WeWork India, a leading coworking company, released a new space management solution on Tuesday that would assist large corporations in optimizing their real estate assets and saving money.

WeWork India has introduced ‘WeWork Workplace’ in conjunction with Yardi, a leading workplace management system.

Commenting on the new offering, Karan Virwani, CEO of WeWork India, said that it would assist major organizations in managing their whole office portfolio, including owned and leased spaces.

He added that the firm has already begun selling this option to businesses cheaply.

According to Virwani, the solution would also help the firm boost its income by creating demand for flexible workspace.

“In an era where hybrid and flexible work culture takes center stage, space management plays a very crucial role for enterprises.” He stated that there is an urgent need to identify operational inefficiencies methodically for organizations to prosper.

“The Workplace Tool is ideally positioned to assist organizations in optimizing their practical office space needs while intentionally enhancing the office experience for their workers. It will enable real-time insights for data-driven decision-making,” Virwani said.

WeWork’s Workplace tool can unite all space types (privately leased/owned, WeWork, and WeWork shared/affiliate) into a single experience, according to a statement.

Furthermore, organizations that want overflow space will be able to provide their workers with access to WeWork and WeWork-linked sites across the world, according to the announcement.

The application provides organizations with a simplified approach to space integration and management, as well as portfolio optimization, as well as access to over 500 WeWork workplaces on a single platform.

“This results in significant cost savings for businesses via real-time data analytics. In a world where work dynamics have changed significantly, the Workplace will assist in managing both the people and the workplace, resulting in increased efficiency,” according to the statement.

Regarding corporate responses to this technology, Virwani said that there are presently 30 accounts in use by over 6,000 people in India.

WeWork India, which began operations in 2017, has signed over 8 million square feet of assets at 53 sites across New Delhi, Bengaluru, Mumbai, Gurugram, Noida, Pune, and Hyderabad.

WeWork India is owned by the Embassy Group, which has a 73% share.

WeWork Global holds a 27 percent ownership in WeWork India.