Demystifying Space Management – Balance the Supply of Space With the Demand for Space
Space management is no longer a back office activity – it is strategic. With a demanding workforce who enjoy flexible time, travel for client meetings, and work remotely, work spaces are being underutilized.
According to Global Workplace Analytics Report, 2.9% i.e. 3.9 million U.S. employees work from home at least half of the time. As real estate is considered to be the 2nd highest corporate expense behind human capital, space managers are constantly looking for ways to optimize their space.
Increased productivity and cost savings are the primary drivers for space optimization and workplace transformation initiatives. Facilities managers and space planners are under constant pressure to optimally plan for space. Space optimization and space management can be further improved by focusing on 5 key elements:
1. Information : Incomplete, outdated and inaccessible information can seriously restrain improvements in space management. Homogenization and centralization can emerge as a solution. One central data repository for all your locations can be established by deploying an IWMS (Integrated Workplace Management Solutions) like IBM TRIRIGA, rather than your space planners relying on old floor plans, segregated systems and excel programs.
2. Innovation : Putting technological solutions in place for workplace management can help establishing an ecosystem for space management within your organization. Migrate data related to resources (people) and spaces (CAD floor plans) within your new innovative IWMS system provide true occupancy reports and an improved strategic facility plan. Systems like IBM TRIRIGA include features like move management, facility condition assessment, space reservations and alternate workspace assignment through a click of a button.
3. Visibility : Planning and monitoring the use of space and facilitating the allocation of costs are primary reasons for organizations to consider space optimization. IBM TRIRIGA provides visibility into space plans and tracks space utilization data in buildings and structures. The system manages people and assets and coordinates property transactions.
4. Design : To address the mismatch of supply of space with the demand for space, a balance needs to be struck. Space planners should have weekly or monthly surveys to identify vacant or underutilized spaces – due to travel and remote working. Offices with several locations can obtain this information through local help. This data could be further migrated into the central data repository system allowing move managers to accommodate spaces for new hires, eliminating the need for new facilities.
5. Management : Space is expensive and managing it is crucial. Proper space planning decisions play a vital role for agile working environment in any growth-oriented organization. It is crucial for facilities and space managers to base their decisions on facts and not estimates. IBM TRIRIGA facilitates management with insights on improved space efficiency for lower occupancy cost, allocates information on space usage, and reports based on live and historical data. Property transactions such as leasing, sales, and acquisitions are captured, allowing better space management.
Hence, IWMS solutions like IBM TRIRIGA can bridge the gap between the demand of the space and its supply, maximizing the asset value and delivering cost saving opportunities.
For more information on how ValuD can help you to establish a balance between the supply and need for space, contact our IBM TRIRIGA experts at email@example.com.