Real Estate Services Review Reduces Total Occupancy Cost by 40%
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Overview:
Within three years, this Fortune 200 financial services company reduced its total cost of corporate occupancy by 40 percent without a corresponding decrease in head count or significant reduction in occupied space.
Client:
This company is one of the nation’s leading providers of health, dental, group life, disability and long-term care benefits.
Challenge:
Under severe pressure to reduce costs, this company hired Expense Management Solutions (EMS) to assess its corporate services organization and present strategic and tactical recommendations to identify opportunities for expense reductions that would show immediate bottom-line results. Areas under review encompassed all real estate assets, including headquarter properties, field locations and investment assets surrounding the home office campuses, and all services provided in support of corporate occupants, including mail, design, construction, records management, transaction management, furniture, signage, reprographics and policies and procedures for each function. EMS had fewer than 30 days to complete the study and needed to identify solutions that could immediately generate significant results.
Solution:
- Develop proprietary analysis and modeling tools
- Develop a detailed baseline of services provided in each area with associated costs
- Apply benchmark data to generate comprehensive recommendations that address every corporate service function and asset, including detailed organizational and process changes, with estimated return on investment and qualitative results defined for each recommendation.
Results:
- Saved the company more than $115 million in less than three years
- Achieved organizational restructuring, asset repositioning, process reengineering and leveraged sourcing initiatives
- Exceeded intial savings estimates.
