Feb 18, 2024

5 Ways Workplace Analytics Save You Money

5 Ways Workplace Analytics Save You Money

The budgeting process for companies can be challenging, particularly when high overhead costs are increasing while sales decline. There are many aspects to consider when planning the yearly budget, and both revenues and expenses should be taken into account. Wasted office space is one example of a significant expense. Workplace analytics allow you to lay the groundwork for a well-planned office layout where flexibility and productivity take center stage. Let’s explore a money-saving hack!

How can businesses save money?

To earn money, you have to spend money. Expenses are a natural side effect of a thriving company. Here are just a few examples:

  • Overhead costs such as maintenance, coffee, office apparel and cleaning supplies
  • Salaries are one of the largest company expenses
  • Marketing and networking events to find new leads and clients
  • Rent. Last but not least - the cost for renting an office space, preferably in a central part of the city.

On top of that, there are other expenses as well, such as computers, softwares, and networks, not to mention furniture and decor. And did we mention the amount of tasty coffee beans?

They all add up to a great employee experience and reduce negative impact. The best way to save money is to track every expense and use those insights to compare with productivity and profits.

Analytical tools in your belt

Workplace analytics is a reliable source of information when you want to trace money leaks resulting from suboptimal work processes and office spaces. Not only budget figures count; there can be other metrics as well, such as employee activity, room occupancy, and research with the help of digital employee surveys.

Data can be acquired over time with an analytics software and compared to previous years. It gives management the incentive to make changes in the organization. As you might have guessed, it can be hard to gain support if you don’t have solid facts to back up your claims.

And what’s more - making predictions for the future is fueled by useful analytics and stats. It allows the company to stay on top of their game and prepare for changes. Emerging trends, the pandemic, and changing work patterns have shown CEOs all over the world that flexibility is key.

What are the main benefits of workplace analytics?

Workplace analytics is useful when analyzing space utilization, particularly with the rise of the hybrid work model where unused office space has become a reality. Employees do not come into the office as regularly as before, instead opting to stay at home, which requires attention to their well-being.

How can you offer them flexibility as well as predictability when returning to the office? Unused office space could end up costing more money than expected, funds that could be allocated to other useful areas such as a new lounge or creativity hub. Analyzing space utilization provides insights into what rooms to repurpose and redesign to ensure a seamless transition between different areas, allowing people to focus on their tasks for the day with fewer disturbances.

This type of data can be acquired through measuring activity in the building, using sensors mounted in the ceiling and under desks. It reveals which spaces are attractive for employees, complementing the annual workplace survey. Since people aren’t always quick to voice their opinions about the working environment, having access to precise data ensures informed decision-making rather than relying solely on the opinions of a few.

1. Improve the employee experience

If the workplace doesn’t meet the needs of the employees, it can result in frustration and a lack of motivation. Naturally, the employees will be less productive, which will lead to weak results. Since everyone is an important cog in the wheel, overall job dissatisfaction can negatively affect the company’s success.

Instead, opt for an activity-based office with different types of rooms and desks, depending on what people want to focus on for the day. An open space is perfect for team members who appreciate networking and the exchange of ideas. A smaller room suits a tight-knit team that wants to work on a complex task.

2. Create an including company culture

We all have different preferences, and an inclusive office is perfect for people of all ages and personality traits. Depending on your job description, your idea of a perfect space is unique. Someone working in sales might prefer a small meeting room, compared to someone in customer service who prefers other areas where they can sit together with close colleagues.

Flexible office solutions are perfect for the hybrid workforce that is already accustomed to working in the comfort of their own home and wants to have a sense of autonomy in the workplace.

3. Increase flexibility in the workplace

Everyone who has been to an office on a Friday night and compared it with Monday morning knows that foot traffic differs, both during the day and on a weekly or monthly basis. It's safe to assume that July or August may see more empty spaces, but what about other events and happenings?

With sensors, you could identify higher and lower occupancy rates just before important holidays and events, as well as during flu season.

By gathering data, space managers can adjust staffing levels during a normal week and also plan cleaning and maintenance more effectively. If you are prepared in advance, it's also possible to rearrange furniture or utilize different spaces to accommodate everyone well.

4. Optimize desk- and room booking

In addition to analyzing the number of people present every day, it's also possible to track exactly what kind of desks and rooms people tend to book in advance. Desk booking software gathers this type of data and helps you use workplace analytics with high accuracy.

At Flowscape, we have ensured that data is displayed in real-time, making it easy to locate your favorite colleague and avoid particularly crowded areas with large teams.

5. Implement workplace data well

The desk booking software is practical for employees in their daily lives and is a helpful analytical tool for space and office managers. The silver lining? The possibility to extract data to other programs as well and create visual graphs.

Workplace analytics gives better business outcomes

Workplace analytics is the money tree you are looking for in the corporate world. It does not directly generate any sales, but helps you create all the right conditions for a thriving and well-functioning company. Thanks to accurate data, you are able to gather valuable insights to plan and optimize different office spaces and processes.

Quiet spaces or collaborative spaces - there is not a one-size-fits-all solution - which goes hand in hand with the demand for a flexible office.

Seeking guidance on how to set up your hybrid office for success?

Don't hesitate to schedule a meeting with one of our product experts. They can provide valuable insights into our solutions and how technology can help streamline your office processes without disrupting employees' daily work.

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