The Power of Parking Business Intelligence and Analytics
5 min read
Published on Parking Industry Insights
Author: Emmanuel Lereno, Chief Digital Transformation Officer, Precise ParkLink
In today's day and age, leveraging real-time data and a centralized information source gives parking owners and managers a competitive edge, enabling them to elevate their operational excellence through business intelligence. If you're considering integrating business intelligence into your parking infrastructure, now is the time to do so.
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 relatively straightforward if you have the right tools. 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 smart 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 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 in place, you can start tracking data, generating reports, and making informed decisions.
Valuable Data for Your Parking Operation
Data is 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. So, what kind of data can empower your business? The following data sets must be collected and analyzed:
Customer Data: It 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 and personalized services. Consider implementing a loyalty program to maintain the relationship between your business and customers.
Payment Transactions: To streamline payment processes, it is important to understand customer payment preferences. Data related to 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, ultimately resulting in higher customer turnover rates.
Parking Occupancy and Operations: Business owners gain the capability to better understand the parking lot's occupancy rate, vehicle flow, peak times, and popular spots. Parking owners can optimize staffing levels and enhance the overall customer experience. Dynamic pricing strategies can also be implemented, particularly during peak hours and special events, enabling your parking business to maximize revenue streams through flexible pricing models.
Maintenance Schedules: Systematically collecting data related to the condition of parking facilities, alongside comprehensive maintenance and repair histories, empowers parking owners 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 operators and owners to make informed decisions by providing valuable data insights. Operators can identify peak parking hours and adjust staffing levels accordingly, reducing operational costs while maintaining an optimal customer experience. Ultimately, the parking operation becomes more efficient and profitable by integrating business intelligence.
References
Bruce, C. (2022, March 16). 5 ways data and analytics can improve your parking operation. Precise ParkLink. https://www.preciseparklink.com/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. https://www.parkingindustry.ca/parking-technology/how-to-use-parking-bi-data-analytics-to-improve-your-parking-program
Deubler, J. (2023, July 26). How do businesses make decisions with Bi?. Phocas Software. https://www.phocassoftware.com/resources/blog/5-ways-companies-are-making-better-decisions-with-business-intelligence#:~:text=Better%20business%20decisions&text=By%20identifying%20actionable%20insights%2C%20a,into%20making%20crucial%20operational%20decisions.
Jain, R., & Parker, J. (2023, September 12). Business intelligence & KPI’s for predictive digital parking operations. Parking & Mobility International Parking & Mobility Institute. https://parking-mobility-magazine.org/september-2023/data-driving-decisions/