- 28 Jun 2023
- 2 Minutes to read
- Updated on 28 Jun 2023
- 2 Minutes to read
What is Resource Demand?
The Resource demand dashboard is an AI-powered predictive dashboard that helps you make smarter, data-driven decisions about your resources. It lets you know which resources are in overall high or low demand. It also lets you know when each resource is the most/least popular per hour or per day of the week.
The dynamic pricing feature works alongside this dashboard to increase your space's revenue through automated price adjustments — prices go up when the resource is in high demand and drop when the resource is in low demand to encourage bookings.
The Dynamic pricing earning breakdown lets you know exactly how much additional revenue dynamic pricing generates.
How Resource Demand Works
Trends analyze your data and leverage advanced statistics to assess the likelihood of bookings at specific dates and times. This includes detecting booking patterns and considering influencing factors such as your opening hours or bank holidays in your country.
Our AI-powered predictive models need about 3 months of booking data generate your first predictions. From there, predictions only get better with time! As your booking data grows, our predictive models dynamically learn from it and fine tune your predictions.
What you Need to Use Resource Demand
Your Resource demand dashboard is ready to use as soon as soon as we have enough booking data to offer predictions. The only setup we need from you is opening times defined in each of your locations. You only need to define your opening times once via Settings > General Settings > Opening Times on the Admin Panel.
These times aren't displayed on the Members Portal, but they help our predictive models detect bookings outside your opening hours as outliers and adjust the predictec demand solely based on when you are open.
Like all Trends dashboards, the Resource demand dashboard requires at least 3 months of historical data in Nexudus to start offering predictions and insights.
From there, all you need to do is sit back and relax! If you've been with us for more than 3 months, your predictions are already there! If you started using Nexudus less than 3 months ago, you just need some patience and your Trends will populate around the 3 months mark!
I can't see anything on the dashboard, what's going on?
An empty resource demand dashboard means we don't have enough data about bookings your space to give you active predictions just yet. We usually need about 3 months of historical booking data to provide your first predictions.
Why can't I see any data after filtering my dashboard?
Our AI-powered models need a minimum amount of data to generate predictions. While we want you to be able to make the most of your dashboard by filtering your predictions, every filter you add excludes data subsets from the model's calculations.
If you add too many filters and the data left isn't enough, our models cannot generate predictions. This is more likely to happen if you have less booking data to start with, either because you started using Nexudus fairly recently or you haven't recorded enough bookings in Nexudus so far.