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Author: Emmanuel Lereno, Chief Digital Transformation Officer, Precise ͵ÅÄ͵¿ú

Updated: June 2024

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Leveraging real-time data and a centralized information source gives parking owners and facility managers a competitive edge, enabling them to elevate their operational excellence through business intelligence. The integration of business intelligence into your parking infrastructure holds the potential to significantly boost your profitability.

Let's explore the essential aspects of your parking infrastructure and the key data points to collect for a successful integration.

Setting the Stage for Your Journey

Embarking on this transformative journey is not as daunting as it may seem. With the right tools, the integration process is relatively straightforward. First, you must equip each component of your parking infrastructure, such as parking meters, gated parking systems, parking guidance systems, and license plate recognition systems, with innovative Internet of Things (IoT) devices. These IoT devices are designed to maintain a continuous 24/7 connection to a cloud-based platform, serving as a secure data storage bank accessible to authorized personnel for analytical purposes.

IoT devices should offer remote management and control capabilities, allowing your parking infrastructure to adapt and seamlessly integrate with evolving requirements. These parking equipment elements should be able to integrate with other cloud-based services, fostering a unified system that enhances the overall customer experience. With the necessary equipment and technology, you can start tracking data, generating reports, and making informed decisions.

Valuable Data for Your Parking Operation

Data is not just information; it's the new gold. All data is consistently stored within a cloud-based platform, allowing parking operators, owners and managers to review and implement improvements to enhance operational efficiency. The data sets that can empower your business are invaluable, providing insights that can enhance your parking operations.

• Customer Data: This type of data provides a comprehensive understanding of your customer base, including details about their identity, parking duration, and the purpose of their visit to your lot. This invaluable information forms the foundation of a customer-centric parking strategy. A customer-centric parking strategy is one that is designed to meet the specific needs and preferences of your customers. For example, if the data shows that a significant portion of your customers are business travelers who often park for short periods, you can consider offering special rates or services tailored to their needs. This strategy can help to improve customer satisfaction and loyalty. Consider implementing a loyalty program to maintain the relationship between your business and customers.

• Payment Transactions: Understanding customer payment preferences is essential to streamline payment processes. Data on the most frequently used payment methods, such as credit cards, QR codes, or mobile app payments, is significant in determining parking equipment upgrades. This enhances customer satisfaction upon exit, resulting in higher customer turnover rates.

• Parking Occupancy and Operations: Facility managers have the ability to track occupancy rates, vehicle flow, peak times, and popular spots, allowing them to optimize staffing levels and enhance the overall customer experience. Dynamic pricing strategies can also be implemented, particularly during peak hours and special events. Dynamic pricing is a strategy where the price for a product or service is not fixed, but instead changes based on factors such as demand and supply. In the context of parking, this means that the price for parking can be increased during peak hours or special events when the demand for parking is high, and decreased during off-peak hours when the demand is low.

• Maintenance Schedules: Systematically collecting data related to the condition of parking facilities, alongside comprehensive maintenance and repair histories, empowers parking owners and managers to schedule preventive maintenance activities, identify areas in need of repair, and enhance the safety of their facilities.

 Parking facilities offer more than just a space to park; they are complex operations that must consider resource management, pricing optimization, and ensuring customer satisfaction. Business intelligence and analytics enable parking facility owners, managers, and operators to make informed decisions using valuable data insights. This can lead to significant cost savings and, importantly, improved profitability for your parking operation. 

References

Bruce, C. (2022, March 16). 5 ways data and analytics can improve your parking operation. Precise ͵ÅÄ͵¿ú. /news/5-ways-data-and-analytics-can-improve-your-parking-operation  

Chopra, M. (2023, June 28). How to use parking BI, Data & Analytics to improve your parking program. Parking Industry.  

Deubler, J. (2023, July 26). How do businesses make decisions with Bi?. Phocas Software. .  

Jain, R., & Parker, J. (2023, September 12). Business intelligence & KPI’s for predictive digital parking operations. Parking & Mobility International Parking & Mobility Institute.