Finally, once you’ve identified and defined meaningful metrics, you can determine which data you need to collect to evaluate them with consistency, quality and completeness. To continue our above example, calculating the "cost of vacancy" metric would require collecting several different data elements: seating capacity, total occupancy cost, total occupiable area, total vacant area, and cost of vacancy target, to name a few.

This framework demonstrates how data elements inform KPIs and metrics, which in turn inform performance measurement for overall business strategies and objectives. In addition, it's important for CRE leaders to keep in mind that data is much more than numbers on a spreadsheet. Each data element requires governance, quality control, and therefore investment — from its initial definition and purpose, to how it’s captured within a business process, to how it will eventually be applied and consumed for operational and analytical purposes.