What is IWMS?
Integrated Workplace Management Systems (IWMS) help companies visualize and report their current space and assets in a secure, cloud-based environment. Unlike the spreadsheets and manual reporting that are often used to capture this information today, software enables a more cohesive, accurate, and user-friendly way to manage facilities information. The benefits include increased accountability, actionable data insights that can drive to cost-saving initiatives, and increased workplace efficiency.
This last point is a big seller for CEOs, who, according to a recent study, have shifted their focus from solely looking at growth to prioritizing efficiency via adopting digital technology.
The Business Case
The far-reaching benefits for organizations are both financial and organizational; better reporting and cleaner data means cutting costs and improving efficiencies across the entire organization.
Company leaders improve their bottom line when they have a clear picture of their current real estate portfolio and assets. They can lease or sell unused space or equipment, plan preventive maintenance to save on operational costs, limit unnecessary acquisition costs, and extend the lifespan of existing equipment to improve ROI.
A natural outcome of the explosion of digital solutions available today is the ability to automate almost anything. Business leaders rely on automating tasks to improve organizational efficiency. This practice is particularly useful, as manual reporting leads to human error or issues with multiple versions of the same document. According to a study by the independent research firm Verdantix, switching from Excel to an IWMS accounts for an 80% administrative time saving.
The 3 Reasons to Adopt IWMS:
As you can see, the business imperative is particularly strong for adopting an IWMS. In addition to cost savings and increased efficiency, here are three added ways that adopting an IWMS makes sense for any organization:
1. Empower your leadership with data intelligence:
Big data is the future, and the future is now. Business leaders recognize that data is one of the key tools they have to drive innovation and change in their organization. However, data alone is not enough. Organizations need to be able to analyze and interpret that data in order to drive organizational change. Research conducted by Forrester revealed that 74% of firms say they want to be “data-driven,” but only 29% report being good at connecting analytics to action.
An IWMS platform makes it easy to gain meaningful insights from your data with intuitive dashboards and reporting functionality. Unlike CAFM (computer-aided facility management) or CMMS (computerized maintenance management system), IWMS looks beyond day-to-day activity to paint a more broad picture of a company’s space usage. Business leaders can get granular with their space information and find out things like which buildings cost the most to operate or what equipment is in need of immediate maintenance.
2. Ensure safety, compliance and accountability
From complying with government regulations to recovering from a disaster to basic safety, IWMS can help you manage your space and assets to keep your business operating smoothly. A key factor is accountability. In more traditional manual methods, it’s hard to track what audits have taken place and who has approved what.
Because IWMS lives in the cloud, multiple people have access at any given moment, making it a great tool for collaboration and shared accountability. In a crisis or disaster, real-time access to these key insights can help companies get up and running more quickly.
3. Attract and retain top talent
The workers of tomorrow expect modernized workspaces with alternative options (like neighborhooding or coworking spaces) for seating or remote work. It’s no longer enough to attract top talent. In today’s world, you need to motivate existing staff and give them an incentive to stay at your company. Environment and office wellbeing play a big role, and both of these are impacted by your space. A huge cost for any organization is losing talent that you’ve already onboarded and trained. But with more organizations moving towards employee-centric workplaces, it’s easier than ever for employees to move on to another company.
Integrating an IWMS into your company helps you stay ahead of the alternative workspace curve.
How does IWMS impact the workspaces of tomorrow?
Enterprise-wide systems play a huge role in the business efficiency of modern workplaces. Insights garnered from data, the need for transparency and accountability, and growing concerns over workplace safety and compliance are forcing business leaders to adapt or risk being seen as stuck in the past. The modern employee expects a modern approach to space planning and management. Enterprise-wide software solutions empower business leaders with the tools they need to plan for the future and adapt to changing demands.
Learn more about IWMS Technology
Download our e-book which discusses 4 key areas where IWMS can drive new opportunities for organizations, including improving operational effectiveness, minimizing risk, controlling cost, and improving compliance & accountability.