Like all others, the coworking and flex workspace industry is in constant flux. Arguably coworking and flex workspaces have seen a particularly significant change over the past few years, both down to an organic maturing of a relatively young industry, and due to the challenges and indeed opportunities presented by the global pandemic.
In such an environment it’s vital that businesses stay ahead of the curve and innovate to ensure continued success into the future. As we have already mentioned, the industry is changing rapidly, not least due to the ongoing surge in popularity and normalisation of a hybrid working model which has, in turn, seen the number of coworking and flex workspace skyrocket in recent years. According to GCUC's global coworking report, the reported 3 million coworkers there were in 2019, is expected to almost double by 2022. In a similar vein, Allwork.space has projected that the number of coworking spaces worldwide will more than double by 2024.
This shows just how much the industry is changing at the moment, and while this undoubtedly provides huge opportunities for coworking and flex space operators, it also presents challenges such as significantly more competition in an increasingly congested marketplace.
With this in mind, we at Nexudus are always striving to evolve with the times and provide workspaces around the world with the tools they need to be as successful as possible. One of the key areas we feel is going to play a significant role in the industry moving forwards is how data-driven decisions will help to optimise flex workspaces’ operations. In the last year or so we have done a significant amount of work and invested resources to add value and functionality to the platform using the data we have accumulated over the past 10 years.
This project has started to bear fruit this year, as we released our Nexudus Insights reports, what we believe to be the largest study into the coworking and flex workspace industry undertaken so far. We haven’t stopped there though, as we have just released the new Trends and Insights Module in the Nexudus Admin Panel. Our goal is to translate this data and information into actionable insights to optimise the operations within workspaces.
This new Trends and Insights module goes beyond data though, and adds AI into the mix, in what we believe is an industry first. So, without further ado, it’s time to dive into this new feature in more depth…
As was mentioned above, Trends & Insights is a brand new addition to the Nexudus Admin panel that includes a number of different features that leverage data and AI to help you make informed decisions on how best to run your workspace.
This feature does exactly what you would expect it to do, by providing you with projections on booking demand throughout your workspace on a given day or week, and even on a per hour basis. The AI will also take into account relevant days in the calendar, such as bank holidays, ensuring you always have an accurate projection of demand.
This section can even offer more granular detail than simply plotting the expected demand for your space as a whole. The AI will look at the data for desks and resource bookings throughout your space, and provide you with insights into demand on a much more specific scale.
It is this level of granularity that we hope will allow you to optimise your space in such a positive way. You will be able to see which of your meeting rooms are most popular, at which times of day you could consider raising prices, or even if there is a resource that has low demand that you could consider replacing. Being able to get accurate data on the performance of your workspace on-demand is a truly invaluable tool which we are delighted to be able to bring to Nexudus customers.
The insights bar is another way this new section will provide you with key metrics on your space’s performance. Regularly updated to give you the most relevant information, it is yet another way the Trends and Insights Dashboard allows you to get a complete overview of how your workspace is performing.
It is in this section you will be notified of your most and least popular resources, low demand hours and days, low demand time periods and much more. This provides you with much needed context by displaying the performance of a particular resource in comparison to your workspace’s average.
This feature of the Insights and Trends panel is where it gets particularly exciting. Not only does this panel offer all the information and data we mentioned above, but it can even utilise this data to automatically adjust your rates to ensure your workspace remains as competitive as possible, by bumping your prices up or down based on customer demand.
There are two different ways by which you can use the Dynamic Pricing feature, and we will discuss each in a little more detail now.
Dynamic Pricing by Time Period
This option uses data surrounding customer demand to adjust your booking rates automatically. Operators are able to either reduce or increase the rate by which prices are adjusted according to high, average or low demand. As you can see from the above image, operators remain in control of how prices are adjusted but can make informed, data-led decisions that are automatically actioned to maximise profit and ensure you always have the most competitive prices.
Last-minute Dynamic Pricing
This option allows operators to automatically tweak rates when a customer makes a booking at the last minute. This will give you the flexibility to opt for either a gradual increase in price during the time period leading up to a booking or a fixed price adjusted by a certain percentage for a fixed time.
We are incredibly proud of this new feature and think it will be a real game-changer for workspace operators. Data is such a powerful tool and is one that we believe has been under-utilised in the coworking and flex workspace industry up to this point.
This is why we have invested so much time and effort into developing this new Trends and Insights dashboard as it will allow Nexudus customers to be informed about the performance of their workspace in a much deeper way, and will give them the actionable insights they require to thrive in a growing and increasingly competitive marketplace.
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