New age workspace- How virtual offices are transforming business strategy, operations

Change and evolution is the key to growth and success. The need to alter strategy and how firms operate is a continual process as scenarios and time change. 

Today's fast-paced lives necessitate careful management of time and resources. People have begun to save time and energy in various ways, including commuting time to offices, meetings, etc. Due to changing lifestyles, remote and flexible working has started to take centre stage in the corporate world.  
 
There is an ongoing debate and speculations on the importance of a physical office. Likewise, remote working and the pros and cons of both scenarios are being measured regularly. While the transition to remote work was not intentional at first, it is now increasingly becoming a thought-through choice.

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While many big, small, and medium-sized enterprises have adopted remote/virtually working as a culture, some companies, on the other hand, are embracing a hybrid approach to the modern workplace. 

As a result, the corporate workspace market is rapidly evolving, prompting employers, landlords, and real estate service providers to think of new ideas and ways to generate revenue streams and appeal to a broader range of clients.  
  
Months into the change, Gen Z and millennials have certain employment expectations, including a higher level of automation and development in business processes. As a result, the focus of workspace needs has shifted from executing business operations to ensuring resilience. 

The new-age technological advancements and sustainable approach to making working space a better world is the new talk of the town. 

The rise in demand for hybrid workspaces directly results from the pandemic, where enterprises found that downsizing their headquarters can be a good move for various reasons. 

Even before taking up any new job offers, prospective employees pay much more attention than ever to the work culture and flexibility. 

More and more corporates and start-ups also acknowledge the upside of having city-based branch offices where employees can work closer to home and maintain productivity. 

Flexible and enterprise-managed workspaces have thus gained traction in the positive direction given the change in mindset. 

Also Read: How small town workers stand to gain from remote work revolution

While organisations want employees to work from offices for a particular duration, they are keen on partnering with managed workspace providers to enable stress-free expansion of their portfolios across the country.  
 
With the lines between personal and professional life blurring each day, employees prioritise the question of well-being and safety more than ever before. 

Organisations counter the new reality by building a business strategy that facilitates new perks, a new workplace, and better job benefits. 

In addition, businesses should aim to provide a productive, creative, and satisfying work atmosphere for their employees. These can further help them in scaling up efficiency and further motivate the staff members.  
 
It is critical to scale up operations in response to shifting demand when the economy reopens. Existing systems that aren't cost-effective and precise must be replaced with newer versions that allow businesses to flourish while offering employees the autonomy to do their best work. 

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In addition, managed workspaces promote company expansion, customer outcomes, and cost-effectiveness by providing a technological upgrade and meeting regulatory criteria.  
 
Another 'new age' trend that has gained quite an interest from small and medium enterprises is virtual offices. Giving their business wings by expanding their presence across the country, SME's can enhance their credibility through virtual office space providers. 

Essentially, these spaces allow local clients to have a legitimate company address, enhancing faith in the said company.  
 
While it is expected that work from home would remain the primary choice of operation for some time, businesses with successful business models will be able to respond first and gain a competitive advantage in this fast-paced industry.  
 
(The author is Managing Partner, Incuspaze.)