When it comes to running a parking operation, operators will always struggle with efficiency and competition. After all, what makes or breaks a parking operation is simple – lower output and higher profit. Yet today’s business landscape is drastically different than ever before. Technology is increasing this pace of change, causing unique demands from users and customers, and creating significant opportunities for parking operators to increase operational efficiency, optimize revenue, and decrease associated costs.
Much like how Uber transformed the transportation industry, in today’s parking industry, one must embrace disruption or expect to be disrupted. We see it every day, independent operators leaving money on the table by using outdated systems. Here are three ways an old parking system will set an operator up for failure.
Without question, connectivity is reshaping today’s businesses. Consumers expect – demand – businesses to have a web-based, mobile-first approach to accessing and using their services. The parking industry is no exception. In a world where time is money, parking operations that have an easy-to-use application and mobile payment options will draw in more customers and users than a parking operation that has been around for years. Operating on dated software could cost millions in lost business.
Using Third Party Aggregators
Many operators with dated systems resort to using third party aggregators to gain business.
At first glance, a third-party site may seem to be a good solution for gaining customers with their easy booking experience and online presence. But a closer look reveals exorbitant fees, difficulty making reservation changes, no customer loyalty programs, no access to customer data, and poor customer service delivered to your customers.
Can’t Manage Revenue
Today’s advanced parking technology affords operators all the tools needed to manage revenue to their benefit. The ability to retain and analyze historical customer data for forecasting purposes, set dynamic pricing tiers, and manage park space inventory allocation are valued assets of today’s parking management systems. Without these tools, operators are leaving money on the table.
No question about it, for parking operations to keep ahead of change, operators must think about upgrading their system to meet the demands of today’s consumer, maximize revenue, and reduce the cost of operations.