Designing a hardware for multiplying with a fixed value is easy. (you need to multiply with 0.7071 always)
Follow the following steps:
1.) First of all choose a format in which you wish to represent your data. (See Q format)
2.) Find the bit representation for 0.7071 in the Q format chosen above.
3.) Carry out the multiplication of any general number A with 0.7071 (by hand in bit format). With this you can see what each output pin will look like combinatorially.
4.) I mean to say that you can find each output pin as a combinatiorial of input pins(A1 A2 A3 ..). the combinationational required will be very less and it can be implemented efficiently.
Alternative option
1.) you can always try splitting the multiplication into few shift and add operations.
For example : Multiplying A with 101 is equivalent to (A + (A <<2))
2.) You can split multiplication by 0.7071 into shift and add operations after representing 0.7071 in appropriate format (Either fixed point or floating point arthmetic)
I hope it is clear.