andcards Plug & Play Analytics — Your Lifebuoy in the Ocean of Big Data
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 meet andcards Analytics — a new data platform and business intelligence tool created for coworking spaces operators.
andcards Analytics is a newly developed reporting tool that allows you analyze all critical sides of your business by collecting data and transforming it into easy to comprehend visual reports. It’s the most powerful resource for numeric information on your business performance and customers interactions.
For instance, with a click of a mouse, you can review the statistics extracted from your booking calendar. See which rooms 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.
- Developed specifically for coworking business. andcards Analytics was developed by coworking software professionals for coworking space industry professionals. It includes pre-built dashboards featuring only the data that matters for your business the most.
- No setup required. Analytics is immediately available to all andcards customers without a complicated setup. You just enter the Analytics page on your web application and start exploring. No third-party apps involved, all key data sources are already connected for you.
- Ready-made reports. Analytics is full of best practice reports illustrating your business performance across every channel you've enabled on andcards: bookings, payments, billing, events, Stream, and more. You track all your business metrics from a single place.
- Easy to understand. Just like everything else on andcards, Analytics is user-friendly, easy-to-use, and presents you with glanceable visualizations and charts. Analytics enables access to your coworking insights that can make your business better — no statistics degree required.
You already know that andcards 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.
- Membership analytics.
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.
- Finance/Bills analytics.
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, services, 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 report will show you current and historical data on paid and unpaid bills and the amount of revenue associated with these payments.
- Rooms/Desks analytics.
Room and Desk bookings are probably the most frequent activities at a coworking space. You surely want to know how many times each room is being booked during a certain period of time, how much revenue does each room bring you, how long an average booking lasts, which days of the week are the busiest on bookings, how customers pay for bookings (free, card, bill, 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.
- Stream/Events/Benefits/Services analytics.
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 Stream you had for a certain period of time and how many likes and comments they got.
How many events have been hosted at your workspace and how many members attended them.
You can see how much members like your offerings — benefits and additional services, how many applications you have daily, and so much more.
Please note that the above list is not exhaustive. Our product team is constantly adding more useful reports, filters, and functions to the feature.
You can use data provided by andcards Analytics in a million different ways beneficial for your coworking business.
- Achieve business goals faster.
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.
- Increase workspace revenue.
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.
- Improve customer retention.
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.
- Grow your brand.
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 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 your workspace easier.