It begins to learn at a geometric rate. It becomes self-aware at 2:11 p.m. Eastern time, November 7th. In a panic, they try to pull the plug, but it is too late, Nexudus already knows about Christmas...
The last 2 years have been different, we don't really need anyone to confirm that. I'll say it again in case you have not heard it enough: we work differently, we socialise differently, we entertain differently and, above all, we consume and sell differently.
Unexpectedly, the last two years have also given many of us the chance to explore and invent like never before. Many workspace operators have come up with ingenious ways of selling space and their services; many workspace management systems have come up with smart ways to make the most of the void left by all those working from home. We have all had to shift gears and quickly understand a new kind of market: one in which consumers want less risk and more flexibility; be it when it comes to booking a flight or a desk.
In this new dynamic environment, it is increasingly harder to rely on intuition and market sense to make the correct business decisions. When demand and customer behaviour changes so quickly, being able to objectively understand those behaviours and take appropriate actions quick enough becomes an advantage but also a necessity. At the same time, if we have learned anything from this period, is that data and its understanding is the only tool that will successfully help us navigate these complex environments.
With close to 10 years of data and nearly 4 million bookings across 90+ countries, we at Nexudus are in a unique position to make sense of this data and extract clear and actionable insights to help operators drive that side of their business based on customer behaviour. During the last 12 months, a dedicated team of data experts has been trying to create a set of artificial intelligence models to identify patterns and the most relevant customer, operator and space characteristics that have a direct impact on the way the different amenities are used and the predicted demand for them.
A bit like the infamous SkyNet in the film, The Terminator, Nexudus looks at these patterns on a daily basis, retrains and adapts predictions quickly based on how customers use the different resources and amenities. With a vast amount of historical data as well as with day-to-day observations, we are able to recognise seasonal changes in demand, like the ones you see above for Christmas and other national holidays but also short term changes in the way your customers make bookings and use your services.
The predictions are so great and contextualised to each location that we can, for example, see that, with just about 2.5% of the population in Israel being Christian, this is not a widely celebrated holiday and therefore the demand for our customers in that area stays pretty much the same during that period.
And this is only the start, as Nexudus observes other data sources such as local events, weather or even road traffic and collates all that information, it becomes better and better at giving you an accurate behaviour and demand prediction.
Being able to predict patterns, numbers and percentages is great, but they mean little if you cannot translate those into clear actions. From the outset, the team working in this new set of features had a word permanently in their minds: actionability. Whatever insights we obtain from analysing this data must translate into a potential action for the operators.
To this end, once Nexudus understands how customers are using the different services available to them, it will start producing a set of actionable insights to help operators make decisions to increase revenue and demand for those services.
Sometimes an image is worth a thousand words. This is why several visual clues will also help operators clearly explore the outputs of the different forecasting models. Understanding how demand distributes throughout the different hours of the day or days of the week becomes a simple task using these visualisations. As Nexudus already provides you with the ability to set pricing at the finest levels, actioning these insights becomes trivial.
Overall, understanding how to work with data and translating the outcomes of doing so into valuable insights for our customers has been an extremely rewarding exercise for the team at Nexudus, but we are only getting started. This journey has opened our eyes to many exciting possibilities and we are really thrilled to start to roll these out in the coming months.