Monetizing Parking Data Through Analytics and Smart Insights

Does your parking business collect data? You might be sitting on a pile of valuable insights. Sound analytics can cut costs as you plan and budget. You can even monetize parking data in more ways than you currently do.

Upgrade your parking business through data and smart insights

Planning operations

Parking analytics include peak usage times. They also provide occupancy rates and duration of parking. Anticipating demand, you’ll mobilize resources, recruit staff, and deploy digital tools just when they’re needed. Venues and councils can lean on analytics to add new parking meters in some areas, and reduce enforcement staff in others.

Figuring out rush hour means you can switch on backup power or upgrade Internet bandwidth only when it’s necessary. In planning, knowing which parts of your property receive the most clients will inform decisions about creating new spaces or reallocating old ones.

Budgeting for the future

Insights will forecast how much revenue to expect over the next quarter, six months, and a year. You can glean information like what time of day and what specific activities are yielding the most returns.

Armed with that knowledge, you’ll invest in areas that show promise. You’ll also be able to budget for investments and maintenance knowing where to raise revenue or when to balance budgets. This kind of knowledge is great in situations where you have to prioritize between competing needs.

For instance, upgrading backend payments systems to recruit more clients, versus decorating a store front that can wait a couple of months.

Optimizing for best results

Parking is a fluid and dynamic business with demand and supply constantly ebbing and flowing. You might have to adjust your prices to stay competitive. Smart insights will guide you towards dynamic pricing. Dynamic models embrace efficiency.

Ensure software through which clients access your services are equipped with feedback tools. Their feedback will pinpoint where they have challenges and how these situations can be improved. General complaints can be addressed by tweaking features in the system, and less common ones fixed on a case-by-case basis. Having foreknowledge will prepare your team to offer the best outcome.

Data can open up other sources of revenue through licensing to third-parties like urban councils, local advertisers, ride operators, retailers, navigation apps, logistics companies and corporations, but you should check out privacy laws and compliance guidelines in the region you’re operating before engaging monetizing client data. Make sure clients consent, and offer them value.

Leverage data you already possess

You don’t have to crack your head to reap the benefits of data and insights. You just have to read into them to leverage smart insights. Parking management software comes with the tools you need to start monetizing. Book a demo to find out how.