Implementation of an innovative procedure for centrally hosting data from both digital and physical documents will set new standards for modern data management.
UBS Real Estate Kapitalanlagegesellschaft mbH (UBS Real Estate), a provider of open real estate funds, announced in March 2010 that it is optimising its international data management for the long term by centralising its databases. A new process will be used to greatly simplify the control of data throughout Europe, introducing a new international standard for data hosting and data hosting processes. The new process promises and will ensure that information can be quickly accessed and that coordination between various European locations is simplified. It will also provide information of previously unattainable depth and quality from every type of document.
Until now, original documents relating to UBS Real Estate’s property portfolio have been stored at various central locations across Europe, but in 2009, as part of a long-term project to implement an innovative data management process, true centralisation of all real estate–related documentation was started. For the project, UBS Real Estate has teamed up with Drooms, one of the leading suppliers of data room solutions and a specialist in the field of data security. Close collaboration between the two companies and each company’s many years of experience were both important factors in the successful development and implementation of this innovative data process management system.
As a result of the new process, UBS Real Estate’s documents are now centrally stored in a physical “operational storage“ facility. At the same time, digital copies of the documents are made permanently available to a selected group of users in a virtual, secured data room.
With this new solution, UBS Real Estate is able to:
- ensure that the documents they are obliged to retain are stored in a properly structured manner, which in turn makes the documents more easily navigable than ever before
- and also makes it much easier for the company to sell off non-centrally stored real estate
The high degree of transparency offered by this modern stock control method makes it possible to react rapidly to changing market conditions, so it is no longer necessary to engage in laborious – and often months- or weeks-long – preparation of transaction documentation for potential buyers. Now, thanks to the permanent virtual data room, real estate can be made available to the market even on very short notice.