global teams need strategies for working together across time zones. Collaborating across time zones means adjusting to asynchronous communication and workflows. If teams are using their own local spreadsheets and/or internal systems, it’s impossible to know whether you’re working from the right version of the data.
A data management solution should offer collaborative tools and functions that allow multiple users to update information in real time. Ideally, it should also show activity logs so data updates are easy to track. Lastly, look for a tool that maintains version histories - that way, previous iterations can be restored if something accidentally gets overwritten or deleted.
Regional differences – like native language, currencies, and units of measurement - can make it difficult to convey complex information or make decisions. With team members speaking different languages, translation services or software may be required to understand each other, slowing down workflows. Not only that, but different countries may use different terminology for the same concepts. This can quickly become confusing for international team members. Differences in currencies and units of measurement only add to the challenge and may lead to data being inaccurate or incompatible across regions.
International teams require data management software that can accommodate differences in key technical terms and measurement units. Software should also allow users to select their own default language, making individual workflows easier.
Importantly, a data management system for your global strategy must be flexible. The software you choose should enable you to capture data from multiple, global jurisdictions, regions, and countries. It should also give you the ability to plug in your own values, so you can conduct activities and visualize projections at different geographic levels. For example, you should be able to control lookups in the data management tool you use.
While you need a solution that supports various languages, currencies, and units of measurement, your software must also enable you to aggregate and analyze data at a macro level. That way, you can make apples-to-apples comparisons across your entire global portfolio. For instance, reporting in a single currency makes it possible to draw comparisons across different geographic markets.
Without standardized, accurate data, calculations and insights may not be correct. Decision-makers may be making inferences on incomplete data and staff may be spending time tracking down incorrect or missing information.
You’ll also want to be able to customize dashboards to show the data and insights individual teams care more about, while allowing senior executives to quickly see high-level information.
Of course, there are other features on top of those listed above that you may need or want to consider. Additional features of a data management solution that may be right for your business include:
Each organization will have different considerations for their software when expanding on a global level, and finding the right data management solution will take time. Establishing a strong foundation and adopting property tax software that’s flexible and customizable can help reduce barriers and ensure global operations run smoothly.
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