Parking systems, largely unchanged since the 1950s, have long been considered costly, inefficient, and unpleasant. The majority are unable to meet the demands of today’s tenants and consumers, nor can they provide owners and operators with the real-time data they need to make informed decisions about their facilities. The limited data the majority of systems do provide is tedious and time-consuming to access.

As data-centric solutions mature, smart parking technology is starting to take hold, leveraging the latest PropTech (or property technology) innovations to improve the parking lot experience for owners, operators, tenants, and customers. The key to this transformation is real-time access data. Unlocking this data puts control in the hands of decision-makers, opening up endless possibilities for modernizing this once-stagnant industry. And that modernization comes with real and measurable business benefits. 

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1. Enhanced Customer Experience

While data is crucial for business improvements, it's also a key driver of customer experiences. The ability to provide access to amenities based on technology such as automated vehicle recognition (AVR) allows for a seamless driver experience. For example with Vend, returning visitors and monthly parkers can simply drive to the entrance, and the AVR identifies their vehicle and lifts the gate for automated access and billing — no tickets required.

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For operators, real-time access control data also allows quick responses to customer feedback and complaints and the ability to provide personalized recommendations and services based on customers' behavior and preferences. For example, operators can offer different flex passes and subscriptions that better meet customers’ needs and interests.

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2. Optimized Operational Efficiency

Traditional parking systems rely on manual checks and balances that can often be time-consuming, labor-intensive, and error-prone. Alternatively, smart parking technology enhances the efficiency of the entire system, saving valuable time and money. Operators can leverage real-time access data to track employee performance and operational metrics, identify irregularities and unauthorized access to tighten security measures, better monitor the performance of the facility’s equipment, like kiosks and cameras, and stay on top of scheduling routine maintenance.  

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3. Increased Revenue Opportunities

Real-time access control data is essential to maximizing a parking operation’s revenue potential. Tracking occupancy rates provides critical insight into customer trends, such as an uptick in hybrid work schedules, which can then be used to inform where and when more spaces can be added, or to implement dynamic pricing strategies that adjust rates based on demand. 

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Owners and operators can also use occupancy data to experiment with offering different flex passes for daily, weekly, and monthly customers, as well as loyalty programs that increase retention. Data can also reveal what other services customers are looking for at a parking facility–car washes, detailing, and electric vehicle charging stations are all popular options that provide additional revenue opportunities. 

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4. More Accurate, Data-Driven Decision Making

Not only does real-time access control data free up time and energy that owners and operators formerly had to spend on manual processes, but it also provides tangible and actionable information on how their business operates. The data is used to inform decision-making related to strategic planning, revenue generation, marketing and pricing, and more.

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While tenants, owners, and visitors all have different reasons for putting a higher level of importance on parking today, the shift is here to stay. A more efficient and, ideally, more enjoyable parking facility will generate a major competitive advantage in a crowded marketplace. Owners and operators that embrace smart parking management systems and take full advantage of real-time access control data and the insights it provides will be able to stay ahead of the curve as the industry navigates the next generation of parking management. 

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‍The future of parking is data-driven. Schedule a demo today to learn how Vend can supercharge your parking facility, enhance customer service, and maximize revenue.