Companies are facing growing pressure to become more lean and agile. As a result, corporate leaders are seeking to quantify the costs and benefits of every piece of real estate, from the largest conference room to the smallest shared workstations.
Determining your return on investment from office space is important—but it can also be difficult. Challenges include:
- Lack of Objective, Granular Workspace Utilization Data
To measure ROI of your office space, you need objective data about how the existing space is used. Looking at the conference room schedule doesn’t necessarily tell you whether rooms booked by your staff were actually used—or how, why, or by how many people.
In an increasingly mobile world, it’s becoming more difficult to quantify the value provided your office space. More employees are working remotely, either from home or elsewhere. For companies that have made the switch to hoteling or other shared-space arrangements, it can be challenging to take advantage of optimization opportunities and quantify the savings.
For example, if a particular conference room or location is underutilized—you need to know so you can address any on-site issues, consolidate offices, or take other actions to right-size your space and ensure employees’ needs are met. A lack of hard data makes it difficult to identify and act on these situations.
Part of the solution can be to use a meeting room booking system with integrated tools to monitor and track occupancy and utilization data with on-site sensors. Ideally, you’ll be able to stay up-to-date with summary reports and deep-dive into custom reports to understand how space is really used in your organization.
- Dependence on Anecdotal Evidence
Even if you don’t have the data to pinpoint the space management issues in your organization, there is often a vague, office-wide sense that something is wrong. You might start hearing about employees getting bumped from rooms, bypassing the scheduling software, or abusing the system in other ways.
You might think there’s a conference room in your building that no one uses—or a crowded location where employees can never find an available workspace. Whether you need to identify underutilized spaces or simply make it easier for employees to share the space they have, anecdotal evidence seldom provides a complete picture of the situation.
Meeting room analytics help you see past the water cooler talk and truly understand how your spaces are used. The ability to visualize and analyze trends by location, by person, or by department offers valuable insight into how your people, processes, and space all work together to create value.
- Skepticism That Accurate Measurement Is Even Possible
Having no visibility and wasting real estate as a result shouldn’t be considered business as usual. It’s increasingly practical to deploy workplace occupancy sensors so you can collect granular data about space utilization. In turn, you can apply this information to align your office with the needs of your workforce.
More companies are finding that the solution involves conference room scheduling software with integrated monitoring tools. Whether you have one location or a global network of offices, objective data and visualization tools can help you measure and optimize utilization of your real estate assets.