Those experiments gave the impression that while we are working in a hybrid model, we may not be able to utilize our space to the fullest. This means that we are paying, in some cases, over $1M / year per lease but we no longer have enough people in the office who would need that space.
A recent McKinsey survey noted that more than 50 percent of respondents are optimizing their real-estate portfolios or have already done so. And the reason is simple – they want to cut one of the most expensive CapEx expenses – lease.
But how can you make the RIGHT decision whether you should cut one or two floors in your 20-floor building? The answer is simple – you need data. And in many cases, you may not even know that you already have this data – hint, your access control badges can give you the first glimpse of how well your space is utilized.
In our previous blog post, we discussed how Vector Flow’s Workspace Occupancy Dashboard makes use of existing security systems to capture valuable occupancy and usage data, then applies AI/ML technologies to provide actionable insights which can be leveraged to identify popular and underutilized spaces and forecast future use of your space. Armed with these insights, management can make data-driven decisions about workspace planning, areas that need more attention, areas that are overcrowded or under-utilized, and more, with real-time and historical data.
Now we can dive into how specific Workspace Occupancy Dashboard features help space planning teams meet organizational needs.
Occupancy dashboards provide a top-level view, designed to quickly convey the overall occupancy status in a manner suitable for management oversight. They can be tailored to show the most important factors for the organization and will clearly show the office performance of every campus, city, building, floor, department, and business unit as desired.
At this “executive summary” level, managers can discover the areas that are underutilized and need repurposing, whether flexible workspaces can help the situation, and leverage the forecast to predict when it’s time to expand before running out of seats, and ultimately – space or whether it’s a sign to shrink your real estate. Managers are not limited to the figures shown at the topmost level – any of the key figures shown on all Dashboards can be drilled down to provide more granular information and insights as needed. The more detailed information can be used to make informed changes to the workspace model and optimize department scheduling to better match the workspaces to organizational needs.
Occupancy Summary Tiles
Each of the occupancy summary tiles shows top-line information, including average occupancy, total occupancy, employees/non-employees occupancy, historic occupancy, and peak occupancy for the past 30 days and predicted for the upcoming 30 days. Drilling down from those top-line figures provides additional detail on each parameter, saving precious time to arrange workspaces during peak hours.
Forecasts on occupancy help management with longer-term space planning decisions, including saving on leases and cutting costs on building management and operational expenses.
Vector Flow provides a number of out-of-the-box occupancy reports such as SB 1159 and AB 685 which are designed for straightforward use by organizations for compliance and other purposes. These reports help managers monitor compliance with facility social distancing policies and other reporting requirements, such as CA AB 685 – Cal/OSHA reporting requirements. The reports on occupancy and safety are divided at different levels such as occupancy by date, by location, by date by city, by personnel type, by weekday, etc. which helps support the development of a vision and strategy for workspace utilization. These decisions and strategies can reduce workspace requirements to a larger extent and thus save cost incurred on office spaces.
Vector Flow’s Occupancy reports help you to streamline data to perform audits faster and more accurately as well as to confirm compliance. You can simply extract and generate reports for your audit with just a couple of clicks.
Vector Flow’s system comes equipped with out-of-the-box agents for integration with a wide range of physical security systems and equipment. We provide you with real-time information from integrated devices and systems to always have access to real-time data . Whether you have an existing system you want to use for occupancy monitoring or want to add third party devices, our platform can seamlessly integrate with them no matter whether the systems are on-premise or in the Cloud.
Watch our on-demand webinar “Using Physical Security systems to empower Spatial Intelligence in your office” where we covered how you can leverage your existing Physical Security system to better plan your workspace and improve real-estate utilization, access the recording here.
And if you can’t wait to see this solution in action, contact our team of experts today to learn how Vector Flow can help your company plan your workspaces efficiently and effectively.