ATLANTA, Sept. 10, 2012 (GLOBE NEWSWIRE) -- Companies lack confidence in the accuracy of their own, internal real estate information as scrutiny of data intensifies, and say that improving processes and technology are a top priority, according to a study released by Virtual Premise, a leading provider of cloud-based real estate information management solutions, and the National Retail Tenants Association (NRTA).
- Companies lack confidence in the accuracy of their own, internal real estate information as scrutiny of data intensifies. Less than 50% of respondents are extremely or very confident in the accuracy, consistency and completeness of their data; a statistic that held steady from last year, indicating no progress has been made.
- Improvements to business processes and internal structure are seen as imperatives to gaining control of real estate information. More than half of respondents — 54% — said that the need to modify internal business processes is a top priority for the next 12-18 months, up from 47% in the previous survey.
- Implementing advanced real estate information technologies will drive ongoing data integrity and increase transparency to lease information. Thirty-nine percent of respondents listed implementing technology as one of their top two priorities, a decrease from last year's 50%, likely due to short-term budget constraints.
- Companies feel increased pressure regarding the potential impact of the upcoming FASB lease accounting changes. Two-year statistics remained steady, with two-thirds of this year's respondents saying they are not prepared for FASB changes or are unsure of their level of preparedness.