5 Benefits Of An IWMS For Corporate Real Estate
In the ever-changing world of corporate real estate, there has been at least one constant: the need for a single technology platform to manage it all.
For many corporate real estate professionals, that platform is an IWMS. The traditional integrated workplace management system allows CRE leaders to keep track of space, real estate, capital projects, maintenance and energy in one place, helping them stay organized and efficient. Here are the benefits of an IWMS with five good reasons corporate real estate professionals are investing in an IWMS.
1. Smarter Portfolio Management
To effectively manage your portfolio, you need accurate information about key corporate real estate metrics like space utilization and occupancy costs. Space management software forms the foundation of an IWMS. It captures data from multiple sources, including Internet of Things (IoT) sensors, to provide real-time data on occupancy. This gives you up-to-date information on every building and asset in your portfolio. You can use this data to accurately assess the performance of everything you lease or own, allowing you to make more informed decisions. For instance, you might discover a certain property is only 40% occupied the majority of the year. This could lead to consolidating the underutilized property and renting out the vacant portion to another occupant.
2. More Efficient Real Estate Planning
An IWMS not only helps you identify opportunities to optimize your portfolio; it also helps you execute these strategies.
With move management software, you can visualize move scenarios and see how occupants will fit into a new space before investing time and resources there. You can even create move tickets to streamline the process and ensure nothing falls through the cracks.
3. A Proactive Approach To Facility Maintenance
A reactive approach to maintenance can lead to faster asset depreciation, more expensive repairs and increased downtime. This is a trifecta of doom for your real estate portfolio—which is why preventive maintenance is so important.
An IWMS allows you to track and prioritize all maintenance requests. You can also see historical data on facility maintenance, which allows you to anticipate and schedule recommended service on your most valuable assets.
4. Compliance With Lease Accounting And Other Requirements
Complying with regulations, including the new FASB lease accounting standards, can be a tedious part of managing a real estate portfolio. The new standards now require both public and private companies to maintain detailed records of all leases with terms of 12 months or more. That includes every building and asset. For large or equipment-heavy enterprises, this requires a substantial change in how they manage their balance sheets.
An IWMS makes compliance easier by allowing you to maintain digital records of every building and asset. Each record is tied to a physical asset and location, making it searchable and easy to find at a moment’s notice.
5. Better Occupant Experiences
One of the biggest trends affecting CRE executives is the growing emphasis on the occupant experience and the shifting of real estate from a “physical space to a service hub.” Occupants who live and work in today’s buildings expect to have access to the latest technology, services and amenities.
In fact, in a global Verdantix panel of over 300 real estate and facilities directors, nearly a third of respondents said improving employee/occupant comfort was their top priority over the next three years.
It’s not surprising, then, that many CRE professionals are investing in technology that improves employee comfort and brand reputation in addition to reducing capital expenses and operating costs.
According to the latest research by analyst firm Verdantix:
- 25% of CRE leaders plan to invest in air quality sensors
- 22% plan to invest in an IWMS or CAFM
- 22% plan to invest in workplace kiosks to improve wayfinding and communication
- 19% plan to invest in room scheduling software
The most valuable IWMS solutions of the future will be those that not only serve building operators, but also provide occupants with exceptional experiences.
They will allow occupants and employees to access the services they need to be comfortable and productive, including:
- Easily finding people and places
- Reserving parking spots and meeting rooms
- Requesting service
- Receiving mail or visitors
- Being notified of important announcements or events
The best IWMS solutions will also allow users to access all this from a single, mobile application.
The Future Of IWMS Software
Unfortunately, most traditional IWMS software hasn’t caught up with the expectations of today’s employees and occupants. These legacy systems were designed for building managers, not for employees.
iOFFICE shatters the inherent limitations of the traditional IWMS with a new system built with the workplace experience at the center. Our mobile app and intuitive interface gives employees easy access to the services they need to stay engaged and productive, while robust capabilities and analytics allow you to optimize your real estate portfolio.
Because this new evolution of IWMS places experience at the center, we’re calling it the integrated experience management system (iXMS). To learn more about its capabilities and how it can help you minimize costs while maximizing value for employees and occupants, download our latest whitepaper.