Data is the New Oil: Are You Using Yours?
I’m from Houston, and truer words have never been spoken. Today, smart business that deploy the right tools to collect, and more importantly use their data are sitting on untold riches. For those who don’t, this metaphor should be a wake-up call.
Businesses, regardless of size or sector, have struggled with the same questions: How much office space is needed for employees, and is the space being maximized to increase productivity and reduce costs? How can the physical workspace not only help employees excel at their jobs, but engage them and increase their job satisfaction?
All too often, CRE and FM personnel have been relegated to taking laps around their facilities, pen and paper in hand, marking headcounts and trying to determine how spaces are being used and when. Not only has this been an extremely arduous task, but it has been inefficient and potentially fraught with errors, as making estimates and assumptions can have serious repercussions on both the bottom line and employee satisfaction.
Set Goals. Collect Data. Act.
There’s a better way. CRE and FM managers must first meet with corporate management, including senior HR and IT personnel, to determine the company’s objectives and desired outcome for the portfolio. Occupancy/vacancy ratios, lease termination dates and the desired size of the portfolio, and whether one or several locations should be considered. It’s time to consider office space standards, activity-based workspaces or to keep assigned seating. Some additional questions the team may consider include:
- What are the current real estate trends regarding cost and vacancy rates?
- Are we looking to expand, and, if yes, by how much?
- What percentage of our employees regularly work remotely?
- Do we employ contract/temp workers who need space for limited periods?
- What is our employee demographic, and do we expect that to change?
- What are the dynamics of our workspace? Is there a great deal of interaction, or are do employees work in silos?
Innovative companies have turned to SaaS-based Integrated Workplace Management Systems (IWMS), like iOFFICE, which consist of 10, integrated modules, as opposed to one, monolithic platform, to gather data. IWMS measure key business operations and provide a true and accurate visual of existing space, services, assets, how they’re being used, by whom and how often. Users upload floor plans to the system using AutoCAD or Revit and coordinate employee data with HR and asset data with IT and FM departments.
Once data is gathered, management can create an integration between the IWMS system and the HR systems to determine employee churn, including new hires and terminations. This information will enable annual forecasting reporting of employee growth or contraction versus available space. Forecasting also will help a company determine when it will be at capacity and require more space.
Determining Workplace Strategy
As a bonus, once data is gathered via an IWMS, now you can add an Employee Experience [EX] layer to it, without ripping and replacing your current systems. iOFFICE developed HUMMINGBIRD to collect EX data and give CRE and FM the data and analytics needed to constantly improve the workplace. Some of the most common workplace strategies today include:
Hoteling: Office hoteling uses reservation software that allows employees to schedule workspaces, including desks, cubicles, equipment and conference rooms before they arrive at the office and only on an as-needed basis. Hoteling often improves space utilization and reduces RE costs, but some employees find this type of environment distracting.
Hot Desking: This allows employees to choose from any available space at several workstations without advanced reservations and employees are encouraged to rotate their seating on a regular basis to increase collaboration. Like hoteling, hot desking can reduce costs and improve space utilization, but users complain that there is no privacy and that constantly looking for a new place to work each day can be a distracting time waster.
Activity-Based Working (ABW): ABW allows employees to move between a variety of work spaces depending on the work they are doing. If they need silence, they can opt for a quiet room; if they need to collaborate with colleagues, they can select a more informal gathering space like a lounge. ABW has multiple benefits including more flexibly and autonomously and supports the needs of both introverts and extroverts alike. However, it may require an office redesign and technology upgrades. Since teams may be dispersed, employees also may need to make an extra effort to maintain communication.
Although hoteling, hot desking and ABW are becoming increasingly popular workplace strategies, some businesses may still prefer more traditional spaces with assigned desks and a variety of different-sized conference rooms. Still others may choose to have virtual workplaces, which allow employees to work remotely all or at least part of the time. Ultimately, the best workplace strategy takes into account the data that has been collected from an IWMS and reflects the specific needs of each business. It also considers employees, how they engage when working and whether or not they feel happy in their given environment.
When Data Informs
Forward-thinking workplace leaders recognize that the only way to determine the best workplace strategies is through the careful assessment of expertly mined data. Culling through data may be a time-consuming process, but it is essential in providing CRE and FM leaders with a clearer vision of their space utilization and strategic planning for the future. It can provide insights into cost and energy savings, space requirements, work habits, and service needs, as well as how employees are experiencing their work environment and if changes should be made. Business leaders, committed to creating workspaces that help employees work smarter and more effectively, must access their own real-time data through an IWMS, so that they can best engage their employees and optimize their businesses.
This Week’s Sponsor
iOFFICE equips facilities, CRE, and workplace leaders with the real-time data and mobile tools to plan for the future of their workforce and workplace. iOFFICE HUMMINGBIRD is the first Employee Experience solution and app that allows employees to find, request, use and reserve the spaces, information, people and events they need while automatically collecting critical business intelligence. The iOFFICE MARKETPLACE is a growing network of vetted application partners offering from energy optimization, digital signage and wayfinding apps that use the iOFFICE platform. More than 2.4M users at 1400 fast-moving companies like Adobe, Homeaway, HESS, FBL, Sephora, Sodexo, McKesson, Publicis, Under Armour are creating the most productive workplaces on earth.
CoRE Tech 2018 is the only place where you can hear from industry leaders as well as meet, collaborate and explore with your peers how technology, automation and innovation are changing the way we operate and use Corporate Real Estate and Facilities!
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UPCOMING REALCOMM WEBINARS
COMMERCIAL REAL ESTATE & Technology – The Importance of Developing a STRATEGY - 9/19/2019
It wasn’t long ago that a Commercial Real Estate CIO was responsible only for functions such as networking, file and print servers, computer hardware, desktop applications and e-mail. Over the last 5+ years other responsibilities have entered the sphere of the CIO including marketing, operations (smart buildings), occupant experience and cybersecurity, to name a few. Additionally, emerging technologies such as AI, Machine Learning, Blockchain, AR/VR, autonomous, robotics and others are impacting their world as well as their clients. Never before has it been so important for a Real Estate CIO to develop a comprehensive digital strategy, encompassing all aspects of the organization. This webinar will focus on the importance of developing a comprehensive digital strategy.
Founder of Realcomm Conference Group, an education organization that produces Realcomm, IBcon and CoRE Tech, the world's leading conferences on technology, automated business solutions, intelligent buildings and energy efficiency for the commercial and corporate real estate industry. As CEO, Jim interacts with some of the largest companies globally pertaining to some of the most advanced and progressive next generation real estate projects under development.
Ilan Zachar is currently Chief Technology Officer at Carr Properties, a privately held REIT known for its portfolio of trophy-quality properties in the Washington D.C. In this role, Ilan leverages vision and foresight to cross-pollinate best practices, processes, systems and resources across corporate operations/affiliates. Under his leadership, this has resulted in improvements in bottom-line costs, top-line business growth/scalability, operational sustainability and high performance and overall, strengthening his company’s role as a market leader. For over 20 years, Ilan has been executive business leader and innovative technology strategist for multinational real-estate and property development companies worldwide.
Sineesh Keshav is the Chief Technology Officer at Prologis. In this role, he oversees all aspects of the technology strategy and is responsible for leading the company’s global data and digital transformation. Since joining Prologis in 2018, Sineesh and his team have been focused on a capability driven, customer-centric approach to innovation and digitalization.
With over 24 years of experience in real estate, Kevin's expertise encompasses enterprise IT design, integration and ecological adaptation, helping his clients deriving ongoing value by improving their manageability, effectiveness and ongoing efficiencies. Prior to joining RealFoundations, Kevin served as a CIO for a large-NY owner operator and as a SVP of IT for an Ohio based REIT overseeing the strategic planning, enterprise architecture and information architectures.
Mike Salazar has extensive experience in consulting and sales with Enterprise companies, regarding strategic cross function technology, mainly focused on IoT and AI platforms. Named Star on the Rise by Security Industry Association in 2016, he is currently the Practice Director for Smart Buildings at HID Global. Through innovative solutions he helps organizations unlock value and realize business intelligence. Honored to call many of the most notable companies of our time happy customers.
Dharmendra is the Industry Principal at Yardi Systems. Dhar’s well-rounded and practical background in the industry includes experience as a software vendor, consultant and customer. Prior to Yardi Systems, he was the Vice President of Revenue Management and Analytics for Denver-based Apartment Investment and Management Co. (AIMCO), one of the largest multifamily REITs in the U.S., where he led the development and implementation of revenue management and business intelligence systems.
Malcolm Hobbs is VP of Marketing and Market Development at Join. Malcolm has extensive startup and enterprise marketing and business development experience in markets including SaaS, Industrial IoT, Analytics and Sustainability. At Join, he is helping to redefine how owners secure their buildings from digital threats and deliver advanced digital workplace services in today's tech-forward buildings.