Coworking space refers to both a physical location where coworkers (also called client servicing professionals) work, as well as an online workspace. The term is sometimes used interchangeably with client servicing or virtual work space. It refers to a business arrangement where clients and service providers can share a physical office or other space to enable efficient customer service, cost reduction, and ease of access through common infrastructural assets, like telephones, electricity, software, and reception and administrative services, while also reducing overhead, including payroll processing costs and more efficient administrative processes. This type of arrangement is often seen in information and entertainment businesses, where employees spend more time interacting with clients on the internet rather than spending time in an office. The internet facilitates a high level of efficiency and cost reduction, allowing co working space to spend more of their time communicating and interacting with customers on the internet rather than commuting to and from the workplace.
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Companies that offer a working space arrangements are seeking to strengthen their competitive edge in a highly competitive global economy. This arrangement enables co workers to benefit from the flexibility of being able to work at home and through flexible schedules. Flexibility allows the provider to offer various packages to its customers, depending on their individual needs. Many of working space arrangements allow for flexible hours of operation, which further reduces the expenses incurred by the provider. In addition, some of these arrangements offer complete business automation, including fax machines, printers, computers, telephone sets, etc., which reduces operational expenses.
The benefits of a working space are clear, although the market is rapidly evolving. As business ventures and operations grow, the importance of this arrangement will no doubt increase in parallel. As more companies look to reduce costs associated with running a business and increase efficiency and productivity within their operations, co-working space will only become more valuable and popular.