IDeaS presents a roadmap for evaluating demand-based, dynamic-pricing, parking technology.
All revenue management platforms are not created equal. In fact, many claiming to be are not in fact “true” revenue management systems. When assessing parking revenue management technology vendors, it’s important to know how to spot some critical differences.
The distinction between a demand-based versus rules-based system, for instance, is vital to having a proactive versus reactive strategy. When it comes to technology to manage and optimize your parking pricing, there are generally three types to consider:
Good
Business intelligence tools for parking, in the technology sense, are widespread but also a bit of a misnomer—there’s not much actual intelligence at play. These systems are great for reporting on how your business is performing, and allow you to react to data trends, but still require human minds to do all the heavy lifting and computing. There’s no analytics engine under the hood here, nor any demand-based integrations to enable any assessment of your competitors’ pricing schemes.
Better
Reservation systems have made a profound impact on the parking industry by enabling customers to reserve spaces in advance and take advantage of discounts or packaged pricing. Many parking operations rely on these systems to vary parking rates and yield in order to grow revenue. Though reservation systems can provide information via reports and support rate changes, these tools are still largely reactionary, rules-based in nature, and are unable to process big data or provide deep analytics.
Best
When considering revenue management systems (and other pricing tools) for your parking operation, there are a number of complexities to keep in mind beyond merely selecting a platform. Technology is just the beginning when it comes to the business of running an effective revenue management operation and finding the right partner to suit your business needs.
That’s why IDeaS is pleased to present the first-of-its-kind Parking Revenue Management Buyer’s Guide to help parking operations worldwide:
- Understand revenue management fundamentals
- Formulate a business case for a technology investment
- Identify steps needed to prepare your business
- Evaluate and select a technology partner
Your untapped revenue awaits. Download the guide now to rev up your parking business.
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