Despite the demand for coworking and flexible workspaces increasing by 12% in 2022, market supply has risen by as little as 5%. The imbalance between growing demand and existing supply has resulted in a seemingly crowded market – leaving flex space operators no choice but to improve their competitive offering.
But what does it mean to be competitive in today’s market? Location, amenities and events all constitute success, however, The Instant Group found that service-led spaces hold the highest occupancy rates in the market with an average of 82% UK-wide.
This makes sense in today’s fast-paced digital environment – a world where flex space members expect speed and overall, a seamless experience. And the expectation doesn’t stop at members. With the market expanding fast, there is no denying that flex space operators are busy people and require optimal efficiency, from nurturing leads and getting members set up to managing facilities and collecting payments.
In this article, we address five ways that coworking software, such as Yardi Kube, can help digitise and save time throughout the operational cycle of flex spaces.
1. Lead-to-Licence Management
Maintaining prospect engagement throughout the lead-to-licence process is vital for lead nourishment. Implementing an all-in-one coworking solution that offers automated workflows and follow-up capabilities will streamline communication, mitigate the risk of lost leads and help you sign leases faster.
Additionally, coworking software that offers customisable templates within workflows will facilitate the common messaging associated with answers to licencing queries, follow-ups and more. With this, operators can speed up the lead-to-licence process and maintain a consistent line of communication between sales teams and prospects.
Utilising technology improves the operational efficiency of your sales team and frees up their time to focus on nurturing quality relationships with prospects and building communities with members.
2. IT and Wi-Fi Management
You might have a thought-out flex space design, intuitive amenities and exciting events, but the key element to any flexible workspace is a robust internet connection.
Operators can eliminate the complexities associated with network management by implementing a workplace IT management platform specifically designed for your space and portfolio. With this, your members are automatically connected to all your workspace locations and can access support and training materials.
Whether they need to adjust the bandwidth due to user demand or add additional devices to their network, your members can do so independently without requiring assistance from your IT department.
Not only does this save operational time, but it allows members to take control of their network services quickly without having to go through a systematic process that may involve pushbacks and delays.
3. Facilities Management
With “service-driven” at the forefront of values in the flex sector, many spaces come with modern facilities designed to enrich the member experience. However, with impressive facilities must come the easy management of them.
Managing day-to-day maintenance, service level agreements, compliance and standards with daily, weekly and monthly centre inspections can be a timely process for flex space operators.
Fortunately, coworking software such as Yardi Kube provides community managers with the tools to manage coworking and flexible workspaces more efficiently.
Implementing technology enables flex space operators to carry out “centre checks and walkabouts” and set up routine inspections where staff can take pictures, record voice memos, perform creative action and upload to the platform if they find any issues.
Furthermore, aligning this with a streamlined procurement process where internal teams can work from one interface to bring in approved suppliers means you can save time in all corners of facilities management.
4. Member Interactions
When it comes to time-consuming tasks, sustaining a seamless member experience day-to-day is high on the list. Whether accessing the building, reserving a workspace, or RSVP’ing to an event, this process should be simple for your members.
Implementing a mobile app provides your members with a single source to engage and interact with your space, instantly saving operational time. For example, a member app comes with real-time availability that gives members the power to book meeting space quickly and 24/7.
Additionally, if the need for last-minute amendments to booking times, dates, or location arises – members can easily update it via the app without waiting for confirmation, alleviating timely interactions with flex space teams.
5. Billing and Payments
Managing invoices, payments and Direct Debits can be the most time-consuming process, particularly for operators with multiple centres. Fortunately, all-in-one flexible workspace solutions such as Yardi Kube can help you manage all your accounts receivables from one platform.
With automated billing, operators simply decide when to raise invoices and due dates for payment and can gain better visibility on all outstanding balances.
An integrated app allows members to either pay via credit card payments or set up their direct debits, providing your members control and better security over expenses.
Whether operating across one or multiple centres, implementing coworking software means operators can manage all billing and payments from one dashboard – saving time and admin overheads.
Yardi Kube Helps Save Time In Your Flexible Workspace
Yardi Kube Space Management, part of the Yardi Kube Suite, is an all-in-one solution that delivers all the tools needed to drive a thriving coworking space. The software, including a member app, facilitates all flex space operations from member management, meeting room bookings and access control to accounting, security and maintenance and procurement.
The Yardi Kube Suite includes Yardi Kube IT Management, a platform that offers resilient, high-speed Wi-Fi and IT infrastructure management. See how you can simplify daily operations and save time with Yardi’s flexible workspace solution, Yardi Kube Space Management.