Are Integrated Workplace Management Systems The Big Data Solution for Modern Business?
Real Estate and facility costs account for over 20% of the expenditure of any modern organization. Integrated Workspace Management Systems (IWMS) were created with a view to reduce these costs while increasing business productivity and efficiency at the same time. The term IWMS was coined by Gartner in 2004, the research institute that evaluates and reports technical and software solutions. IWMS was defined as a software platform that integrates five key components operated from a single technology platform that optimizes the utilization of resources of the company including the real-estate portfolio, infrastructure and facilities. The five key components defined by Gartner are:
- Management of Real Estate
- Managing Capital
- Facilities Management
- Maintenance Management
- Sustainability and Energy Management
Below we will discuss in detail the core functional areas of any IWMS.
1. REAL ESTATE MANAGEMENT
Real Estate Management comprises tools that help property managers in database management, lease management, financial management, property management and accounting. With the increased challenges in the real estate sector, it is now more important for real estate managers to improve their portfolio model. IWMS software from leading technical solutions boast features like strategic planning, space planning, lease analysis, transaction management and portfolio management among others to help business executives manage their large investments and transactions easily, and at the same time strengthening and expanding their customer base.
2. CAPITAL MANAGEMENT
Capital Project Management solutions help organizations improve their control of finance and accountability for capital projects which may be either development of new projects or renovation of existing ones. Features in this aspect help in risk analysis; capital planning and improving income return rates from investments. All this can be done with tools like cost management, project documentation and drawing management as well as critical path analysis.
3. FACILITIES MANAGEMENT
Facilities management solutions integrated with any IWMS software assist in utilizing physical workspace, evaluating the total cost and effectiveness of owned and leased space in any organization and comparing it to any established organization on similar standards. All the necessary data like CAD drawings and floor plans are available in the central database and are easy to manage and edit across multiple locations. Utilization and productivity for each floor can be evaluated based on a number of methods for further modifications. Tools provided in any IWMS software include space management, CAD integration, and move and track resources.
4. MAINTENANCE MANAGEMENT
This tool assists managers in creating and maintaining facilities that aim at minimizing ongoing real estate expenses and promote sustainability and productivity of any workspace. All information regarding employees’ contacts, service orders and location information are synced at one place and can be accessed and modified from anywhere. Common tools in the maintenance management sector include asset management, employee contacts, preventive maintenance, inventory management and vendor management.
5. SUSTAINABILITY AND ENERGY MANAGEMENT
Last but not least, this aspect helps managers to understand the components and behavior of energy usage and deals with how to reduce the energy usage by reducing losses, tracking, analyzing and managing every component of energy produced or consumed. This in turn results in savings and more profits for the organization.
In conclusion, integrating IWMS systems will ensure businesses operating today have greater insights on everything from employees or real estate to customer behavioral statistics to help grow their organizations.