Posted: Sept, 29, 2020 9:55AM ET • 1 min read

Two hands holding an iPad displaying a parking management dashboard with a line graph displaying parking analytics

Business intelligence has entered the world of parking operations in full force. Business intelligence builds off of data provided by smart parking systems, and through artificial intelligent algorithms formulates predictions and insights that allow parking facility managers to optimize their parking operation and identify revenue-generating opportunities.

An example of business intelligence in the parking industry is the ability to create dynamic pricing strategies based off of parking occupancy variations during certain months, days, and at certain times.

If you are looking to dive deep into your parking operations through data analysis, it’s essential to invest in smart parking systems that effectively collect data and are able to communicate this information to a business intelligence system. From there you’ll want to ask your parking technology supplier about having access to an analytics dashboard that can generate insights, reports, and, most importantly, predictions. Key analytics you will need access to include:

Revenue generation
Parking space occupancy
Customer types
Permit types
Payment types
Period-over-period comparisons

Let’s face it, poring through reams of data isn’t for everyone, which is why it’s important to have the information displayed in a clear and easy-to-understand dashboard. Also be sure to narrow your analysis down to key performance indicators that really matter to you.