We recently commissioned Verdantix, an independent market research firm, to run a study on the business impact of space management technology. The report shows that companies that invest in space management technologies are improving the employee experience, driving business growth and increasing their bottom line.
Verdantix leveraged global research and interviews with senior executives across financial services, healthcare, higher education, pharmaceuticals, the public sector, retail and telecommunications, to develop a workspace maturity model. This model is a framework for assessing a company’s current understanding and implementation of space management best practices. Based on the research, four phases of workspace management maturity were identified: basic, incomplete, good industry practice and best-in-class.
“For some organizations, what used to be a simple measure to optimize room bookings has morphed into a sophisticated strategic tool that can save millions in operational costs,” says Ibrahim Yate, Industry Analyst at Verdantix. “But many more take a reactive, tactical approach, which is a mistake given the rise of co-working, the desire and demand for flexible, agile work environments and a growing emphasis on people-centered design.”
It’s in a company’s best interests to move from “basic”, where space is an afterthought, to “best-in-class”, where executives across facilities, HR, IT, operations and the C-suite are all working together to optimize the workspace in support of business planning, staff productivity and talent retention. A mature space management approach helps you save on operational costs, unlock new revenue streams, improve employee wellbeing and get positioned for success during peaks and recessions.
The research uncovered six major categories in which companies should measure and evaluate their workspace management program.
- Strategy: Strategically managing space in your workplace, with target goals for employee retention and wellbeing, waste reduction, staff productivity and business growth.
- Policies & process governance: The framework needed to ensure the execution of strategic initiatives across the workplace.
- Employee experience: Improving the wellbeing of employees in today’s alternative workspaces, particularly when space is reduced or shared per employee.
- Data quality: Collecting and securing space usage data with the level of granularity needed to confidently inform your key business decisions.
- Technological capabilities & analytics: Having an appropriate arsenal of technological tools, including mobile-ready hardware and software solutions, that can effectively support space management.
- IT security & data privacy: Managing your company’s space without compromising data security and privacy, while also addressing concerns related to specific security regulations and certifications.
FM:Systems’ enterprise-wide IWMS (integrated workplace management system) is built to help companies move from basic to best-in-class. For full details, read the full report from Verdantix. Not sure where your company stands today in terms of your maturity? Take our short 6-question self-assessment to get your own score, then see how you compare to others in your industry.