The key benefits of coworking software are (but not limited to) automated administrative tasks, improved operational efficiency, better member experience, fully integrated technology stack, and visibility on key business metrics.
And as a rule of thumb, the more you’re scaling, the more you can observe the positive impact of technology on your business. Because the more you are scaling, the more problems you face and the more your workload grows.
But, before we move to what a management platform can bring to the table, let’s take a look at the following scenario. Does it sound familiar?
Your processes become more complex and clumsier day after day. Mundane, administrative tasks eat more and more of your workday while you have less and less time for strategic work. You keep working on growing your business but you feel kind of stuck.
At some point, it becomes difficult to keep track of data, memberships, bookings. You spend hours to export and import data from one system to another. Just to eventually find out that there’s a mistake in one of the sheets and you have to do this again…
Can this be different? Easier? More efficient?
A coworking software can help and below you will find out how.
1. Automates administrative tasks
Coworking software helps you automate a huge burden of your day to day activities. This includes but is not limited to invoicing, billing, contract and membership management, meeting room bookings.
Using a management platform removes the necessity to handle tens of spreadsheets and deal with mundane, repetitive tasks over and over again. Ultimately, this saves you hundreds of hours each month that you can dedicate to working on your strategy or finding new clients, for example.
A lot of spaces members use Google Calendar to book meeting rooms, for instance. Then, at the end of each month, they go in and manually count how many hours each company used and if they exceeded their allocated time. This eats a huge portion of their time and is also prone to errors.
A coworking software enables you to keep track of such data in the platform and automatically add it to the respective invoice at the end of the month. No need to manually review, count, or transfer data.
2. Improves your operational efficiency
What would your performance look like if you could decrease the time for a task to be done from 3 hours to 10 minutes, for example? A management platform will help you achieve this.
Automating and streamlining your processes enables you to do your work faster, more efficiently, and more precisely.
For instance, instead of spending 2 days to invoice all your members and send each member their invoice, you’d need 2 hours. Looking for proof? Common Desk, one of the most successful flexible workspace brands with 19 locations in the US, managed to take their billing process to a whole new level by implementing coworking software – take a look at their story!
Increased efficiency means more value with fewer resources and input. And this will allow you to focus on other important processes like working on your strategy, selling more desks, etc.
3. Improves member experience
Investing in a great customer experience definitely pays off! And, in coworking spaces, the level of customer experience is strictly related to how members interact with your space, amenities, and team.
Is it easy for them to book a room? How long does it take them to change their billing details? Is there a convenient way to submit a ticket?
You should always strive to make such processes as easy, convenient, and efficient as possible.
Another benefit of coworking software is that it can help you achieve this by:
- enabling you to manage contracts and memberships so you can service your members fast and adequately
- helping you keep track of membership-related data so you can easily access it when needed
- providing your community with web and mobile apps to easily interact with your space, amenities, and team
This way, your members make the most out of your space. Ultimately, this improves customer satisfaction and loyalty.
4. Integrates and syncs all other systems and apps
Integrations enable seamless and error-free data transfer from one system to another. This way, you don’t have to manually export, import, and transfer data from and to your apps and tools.
A lot of spaces use between 6 and 8 different tools to manage their operations and those tools are not connected to each other. This leads to lots of wasted time trying to synchronize data and huge chances for human error.
Probably, one of the most useful benefits of coworking software is that it can integrate and sync all other systems you use. These could be payment and accounting software, door access, WiFi, printing, and more.
For example, you can connect payment software like Stripe, and accounting software like Xero to your coworking software that will sync and automate the entire process. This will enable you to do a couple of things with just a couple of clicks: automatically generate and send invoices, collect payments, and update the data in your accounting tool.
5. Gives you visibility on key business metrics
Lack of visibility on key business metrics can not only prevent you from scaling but could be also harmful to your business.
It can lead to identifying critical problems too late, wasting valuable time to manually build key reports, and making inadequate budget decisions.
A coworking software enables you to tap into metrics such as occupancy, utilization, and revenue. It helps you reduce guesswork and rely on data for important decisions.
Should you invest in private offices? Are the meeting rooms on the 3rd floor regularly underutilized? What is your projected revenue for the next 6 months?
Data helps you find the answers to questions like these and ultimately make the right decisions. Here’s more on the topic of setting and measuring KPIs.
6. Bonus tip: How to choose the best coworking software
If these benefits of using a coworking software already made you consider the option of investing in such a solution, it’s critical to find the right one for your space.
There are plenty of solutions on the market and the truth is there isn’t a one-size-fits-all solution. However, there’s a solution that fits your needs best.
To help you make the best choice, we’ve created a detailed guide on evaluating coworking software. We hope you’ll find it useful. 🙂
And if you want to make even more out of technology, don’t miss to check these top 17 apps for coworking spaces. Combined with a coworking software, they make the perfect tech stack for your space.