Data are everywhere, but they are not easy to gather, analyze and rationalize. Business Intelligence tools require specific capabilities in order to deliver an effective research, and actionable results based on data comparison: from past data, through real-time data management up to future forecasts.
Business Intelligence is the way HUB approaches Big Data for the parking industry.
Business Intelligence systems provide data gathering, storage, and management through analytical tools, in order to present useful information to decision makers. This is enabled by a specific data architecture design and its capability to sustain incremental growth of the database.
Specific business intelligence capabilities should be provided in order to deliver an effective research and actionable results: they can be summed up as past, present and future analysis capabilities.
Past Analysis revolves around data gathered through time, concerning parking utilization, pricing strategy, impact of pricing changes on occupancy, citations per metered space, parking meter maintenance costs, and the evaluation of occupancy of all parking lots in a dedicated area.
The second main business intelligence capability is about real-time analysis through data mining. Examples are: identifying available spaces in all parking lots within an area, enabling revenue collection from cars, supporting per minute parking charges versus flat rate charges, dynamic adjustment of the price per spot, information about parking offenders in real time, recommending and directing drivers to other parking lots that are not full.
Finally yet importantly, the future-forward analysis allows to forecast parking demand, optimize pricing strategy, and implement a dynamic pricing structure for special periods such as events or holidays.
HUB Parking Technology offers a seamless tool with user friendly interface, that is designed to interact with member and transactional data like never before: it is able to meet real-time, ad-hoc, current state reporting and analysis of operational data: occupancy monitoring, occupancy break down with monthly, transient, commercial and other customers, manage different variable fee structures, automate revenue reconciliation, and enforce staff accountability.
First of all, a Business Intelligence service assists in strategic and operational decision-making, which is key in all smart parking solutions.
It enables a tangible parking optimization since predictive analytics guide parking operators in forecasting the latest trends and developing strategies based on parkers behavior.
As a return of parking optimization, an increase in revenue is to be expected. But that is only the tip of the iceberg: BI allows for smart parking, and smart parking is a core element of the smart city. Parking is expected to be reshaped by future trends such as driverless cars and electric vehicles. Data and business intelligence technology will help parking operators face new challenges.