achieving full profit potential for car parks: the dynamic approach

Achieving Full Profit Potential

from Car Parks:

THE DYNAMIC APPROACH

© Copyright Integrated Decisions and Systems, Inc. (IDeaS – A SAS COMPANY)

When reservation systems came online for car parks,

the industry changed forever. Today, commercial

managers are facing three major challenges that call

for more advanced, powerful capabilities.


Challenge #1 — Forecasting

In order to make good and

informed business decisions

about pricing, it’s essential

to understand what the future

occupancy and demand for

car park spaces will be.

Simply looking at last year’s

pattern does not accurately

predict future behavior,

especially when the price varies.

1


2 Challenge #2 — Getting the price right

Many car parks with reservations

are now experimenting with

rules-based pricing based on

booking lead-time, the level of

bookings achieved, or the price

offered by local competition.

This approach is limited in what it

can achieve as it cannot consider

the many more variables required

to determine the optimal rate for

every length of stay at any given

time. Making pricing decisions

based on instinct is also risky.


Challenge #3 — Human capacity

Today, the volume of data

generated and used by a parking

business is increasing at exponential

rates, with more information readily

available across more channels.

However, the ability to properly

utilize that data can be limited if

organizations are using manual data

extract processes and spreadsheets

for analysis. The potential for human

error here is high, even if the

organization understands the

importance of data based decisions

and revenue management.

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ENTER IDeaS CAR PARK REVENUE MANAGEMENT SYSTEM:An automated, self-learning software solution that analyzes

complex demand dynamics to generate the optimal product

mix and pricing in real-time.

IT PROVIDES:

• Sophisticated analytics to maximize productivity and profitability

• Demand and occupancy forecasts

• A scientific approach to pricing

• Optimal rate recommendations

• Integration with reservation systems

• Dynamic rate distribution to all channels

• Real-time communication and information flow

• Data visualization and informed decisions

• Cost-effective cloud technology


A RESERVATION SYSTEM IS NOT THE SAME AS A

REVENUE MANAGEMENT SYSTEM, AND BOTH

TECHNOLOGIES ARE NOW NECESSARY FOR A

CAR PARK’S OVERALL COMMERCIAL SUCCESS.

HERE ARE THE TOP THREE KEY BENEFITS OF

IMPLEMENTING A CAR PARK REVENUE

MANAGEMENT SYSTEM.


Key Benefit #1 — Demand forecasts

A Car Park Revenue Management System makes smart and

informed predictions about the demand for spaces in each

car park in the future.

It provides demand and occupancy forecasts for pre-book

and drive-up business, empowering managers to make

business decisions with confidence.

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Key Benefit #2 — Automated, optimized pricing

An optimized price is the price that’s best for a given moment

in time and which generates maximum results. With a Car Park

Revenue Management System, commercial managers can let

the system define which rates are optimal based on modelling

and variables within the system.

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Key Benefit #3 — Dynamic variable pricing

A Car Park Revenue Management System driven by sophisticated

analytics can create “dynamic” pricing decisions that adjust

intelligently.

These are prices based on optimized rates that match forecast

demand patterns and take into consideration the value of drive-up

business and pre-book business at the best possible rates.

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SUCCESSFUL INTEGRATION

Reservations System

+Car Park Revenue Management System

=Maximum Revenue Performance


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achieving full profit potential for car parks: the dynamic approach

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