In Case You Missed It: How to Stay in Control in the Ever-Changing World of Technology
11 min read
Technology is no longer a nice-to-have but a must-have to meet and exceed customer needs. This is especially true in the world of parking and mobility. Precise ParkLink’s very own Maria Fiorini, Marketing and Communications Manager, shared how we can make technology work for us, instead of against us, during her session, How to Stay in Control in the Ever-Changing World of Technology, at this year's Canadian Parking Association (CPA) Conference and Tradeshow.
Due to popular demand, we’ve published the presentation and summarized the key discussion points below.
Download the full presentation below!
Reasons Behind Rapid Technology Advancements
Undoubtedly, technology is advancing faster than we can wrap our heads around. Although these advancements have evident benefits, they can make managing internal strategies and investments more difficult. Here's an idea of just how fast technology is advancing:
By 2025 there are expected to be 38.6 billion smart devices around the world collecting, analyzing and sharing data
Today the AI market is worth almost 90 billion dollars, with about $7 billion being spent on it each year
70% of all tech revolves around cloud services, with 46% of businesses integrating cloud-based APIs into their business offerings
By 2027, data growth is expected to reach 103 billion dollars, with 90% of the world's data being generated in the past three years alone
New virtual worlds, such as the metaverse, create endless business opportunities
Whether we love or loathe it, technology is here to stay and will only continue to advance. Technology has become an easily accessible amenity due to the evolution of the internet, mobility and cloud computing combined with open-source software. Increased capital in these technologies has also limited the number of barriers for both businesses and end-users.
For the first time, the world is using similar technology platforms to create, collaborate, consume and communicate with one another– fuelling global innovation and ambitions.
The more we use the internet, mobile devices and collaborative tools throughout our personal and professional lives, the more society becomes comfortable with technology. And we expect the same level of convenience that our gadgets give us in every aspect of life, including business—which proves how much consumer technology influences the overall market.
Organizations that lead with technology at the forefront of their operations are twice as likely to generate rapid revenue and profit growth– another reason why so many businesses are investing in innovation and taking an interest in it.
And with anything, there is the multiplier effect. Individual technologies are more likely to build and amplify one another due to the globalization of technology, now more than ever.
What are the Essential Eight technologies?
The Essential Eight technologies are examples of the multiplier effect and how they've come together to amplify one another and continue to create new technological advancements for the world to enjoy. In a recent study led by global PWC, over 150 technologies were evaluated to help identify ones that significantly impact any given company or industry. The Essential Eight include:
Artificial intelligence (AI): software algorithms capable of performing tasks that typically require human intelligence, such as decision-making, language translation, and visual and speech recognition.
Augmented reality (AR): the addition of information or visuals to the physical world—such as graphics and audio overlays, using external devices capable of rendering and displaying information.
Blockchain: a digital way of recording and confirming transactions and smart contracts.
Drones: Devices that can fly or move without a human pilot and can be controlled remotely by onboard computers.
Internet of things (IoT): a network of objects such as devices or vehicles— with sensors, software, and computer capability that allow them to be monitored and remotely controlled easily.
Robotics: machines or virtual agents that assist human activities
Virtual reality (VR): provides immersive experiences using computer-generated simulations of 3d images or complete environments.
3D printing: used by manufacturers to create 3d objects from digital models.
These essential technologies have undoubtedly made their way into every aspect of our lives—maybe without us even realizing it.
The Parking Mindset
These technologies will impact every business and every industry, including the parking industry. That is why it is essential to ensure our parking strategies are continually evolving. Traditionally, parking management has relied heavily on people's performance. However, in recent years we have seen a shift in these processes, making it fair to state that today, technology fuels operations instead of the other way around. People and technology are working together to accomplish more in less time and efficiently.
The division between parking management and parking equipment no longer exists, leading organizations to seek out one provider for both for seamless convergence. Managing parking with technology is a win-win for both businesses and consumers. And this is because we all want the same things— secure, safe and efficient operations. Believe it or not, this can be achieved with only four things;
Smart and connected hardware and software
Self-management tools at both a business and end-user level
Parking Technology Roadmaps
Several parking technologies have become necessary considerations to manage and maintain successful parking operations. Now is the time to familiarize yourself with these technologies to better equip your parking facility for the future and evolve your internal strategies.
Virtual customer service: Many parking operations across Canada and the globe are leveraging virtual customer service as it allows us to provide 24/7, multi-lingual support– all while addressing site-specific protocols efficiently. Face-to-face communication, online chatbots, self-serve options and hologram assistants are just some of the many evolutions were starting to see come to fruition.
License plate recognition (LPR) based enforcement: More advanced enforcement services rely on license plate recognition for even greater accountability. Now done on foot by patrol officers or cameras mounted on top of vehicles, this approach may soon become drone or robot based.
Smart access and permit parking: Although smart access and registered permit parking has evolved significantly over the last few years, heavily due to mobile Bluetooth Low Energy (BLE) permits and/or LPR, there are no signs of slowing down. LPR is a great tool; however, most solutions need help to capture a 100% accuracy rate due to variables such as faded or dirt on license plates. In the future, however, digital vehicle signatures will draw on LPR and help us reach 100% accuracy rates by being able to identify a wealth of information such as the vehicle’s license plate, colour and make.
Smart sensor technology: From a business standpoint, smart sensor technology lets us collect a wealth of data that can be used for business intelligence, all while guiding end-users to available parking stalls using coloured sensors. However, organizations overseas are already beginning to utilize augmented holograms to replace the functions of parking guidance technologies. However, we predict that vehicle heads-up displays will eventually work in conjunction with augmented reality to provide personalized messaging (think reserved parking).
Financial processing: There is no doubt that the pandemic has accelerated the transition to digital and touchless payments. Since the onset, 33% of end-users have explored a new digital payment method. It is forcing us to ask whether the parking world will move to blockchain models for even greater security.
Accessible pay stations: Accessibility is vital when building a comprehensive facility. Although many may think pay stations are becoming obsolete, they are still integral to any operation. For the foreseeable future, they're here to stay, and this is due to reasons such as app fatigue and providing a sense of familiarity.
Business intelligence and data collection: 90% of the world's data has been collected in the past three years. This proves that BI, data and analytics are top of mind for all of us and help us to understand our customers better and adjust our product offerings. Smart and connected hardware and software let us gather data that can fuel various use cases, such as building dynamic pricing strategies or monetizing curb management.
Online map and in-car navigation: We must consider how we promote our parking facilities and drive traffic to them. Today it's all about digital marketing and ensuring our locations are on top google search results. It is important to be on every online map, including an in-car navigation system, to capture as much of the market as possible. As virtual realities, such as the metaverse, continue to evolve, this will only further increase opportunities for businesses to promote themselves.
Preparing Your Business for Advancements
You may be asking, what is the best way to prepare for these technological breakthroughs and ensure our strategies and investments continue to evolve? Partnering with technology-first companies will help you navigate the world of technology advancements, remain ahead of the curve, be the first to explore innovative technologies, and comply with evolving regulations. But most importantly, they will help you save money and leverage your existing investments. Most importantly, consider the Essential 8 in your Emerging Technology Strategy— and if you don’t have an Emerging Technology Strategy, it’s time to create one for the next 3-7 years. When developing your future roadmaps, ask yourself;
How are we integrating the essential eight into our business strategy?
How does X technology impact my business?
What areas should we pilot new projects?
How can I upgrade my current investment without replacing my entire system?
But remember, technology is here to assist us, not to replace us. Let it help you take your business to the next level—you won't regret it.
Download the full presentation below!
References
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