As consumers, we have a strong preference for processes and technologies that drive efficiencies, productivity and enjoyment in our personal lives. We’re seeing the same preferences in the workplace—today’s workforce is comprised of consumer-driven tools (like apps and mobile devices) that bring the same productivity to our professional lives. For corporate real estate professionals, maintaining efficiency and productivity across workplace resources and real estate portfolios requires the right tools to streamline and optimize your assets.
An integrated workforce management solution (IWMS) often is the answer to challenges with managing a vast real estate portfolio, reducing real estate costs and increasing productivity and efficiency. This includes the management of real estate, facilities, maintenance, projects and environmental sustainability. While this may seem like a mouthful of features, an IWMS is much simpler than it sounds and leads to substantial benefits.
As an enterprise software solution, IWMS is often compared to traditional business systems like enterprise resource planning (ERP), supply chain management (SCM) and enterprise asset management (EAM). But the smartest real estate professionals today are leveraging the vast features of IWMS to address their real estate and facilities business through a more strategic enterprise approach.
Here are a few reasons why the smartest corporate real estate teams love IWMS.
Better accounting, reporting and compliance
When managing vast real estate portfolios, it’s time-consuming when you have to use different systems and devices to get current data on all of your assets. This includes maintenance reports, accounting on dollars spent for investments and upgrades, leasing contracts and so much more. When all of your data is structured under a standardized system, you have access to all the information you need in an instant.
This also simplifies compliance and reporting, consolidating data for structured documentation in case of auditing or legal issues. By centralizing information within an IWMS, you have access to real-time, accurate data on your properties, which is crucial for making informed business decisions.
Easier portfolio management and real estate planning
A whopping 60 percent of organizations lack transparency in their corporate real estate portfolio. An IWMS collects, stores and organizes all the intricate details of every owned or rented building or property in a company’s real estate portfolio.
One system can provide insight into:
- Cost of ownership
- Property value
- Lease agreements
- Maintenance schedules
- Property size
One of the greatest measures of CRE success is the ability to identify and capitalize on cost savings opportunities. With the data in an IWMS, executives can identify opportunities for significant cost savings and make the best financial decisions about lease renewals, new construction and property inventory based on accurate, real-time data.
Workers today crave collaboration, and it’s one of the top things they look for in an employer. The design of your workplace and technology across your workspace should facilitate collaboration, connection and communication. To encourage connectivity, businesses can create open office spaces that drive collaboration, discussion and ideation. These spaces should also incorporate technology that allows off-site employees to collaborate and remain in touch with on-site teams.
To pull this off in the most efficient and streamlined way possible, you must properly manage your workspace. An IWMS has many benefits. For example, an IWMS can help you monitor your workspace to ensure office spaces, facilities and meeting rooms are being fully utilized. By analyzing and measuring the use of resources, you can eliminate facilities and office layouts that underperform, thus ensuring effective use of resources and greater efficiency.
By having all of your facilities and real estate information available in an IWMS, you can gain valuable insight into the day-to-day operations of your workplace and how your assets are being used and maintained.
Don’t stop with real estate planning technology. Provide your organization the consumer-driven tools it needs to succeed—learn more with 4 Ways Innovative Leaders Stay Ahead of the Technology Curve.