By Danielle Moore
Director, Channel Marketing
iOFFICE + SpaceIQ
When you think about the traits that make a business successful, you might consider financial prowess, passion, and patience as crucial attributes. However, an oft-neglected trait has become increasingly crucial to defining success in a post-pandemic world: flexibility.
The ability to adapt to changing situations is extremely underrated yet extremely important. If the changing rules and regulations over the past year in reaction to Covid-19 have taught us anything, it’s that nothing is permanent, and everything is “figureoutable.”
It is naturally easier to talk about adapting than it is to actually make those changes to your business; when you have to manage an entire global portfolio with different property types and functions as well as the people who populate those spaces in a virus-sensitive society, space usage and availability can change in an instant. In addition, staying on top of day-to-day operations, spotting trends, and analyzing all of the data can be overwhelming, to say the least.
Portfolio managers who want to address current problems while identifying opportunities to better use their spaces can turn to an integrated workplace management system (IWMS) for insights. An IWMS with portfolio management provides oversight for any size real estate portfolio, improves root cause analysis to easily isolate problems and uncover potential opportunities, minimizes cost, and maximizes current commercial real estate (CRE) holdings.
A Triple-Win Scenario
A web-based IWMS with portfolio management affords businesses on-demand access to a centralized collection of data, which empowers more informed decisions about CRE.
A common operating framework of land, structures, buildings, and leases creates a more collaborative, better-informed workflow that enhances flexibility and increases scalability. This can have a trickle-down effect, benefiting all stakeholders and establishing a precedence of dynamic, situation-proof problem-solving.
Operationally, there are three positives to an IWMS with portfolio management. This triple-win includes benefits for:
- Your Business: An IWMS can improve the analysis and management of real estate assets and align them with the company’s long-term mission. A key strategy is maintaining current spaces or invest in new ones as hybrid work – including remote work – grows.The opportunity to evaluate and track facilities as a dynamic asset allows companies to take advantage of vacancies and investment opportunities. An IWMS empowers business unit managers to easily review assets and space assigned to them. In turn, they can rationalize capacity, identify spaces that are no longer needed, and redesign or repurpose spaces to fit the changing needs of employees or potential subletters.Data visualization via the optional geographical tool to link to GIS functionality in the IWMS delivers map-based perspectives of properties. Real estate managers can then visualize the total impact and effectiveness of real estate spending and decision-making across business units. This makes it easier to develop quick, informed strategies based on the portfolio’s ability to fulfill the organizational mission. Additionally, seamless integration with other IWMS applications like capital budgeting, project management, space management, and enterprise move management maximizes CRE optimization for the business as a broad unit.
- Your Employees: Data analysis and space planning are critical to prioritize the changing needs of employees in uncertain times. An organization’s ability to remain flexible and competitive for the benefit of its employees is pertinent to its success as a whole; higher employee satisfaction leads to higher engagement and productivity.Careful consideration of safety and health precautions, and opportunity for collaboration, are cornerstones of any return to the workplace plan. An IWMS tracks space usage, which allows employers to meet the unique needs of their employees. This data may result in creation of quieter, distraction-free spaces where employees can concentrate on work or the development of a hybrid work environment that makes it easy to switch between working from home and working in a group setting. The overall goal stays the same: decrease a potential loss of productivity.
- Your Customers: Time is the only asset you can freely spend… but can’t ever create or purchase more of. Because of this, it must be used wisely.Less time spent on decision-making allows businesses to spend more time on customer service. An IWMS allows managers responsible for real estate assets to command every detail of a CRE portfolio and proactively offer better customer service.Client expectations have evolved with COVID-19. The growth of the digital landscape now requires businesses to be responsive 24/7. An IWMS provides unit managers with a self-sustaining platform available at their fingertips to answer client questions and concerns more quickly.
Face the Future with Flexibility
Creating an agile workplace that is able to withstand change and sustain positive business-employee relationships, as well as business-client connections, is crucial for continued growth. But it’s not a simple task.
The ability to be flexible is paramount and the only way to be recession-proof and ensure forward momentum. Implementing a SaaS solution like Archibus to securely modernize and up level is a means of committing to continued business improvement, employee productivity, and customer satisfaction – no matter what uncertain times might bring.
The result? An organization in control of accurate property and performance information that is designed to meet the needs of every party involved, from the business as a broad entity to individual employees and customers.
Keep reading: What is IWMS Software?