MRI Software Becomes First PropTech Provider to Go All-in on Data Standards
Global real estate software firm incorporates OSCRE Industry Data ModelTM into MRI AgoraTM platform to drive strategic decision-making and ease of data integration
Solon, Ohio – October 24, 2023 – MRI Software, a global leader in real estate software solutions, and OSCRE International, a nonprofit consortium focused on the development and implementation support of real estate data standards, announced that the MRI Agora platform will use the OSCRE Industry Data Model™ (IDM) to help clients improve strategic decision-making and reporting and easily integrate disparate software applications.
“MRI and OSCRE have a shared mission to improve data quality and consistency and ease the burden of integration for the real estate industry — that’s what our open and connected philosophy is all about,” said Patrick Ghilani, CEO of MRI Software. “MRI has committed to not only adopting and using OSCRE data standards, but also to leading the way by pioneering best practices.”
“MRI’s implementation of the OSCRE IDM marks an exciting milestone for the industry,” said Lisa Stanley, CEO of OSCRE International. “Their decision to incorporate OSCRE’s data standards into an expansive, open software platform like MRI Agora demonstrates the value they see in a standards-based data strategy that will drive growth and performance.”
Data standards directly support expansion of the PropTech sector by making systems integration easier, faster and less costly. The sector continues to attract significant investment, with $24.3 billion invested in PropTech companies globally in 2021 and a projected CAGR of 9.3% over the next ten years. As real estate organizations seek to leverage multiple PropTech applications to drive business success, industry data standards will be key to facilitating integration with existing technology and enabling rapid adoption of future innovations, including Artificial Intelligence (AI).
Without a standardized way to share data between systems, companies must perform manual analysis and time-consuming data manipulation to address inconsistent formats and integration processes. The OSCRE IDM can improve data consistency, transparency and accuracy and provide a strong base for effective data governance. The OSCRE IDM enables software developers to “develop once” and achieve significant savings for future integrations.
The MRI Agora next-generation real estate platform uses the structures provided by the IDM to streamline integrations, standardize data exchange between systems and enable deeper analysis and insights. The app-agnostic nature of the IDM will further simplify integrations and data transfer between members of the MRI Partner Connect program and MRI solutions. As a result, MRI clients can more easily leverage the capabilities of over 300 global partners and gain access to new technology as it is introduced. The MRI Agora platform is designed to efficiently transact and store data and effortlessly accommodate new use cases.
The IDM also serves as the basis for building a common data model for MRI Agora Insights, a multi-source data and analytics platform that can provide automated insights from MRI products, partners and third-party solutions in one place, enabling faster decision-making and easier access to information.
Ghilani concluded, “Working with OSCRE has enabled us to revolutionize the way we process data for our clients and partners. We’re delighted to continue supporting them on this journey.”
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About MRI Software
MRI Software is a leading provider of real estate software solutions that transform the way communities live, work and play. MRI’s open and connected, AI-first platform empowers owners, operators, agents and occupiers in commercial and residential property organizations to innovate in rapidly changing markets. MRI has been a trailblazer in the PropTech industry for over five decades, serving more than six million users worldwide, including social, affordable, public and community housing organizations. Through innovative solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to realize their vision of building thriving communities and stronger businesses. For more information, please visit mrisoftware.com.
About OSCRE International
OSCRE International is a non-profit corporate member organization focused on the development and implementation of real estate data standards that form the foundation of a powerful strategy for digital transformation. OSCRE’s tools and training programs enable organizations to empower decision making across the entire real estate asset lifecycle.
www.oscre.org
Press Contacts
North America for MRI Software
Rachel Antman
+1 212-362-5837
rachel@saygency.com
EMEA for MRI Software
Platform Communications
Hugh Filman, Nana Rodaki, or Katya Pristiyanti
+44 7905 044850
mri@platformcomms.com
Australia and New Zealand for MRI Software
Heather Jones
+61 400 394 669
heather@hjconsulting.com.au
For OSCRE International
Lisa Karel
+1 407 733-2101
lisa@karelcomm.com
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