All revenue management platforms are not created equal. In fact, many claiming to be are not in fact “true” revenue management systems. When assessing car park revenue management technology vendors, it’s important to know how to spot some critical differences.
The distinction between a demand-based versus a rules-based system, for instance, is vital to having a proactive versus reactive strategy. When it comes to technology to manage and optimize your car park pricing, there are generally three types to consider:
Business intelligence tools for car parks, in the technological sense, are widespread but also a bit of a misnomer—there’s not much actual intelligence at play. These systems are great for reporting on how your business is performing and allow you to react to data trends, but they still require human minds to do all the heavy lifting and computing. There’s no analytics engine under the hood here, nor any demand-based integrations to enable any assessment of your competitors’ pricing schemes.
Reservation systems have made a profound impact on the car park industry by enabling customers to reserve spaces in advance and take advantage of discounts or packaged pricing. Many parking operations rely on these systems to vary car park rates and yield in order to grow revenue. Though reservation systems can provide information via reports and support rate changes, these tools are still largely reactionary, rules-based in nature, and are unable to process big data or provide deep analytics.
Revenue management systems are built to process complex pricing decisions multiple times a day. By breaking down big data, these systems deliver accurate and actionable data-driven insights. Through advanced automation, users can eliminate spreadsheets from their process, along with the high level of human effort associated with them, and let sophisticated analytics maximize productivity, optimize rates and capacity, enhance profitability, and improve the traveler experience. These are the optimal choice for forward-thinking revenue leaders who want to be able to action more strategic revenue decisions and ultimately, future-proof their business model.
When considering revenue management systems (and other pricing tools) for your car parks, there are a number of complexities to keep in mind beyond merely selecting a platform. Technology is just the beginning when it comes to the business of running an effective revenue management operation and finding the right partner to suit your business needs.
That’s why IDeaS is pleased to present the first-of-its-kind Parking Revenue Management Buyer’s Guide to help car parks worldwide. This guide will allow you to:
- Understand revenue management fundamentals
- Formulate a business case for a technology investment
- Identify the steps needed to prepare your business
- Evaluate and select a technology partner
Your untapped revenue awaits. Download the guide now to rev up your car park business.
IDeaS, a SAS company, is the world’s leading provider of revenue management software and services. With over 30 years of expertise, IDeaS delivers revenue science to more than 11,000 clients in 129 countries. Combining industry knowledge with innovative, data-analytics technology, IDeaS creates sophisticated yet simple ways to empower revenue leaders with precise, automated decisions they can trust. Results delivered. Revenue transformed. Discover greater profitability at ideas.com.