When I was an airport parking manager my wishes were simple. I wanted to be able to:
- Operate dynamic pricing, checked every day, optimize revenue, looking months into the future.
- View EVERYTHING important in one place using a best in class BI. Pre-booked and Drive-Up history, sliced by Date, by Car Park, by Product, by Channel. Monitor future bookings, booking pace and demand across any special events I’d defined. And be able to seamlessly drill into reports and graphs.
I know my peers at other airports wanted to do the same things, but the booking engines were just that – platforms to manage inventory and apply basic pricing controls. The more sophisticated applied price changes as occupancy thresholds were reached, but that was using sales as a proxy for demand, and the opportunity may have already passed. Changing prices was time consuming, and keeping resellers aligned even more so.
The booking engines generated reports and files of transactions, but they still need to be combined with Gate (Drive Up) information and building out those platforms isn’t trivial.
And then I found GrayMatter. Their Car Park Revenue Management Product has a rich forecasting processor, generating demand by market segment by price point across week number, arrival day of week and duration, and tuning these against booking pace. The forecasts are used to generate Bid Prices for every occupancy date, for every car park, and then nested availability is constructed to enable the optimal durations and products to be distributed, and at the right times. Repeated every day. And all this on a product with superlative, customizable and scalable UI that drives seamless customer experience.
GrayMatter’s CPRM solution employs a mix of historical data analysis as well as recent trends coupled with sound decision optimization algorithms to recommend optimal pricing. This in addition to the eclectic mix of reports and dashboards that enables decision support for car park decision makers!
I was so impressed I joined the company! Come and see for yourself at the upcoming Airport Parking Network Event or request a demo or consultation. Let’s accelerate your car park business. Now!
About GrayMatter Software Services Pvt. Ltd.
GrayMatter Software is a Big Data, Data Science, Artificial Intelligence, IoT Data Integration, BI and Analytics firm offering products and services in this space. GrayMatter’s Airport Analytics (AA+) product is a pre-built enterprise-wide solution for Airport Operators consisting of in-depth analytics for all areas of airports business by integrating data across 20+ airport systems into centralized data warehouse. Car Park Revenue Management (CPRM) is a part of the AA+ solution that optimizes car park occupancy and maximizes car park revenues. The solution provides price prediction as well as data-driven insights that maximize revenues and enhance management control.