Let’s face it — running and growing your flexible workspace business requires data-driven decision-making. But it's a real challenge to collect, reconcile, structure, and visualize all your data.
Of course, you can use modern tools such as Google Data Studio, Microsoft Power BI, or Tableau to transform raw data into a maneuverable format. But with all respect to their vendors, these complex tools are absolutely useless if you have no extensive skills in statistics and data analysis.
The goal of this article is to show you that data analysis is not something done by data scientists only. All those numbers and figures can be much more accessible with the right niche-specific analytical tools. In other words, every coworking operator can arrange recording, analyzing, disseminating, and presenting data insights in a form that is easy to decipher and make business decisions.So here we go, please meetandcards Analytics — a new data platform and business intelligence tool created for coworking spaces operators.
andcards Analytics is a reporting tool developed specifically for coworking and flexible spaces. It allows you analyze all critical sides of your business by collecting data and transforming it into easy to comprehend visual reports. andcards analytics is the simplest, yet the most powerful resource for numeric information on your business performance and customer interactions.
For instance, with a click of a mouse or a tap of your finger (if you are using your phone), you can review all numbers critical for your business health on a single dashboard. Then, you can go deeper into the matters you are concerned about at the moment, such as paid and pending invoices or statistics extracted from your booking calendar to see which rooms/desks are really popular and bring you the most money and which underperform and stay empty more often than not.
You can even learn which of your Stream newsfeed posts get the most likes and comments at a glance!
But more about andcards Analytics reports later. Now, let’s figure out why Analytics from andcards is better for a coworking business than any other tool available in the market.
Our team finds analytics from andcards very advantageous. We can see the numbers and monitor our growth. The tool is user-friendly and intuitive, which is also essential for a non-geeky person like me. — Kenneth Penn, The Lab on Dexter
You already know that our coworking space analytics provides valuable snapshots of how your coworking business is performing across a number of key variables. Now let me walk you through the major types of those variables available on the page.
Knowing your members is critical for business. And membership analytics is the best place to go when you need to see which of your members are activated and happy with the service and which require your particular attention to get involved in the community life.
You can also check how many tenant companies reside in your flexible workspace, learn every company by name and team size and check your members’ plans.
Operators start coworking spaces to earn money first of all. That’s why this batch of financial reports is one of the most important for a businessman. It will give you a clear understanding of major revenue sources (plans, rooms, desks, shop, etc.). You will be able to compare general revenue and revenue from each source by month to spot positive and negative trends and make necessary adjustments.
Besides, the Invoices report will show you current and historical data on paid and unpaid bills and the amount of revenue associated with these payments.
Room and Desk bookings are probably the most frequent activities at a coworking space. You surely want to know how many times each room/desk is being booked during a certain period of time, how much revenue does each room/desk bring you, how long an average booking lasts, which days of the week are the busiest for bookings, and how customers pay for bookings (free, card, invoice, external payment, etc.)
The report gives you precise numbers at a glance. Knowing which amenities are overbooked and which underperform, you can improve workspace utilization and make it more even and efficient.
Not all activities at your coworking space are aimed at direct sales. However, this doesn’t make them less important. I am talking about activities targeted at member engagement, happiness, and retention.
Many dashboards on andcards Analytics are dedicated to your “community” and “member experience” metrics. For instance, you can see how many publications on the Stream feed you had for a certain period of time and how many likes and comments they got.
You can see how much members like your perks, how many applications for benefits you have daily, and so much more.
Most coworking spaces organize events for members and external customers and allow visitors. Arranging an event is a laborious task, so it’s quite natural that you want to know if these investments return in some form or another. andcards analytics will show you how many events have been hosted at your workspace during a specified time lapse, how many people attended them, and how much money did you earn.
Visitors' report will update you on the number of new people coming through your door every day. It will also give you a summary of approved, rejected, and pending visit requests.
Coworking spaces not only lease desks, rooms, and offices. They offer a-la-carte products such as merch, branded stuff, office supplies, and more to their members and guests. On andcards, the above-mentioned items are offered in a Shop, which is connected to Analytics. Thereby, you can easily track how successful is your online store, how many purchases you have daily, and how much revenue it brings your business.
The last but not the least important report on our list is related to member support at your coworking space. It will give you a good understanding of how members feel there, what issues they face, how often they face them, and how efficiently all those issues are addressed by your managers.
Please note that the above list is not exhaustive. Our product team is constantly adding more useful reports, filters, and functions to the tool.
You can use data provided by andcards Analytics in a million different ways beneficial for your coworking business.
You can set specific measurable business goals and then track your progress quickly detecting slowdowns and making necessary changes to get planned results on time.
By monitoring all your revenue streams, you can easily pinpoint the most promising opportunities. Focusing on areas that bring you the best ROI (return of investment), you will be able to cut down inefficient activities that drain your resources and grow your revenue faster.
By getting insights into customers’ preferences, you can tailor your offers more precisely and give members exactly what they like. Such extraordinary care about the customers will surely make them happier with their memberships and leave no chances to drop off.
With an analytical tool tightly integrated with your main coworking space management software, you will be able to generate comprehensive reports full of quantifiable data in no time. You can share these easy-to-understand graphs with your team for encouragement and inspiration or present them to prospective business partners/investors. This way it will be much easier for you to prove that your flexible workspace is a viable business model that is capable of expanding to multiple locations.
After everything read above you surely want to know how to start using andcards Analytics at your coworking space.
Are you an andcards customer? Then we have great news for you! For all andcards customers Analytics is available inside their main web and mobile apps at no additional cost. No need to activate anything, just make sure you have admin permissions, click the ‘Analytics’ button on the main screen and make a deep dive into the main health parameters of your business.
Not an andcards customer yet? Schedule a demo call with us to know how to sign up and how it will make operations at your workspace easier.