- 18 Oct 2023
- 1 Minute to read
- Updated on 18 Oct 2023
- 1 Minute to read
What are Trends?
Trends are AI-powered business intelligence (BI) dashboards. Each dashboard's insights help you make more data-driven decisions such as preparing for future demand or actively reduce the number of members cancelling their contracts. Trends dashboards remove a lot of guesswork and let you adjust your business strategy.
For example, if you know that there's a dip in booking demand on Tuesday and proactively reduce their impact on your future revenue by sending out newsletters or posting discussion board messages with promotional offers during those quieter periods. Similarly, if you know that some of your resources are particularly popular at specific times or on specific days, you can leverage dynamic pricing to automatically bump their price up and maximize your revenue.
How Trends Work
Trends dashboards rely on predictive models that analyse your space's data and forecast trends in booking demand, member engagement in your space by leveraging your space's booking data.
Trends dashboards are built using multiple predictive models that identify patterns and influencers in your booking data to provide accurate and reliable predictions. We identify the least and most popular resources in your space while also providing insights on when your resources are likely to be in high, average or low demand at future dates.
The more booking data we collect from your space, the smarter our predictive model becomes. As your booking data grows, your predictions also become more refined.
Nexudus uses your opening times by default. If your space is open 24/7, Trends calculations won't include any bookings made between 10PM and 6AM.
All your Trends dashboards start giving you insights about three months after opening a new location. Nexudus' AI-powered models need around three months worth of bookings, contract and occupancy data to come up with robust and reliable predictions.
All you need to do to get the most of Trends is define your opening times via Settings > General settings > Opening times on the Admin Panel.