Feasibility studies methodically assess potential locations using remote programming. This approach effectively estimates the necessary space and takes market factors into account, ultimately improving the decision-making process for site selection.
The traditional process for site selection
Traditionally, enterprise level site selection is a laborious and tedious undertaking. The process involves numerous stakeholders, extensive research and analysis of locations, site visits, and site evaluations—just to name a few. Factors considered include:
- Space needs
- Location preferences
- Budget constraints
- Long-term business goals
- Demographics
- Market trends
- Infrastructure
- Transportation access
- Regulatory requirements
On average, the process of selecting a site can take anywhere from 6 to 18 months to complete, depending on the complexity of the market and the project itself.
Limitations of the traditional site selection process
For Corporate Real Estate (CRE) teams, there are several limitations to the traditional site selection process. These include the complexity of evaluating numerous criteria and balancing conflicting requirements, such as cost versus location quality. Additionally, gathering accurate and up-to-date data for analysis can be time-consuming and resource-intensive, and there is always a level of uncertainty in predicting future market conditions and business needs. Overall, the process requires careful navigation of these challenges to make informed decisions that align with the organization’s objectives.
How feasibility studies can enhance the site selection process
Conducting feasibility studies can help overcome the limitations that come with the site selection process as they provide a systematic approach to site evaluation.
These studies are primarily conducted through programming, providing a time-effective approach that eliminates the need for external designers. Centralized teams remotely assess available real estate, evaluating its alignment with their required programmatic area. By inputting square footage and density, they can estimate the potential space required.
This approach and its comprehensive assessments of potential sites allow teams to consider market conditions, costs, and risks. Feasibility studies also mitigate uncertainty by analyzing data and projections, enhancing decision making and business objective alignment.
Using Saltmine to elevate feasibility studies for site selection
Saltmine is revolutionizing the way feasibility studies for site selection are conducted.
The platform quickens the process of programming and early-stage test fitting compared to traditional methods like Excel. This efficiency encourages teams to explore more iterations or conduct more detailed test fits within the same timeframe and resources.
Saltmine’s platform goes beyond basic 2D plans by offering 3D information and external views. This provides a contextual and immersive experience, allowing stakeholders to easily grasp up-to-date design guidelines and workplace standards, creating opportunities for both technical and non-technical users to make informed decisions.
Customer example: Fortune 500 Fintech company
To illustrate the impact of Saltmine’s feasibility capabilities, let’s refer to one of our customers.
This Fortune 500 Fintech company leveraged the Saltmine platform to conduct a feasibility study as part of a larger workplace ROI assessment. They recognized the significance of site selection decisions and their long-term implications on leases and workplace quality, which is where they saw substantial value in Saltmine.
Outcomes achieved
The Fintech company leveraged Saltmine to rapidly and efficiently conduct feasibility studies for three potential sites.
Using a cloud-based design platform, they were able to run multiple programs and conduct numerous design iterations asynchronously. Stakeholders followed design changes in real-time and could instantly generate comparison and benchmarking reports. Detailed renderings and plans helped the company test various scenarios thoroughly, aiding in their understanding of each site’s benefits and drawbacks.
While it may be difficult to measure the precise impact of Saltmine’s involvement in the site selection process, the value lies in the ability to make more informed decisions. With Saltmine’s extensive information and visualization capabilities, this customer had a significantly improved chance of selecting the best site for their needs.
This approach to feasibility studies and site selection revolutionizes the way enterprise teams make critical real estate decisions. By combining speed, a wealth of information, and compelling visualizations, Saltmine empowers companies to optimize their workplace, enhance stakeholder decision-making, and ultimately achieve better outcomes.
To close, Saltmine has become the backbone of this Fintech company’s capital projects to which they have seen prompt cost and project savings, as well as projected long-term savings.
To read this company’s full story—and see the other positive outcomes they’ve achieved—click the banner below:
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