4 Ways Predictive Analysis Can Streamline Your Parking Management Strategy

4 min read

Published on Parking Industry Insights

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.

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/

Mahir Chopra

Associate Director, Digital Control Centre, Precise ParkLink