Indeed, Deloitte has suggested that IoT sensor growth within the commercial real estate sector could see a compound annual growth rate (CAGR) of 78% from 2015 to 2020.
Traditional data sources, such as the measurement of building occupancy through headcounts or snapshot badge data at the building entrance, have become unfit for purpose. Siloed and discrete data has resulted in incomplete or static moment in time snapshot of occupancy activity, causing inaccuracies in essential information relating to building occupancy levels.
Even at peak occupancy, around a third of the seats are empty in a typical office building on
any given day, and yet traditional, siloed data sources can underreport this. Having access to utilization data presents a huge opportunity to drive costs savings through the decommissioning space that is not currently being occupied and optimizing the space currently within a building.
How can these developments help Workplace Strategists overcome current and future challenges ?
Workplace Strategists are now able to support cost savings by working hand in hand with Corporate Real Estate Managers, understanding which areas in the building are working well compared to others.
However, it’s not purely the decommissioning which can lead to cost savings. If Workplace Strategists can enhance employee wellbeing and productivity, there will be a significant improvement to the business’ bottom line – much greater than when compared to improvements from the decommissioning of space.
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Millennials are set to take up to 75% of the workforce in 2025, however they are labelled amongst the least engaged generation. This is a concerning problem for corporates in future proofing their business success. Harnessing occupancy data will provide businesses with a better understanding of the ways in which millennial employees interact with each other, and across the rest of the workforce. Creating a workplace strategy based on utilization data will help businesses overcome the challenges of engaging the next generation of workers.
Open offices and flex-spaces are increasing productivity and collaboration amongst employees; but, they’re also adding stresses like wasting time looking for available work-spots or meeting rooms. With 4 out of 10 employees spending an hour a week searching for an available desk, real estate managers know this isn’t just an inconvenience, it’s an optimization issue.
When deskspace goes unused, so do valuable square meters of office space. Data gathered from IoT-driven indoor positioning systems gives workplace strategists a comprehensive overview of how this space is really being utilized – allowing them to zero in on how each room on a floor is being occupied, and zoom out to see how a department taking up a few floors can be totally restructured and optimized.
In addition, IoT and Big Data can be harnessed by Workplace Strategists to drive corporate sustainability goals, delivering predictive allocations of resources and subsequently a vast reduction in waste.
Want to learn more on how the IoT will impact Corporate Real Estate, Workplace Strategy and Facility management in the future? Download your free copy of 'The Future of IoT for Building Management'.