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BANKING

IoT platform adds flexibility to facility management

The challenge

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 approach

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.

Adopting an IoT platform reduces real estate footprint and saves money

The platform helped the organization achieve $1.2 billion in cost savings. The 1Facility eases the task of hoteling professionals, increases network security and integrates facility operations management with building management systems. It also sends notifications to employees who are looking for or occupying space in real time. Desk locations and users’ devices are mapped to specific Ethernet patch panels, allowing corporate IT to track devices and monitor utilization. Occupancy sensors and workstation usage analysis provides intel on productivity, compliance monitoring and decision-making.

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$1.2 billion cost savings

forecasting $3+ billion in savings over three years

20% reduction

in the number of buildings supported

65% to 80%

increase in support role and space utilization rates

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