Find the right partners to ensure success
Typically, organisations are part of a value system. This includes the activities of partners and suppliers as well as channels and customers. In recent years, the way organisations create value has changed.
Advances in technology that make digital processing, data storage and communication cheaper have changed traditional business architecture from a vertically integrated value chain to a stack-based structure (an ecosystem). This means that no single organisation can operate in isolation, and neither should they desire that.
Whether we like it or not, private individuals, businesses, and government organisations are all part of multiple ecosystems.
In car parking these include parking management systems, digital payment, transaction and administrative process flows, event management, loyalty programmes for specific target groups, local mobility needs and regulations, city parking capacity, digital integration and information sharing with partners and customers, for example real time availability, navigation, PRIS and traffic systems, to name a few.
It is essential to focus on how to add true value with what you are doing. We found this is easier to realise in an ecosystem because ecosystems:
- are, by nature, highly integrated and link different layers in the value chain;
- adjust to your own moves, and those of your competitors and potential complementors.
When you are part of an ecosystem you contribute and compete on different key success factors in different layers.
For example, Q-Park competes on:
- scale with a substantial portfolio of parking facilities;
- innovation with smart co-creation partnerships.
The smart way forward is therefore to expand your value system into an ecosystem. This means adjusting your mindset towards cooperation and finding the right partners to ensure success, and at the same time concentrating on:
- enhancing your business performance in support of your strategy;
- aiming for both higher operational efficiency and a better customer experience.
Shift your mindset towards cooperation
At Q-Park, we did just that. We expanded our value system into an ecosystem and now have ongoing horizontal, vertical and cross-industry partnerships with:
- payment providers for easy payments and transactions;
- municipalities to improve mobility and accessibility;
- private landlords to optimise parking capacity;
- public landlords to balance parking tariffs;
- ICT suppliers to integrate back-office systems;
- on-street enforcement to enhance use of public space.
In the first step we deconstructed our value chain and pursued a digital transformation path to enhance performance. We digitised our entire core business processes.
This has enabled us to:
- enhance internal and external processes as well as how these communicate;
- further develop existing products to digital versions;
- create new digital products.
We took an end-to-end approach to digitisation, rethinking how value is delivered to end users and focusing our attention on our customers' journey. At the same time we prioritised needs based on value and cost, ensuring it was either worth building or worth exploring.
In the second step, as we are not a 'new' player (a start-up), we ensured we properly managed our existing business while innovating and expanding into new business opportunities.
Balancing the exploitation of our existing business and the exploration of new opportunities.
You're welcome to partner with us
So, if you have car parking property and want to focus on your business specific added value, you may want to consider becoming part of the Q-Park ecosystem.
We've already digitally transformed our parking business to enhance performance – you are welcome to take advantage of that.
Q-Park is an international parking company, focused on value development by providing high-quality services in purpose-built parking facilities and off-street parking at strategic locations. Q-Park's activities focus on providing services related to parking at targeted locations: in or near multifunctional inner-city areas, at public transport interchanges and at hospitals. We supply services that fulfil customers’ demands, and their need for convenience, reliability and hospitality.