Why manual booking of your shared resources can leave your customers in bad taste

Deepak Khandelwal, 18-Jan-2019 , Reading Time: 5 minutes

Booking a meeting room is one of the most common activity in a shared space. It is often done via emails or manual bookings with space managers.

Since common resources are revenue generating, it is critical to monitor their utilization. This is a two-step process ? a ledger of the utilization timesheets is prepared by the space manager and the members are required to validate it before an invoice is raised. While this activity can be done manually, it is a time-consuming process. The free credits given to the members needs to be accounted for. Not to mention the disputes arising out of human errors and improper record maintenance. Often, the coworking space managers end up compromising or waiving off the charges in case of dispute.

On the member side, this manual interaction every time often leaves them with a bad taste when they are asked to validate the records.

On the other hand, if owners miss to track space utilization, it results in revenue loss.

What is the Solution?

Digitizing this process is an ideal solution for this problem. The primary motive is not to automate the process and save time but avoiding any chances of conflicts with your customers. Amspaces Booking Portal allows your members to check availability and book meeting rooms in real time.

Through a dedicated login for your members, you can allow them to:

  1. Check availability of the meeting rooms in real time
  2. Book shared spaces from anywhere on their mobile / tablet / desktop
  3. Check chargeable rates of resources they book
  4. Check their available and utilized credits
  5. Check excess utilization of resources over and above free credits
  6. Track their booking history

Thus, automating your reservations and bookings not just eliminates the risk of revenue loss for the owner but also empowers your customers. Most importantly, the risk of your customers getting pissed off is eliminated.

The benefits don?t end here. This might help in increasing your booking revenues. Here?s how!

Once you have collected a reasonable amount of space utilization data, you can start running analytics on it. Here are a few pointers on the performance metrices and how you might increase your revenue.

Once you have collected a reasonable amount of space utilization data, you can start running analytics on it. Here are a few pointers on the performance metrices and how you might increase your revenue.

1.Utilization Occupancy -

  a. Definition: Total booked hours divided by the total available time.
  b. If the occupancies are low, you might have overallocated on your shared space.
  c. If most of your members are only utilizing their free credits, there is a chance you might have a higher hourly price.
  d. No of enquiries vs the actual bookings are another metrices to analyze user demand and pricing.
  e. Comparing occupancies across different shared resources gives you an idea of the moving products and might help you redesign your inventory.

2. Booking Revenue per Desk (BRPD) -

  a. Comparison across members will help you identify which kind of members give you the maximum revenue. This may help you in choosing your next customer.
  b. Benchmarking this revenue against other revenue heads and compare it to the ratios of the other players in the market to set benchmarks.

3. Average Booking Time -

  a. Might help you in setting up policies for the minimum booking time to maximize revenue.
  b. You may setup a preference booking policy for your premium customers.

4. Free Credits vs Membership Fees -

  a. More often than not, we have seen disproportionate allocation of free credits given to customers. Tracking this is important for setting up a fair policy and garner customer trust.

How can I subscribe for an Amspaces account?

You can visit our website and request a demo or simply write us at info@amdigit.com. Our team will get in touch with you and set-up a demo for you.

How much does the booking module cost?

This feature is completely free for Amspaces account holders.
Here you can explore our pricing plans.

Do I need to adjust anything in my existing Amspaces account?

No, Amspaces Booking Portal is an integral part of your Amspaces account. Your space members will be able to access the web app and make bookings using their Amspaces credentials.

Can I use it on my Mobile & Tablet as well?

Yes, Amspaces application is responsive to all types of devices be it Mobile phones, tablets or desktops.

Know how you can engage with your members with Amspaces !

Amspaces is a leading coworking space management software. You can now automate complex operational tasks such as inventory management, member management, booking & reservations, billings & payments, visitor & member check-in etc. all under one platform.

Explore more about: Amspaces