As flexible work arrangements become the norm, a major U.S.-based global financial institution recognized that the need for employee workspaces is shrinking. It decided to shift from legacy brick-and-mortar corporate office spaces to a more efficient space allocation approach. The financial institution asked Cognizant's banking technology experts to envision a new way of allocating office space for its highly mobile professionals.
Our objective was to help the organization trim their $3 billion expenditure it incurs to manage facility costs, energy costs and overhead for three years across 530 locations. The institution adopted Cognizant’s 1Facility solution, an IoT platform for office space utilization.
Digital re-engineering would enable space allocation updates in real time and give our client new ways to keep track of employees’ space usage and work habits and to optimize energy resources based on occupancy and need.
We implemented the IoT platform, which allows our client to coordinate, track and keep a count of office space inventory across the organization. It also provides utilization data and employees’ work-commute preferences, for global real estate planning.