4 Ways Predictive Analysis Can Streamline Your Parking Management Strategy
Posted: Apr, 18, 2023 9:11AM ET • 4 min read
Effective parking management balances a lot of moving parts and competing priorities, and with so many variables, it can be challenging to get that balance right every time. Capturing parking-related data and applying predictive analysis tools empowers parking owners, operators, and managers to make data-driven decisions to stay ahead of emerging trends. So, what is predictive analysis? This data analysis technique uses statistical algorithms and machine learning to make predictions about future events or behaviour based on historical data.
Below are four key benefits of using predictive analytics to optimize your parking management strategy.
1. Perform collections based on parking behaviours.
By analyzing data from devices currently deployed in the field, such as pay-on-foot stations, parking meters or entry and exit gates, you can identify patterns in parker behaviour and predict how much revenue you'll be collecting on any given day. This information can help you optimize your staffing plan to cover peak demand, minimize the risk of theft by collecting cash once hopper levels reach a critical threshold, or ensure there’s enough change available to handle large volumes of parkers for special events.
2. Enforce when and where you need it most.
License plate recognition technology and feeds from on-site cameras give parking facility managers the data they need to more effectively schedule their enforcement activities. These technologies are proving invaluable in identifying transactions in violation and where the vehicles in question are congregating and therefore help you target enforcement where it’ll be most effective.
3. Schedule maintenance proactively to minimize downtime.
Like all hardware, repeated use of parking equipment will eventually lead to a physical failure, whether it’s an intercom button seizing or a bill recycler that jams. Armed with the equipment manufacturer’s maintenance schedule and data from the parking facility on how many calls are received, bills dispensed, or tickets issued, parking managers can schedule necessary maintenance proactively to reduce the likelihood of equipment downtime and lower maintenance costs.
4. Replenish consumables as needed.
Analyzing patterns in equipment usage and monitoring storage levels in equipment deployed in the field helps you make sure consumables like tickets and receipt paper and always full enough to avoid the risk of a machine going out of service because it can’t issue more tickets, for example.
To get the most out of predictive analysis, we always recommend using a central management platform to help you keep track of all the data flowing in from the sites you manage. This not only helps you visualize the data in a way that’s easier to consume, but also lets you combine two or more of the benefits discussed above by making it easier to see, for example, when preventative maintenance can be scheduled to coincide with collections, enforcement, or replenishment activities.
More and more, predictive analysis is proving to be an indispensable tool for parking owners and managers looking to take their operation to the next level.
Reference
Bruce, C. (2022, March 16). 5 ways data and analytics can improve your parking operation - precise ParkLink: Parking management services. Precise ParkLink | Parking Management Services. Retrieved April 3, 2023, from https://www.preciseparklink.com/news/5-ways-data-and-analytics-can-improve-your-parking-operation?locale=en
Gautam, S. (2021, September 1). Predictive analytics in parking. Get My Parking. Retrieved April 3, 2023, from https://blog.getmyparking.com/2019/05/25/predictive-analytics-in-parking/
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ABOUT THE AUTHOR
Mahir Chopra
Associate Director, Precise ParkLink
Mahir heads up Precise ParkLink’s latest centralized support service, the Digital Control Centre. The DCC actively monitors client sites as well as the operational status of each piece of equipment installed at those sites, using the data it gathers to generate KPI reports, optimize collections and enforcement activities, schedule preventative maintenance, dispatch technicians, order spares and consumables, and in rare instances, investigate causes of equipment damage.
In this leadership role, Mahir monitors these workflows to ensure they continue to deliver value to our clients like we promised. When he or a member of his team identifies an opportunity to improve a system or process, he engages other leaders within the organization as needed to develop a solution that balances our clients’ business objectives against each site’s individual operational requirements. With a Bachelor’s in Computer Applications, a further post-graduate diploma in information technology, and experience prior to Precise ParkLink in programming and system administration, he’s been able to make significant improvements in our processes since joining the company in 2018. In those intervening years, he’s gained valuable experience in leadership and project management while working as a production IT specialist and eventually a team lead.
He supports his staff earning their customer service certifications to assist our clients better, he’s spearheading initiatives to digitize our records and service requests, and it’s his constant looking ahead to what workflow can be improved next that led to the development of the DCC in the first place. It's because he has such a personal connection to the DCC that he’s especially proud that his team was recognized by BOMA Toronto with the 2023 Pinnacle Award for Innovation, highlighting just how unique Precise ParkLink’s service delivery model is.
With a professional career centred on collaborative work and technical innovation, Mahir’s personal time is spent disconnecting as much as he can — reading quietly in libraries, hiking with his family, and composing music.
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