This parking facility management (PFM) company is a leading provider of professional parking management services throughout the United States.
Parking management organizations generate significant revenue if they’re able to offer on-demand parking services to daily commuters and occasional parkers. For our customer, a parking facility management (PFM) company, “marooned” parking data posed a significant challenge. It had the capability to collect real-time data from monitoring devices, but the data was siloed at satellite server locations.
Kris Brown is Prolifics’ Global Head of Data Solutions. “Any kind of retail situation where you would want dynamic pricing is really where this challenge comes into play,” said Brown. “In the context of parking, let’s say the night that U2 is in town, you could raise the parking to $40. But on Monday morning, when everybody’s going back to work, you’d know enough to put it back down to $5. That’s the ‘wow’ factor of dynamic pricing.”
How Prolifics met PFM’s challenge
With data siloed across multiple locations and only updated on a preconfigured schedule, PFM could not participate in real-time pricing initiatives. This was the first priority for the Prolifics teams: creating a way to centralize key data without the need to wait on specific update scheduling.
Next, our teams deployed a hybrid cloud solution that allowed the company to store real-time data in the public cloud without compromising security or control.
With this in place, Brown explained how the data can now be used for pricing optimization. “We created analytical models on the data – and the models give opportunities to understand what events allow you to have higher demand and where you’ll get higher demand no matter what,” said Brown. “And then what you can do, as you start to adjust your pricing based on those events, is see how your capacity reacts to the changes.”
A large part of the “wow” factor for this dynamic pricing process is the speed of the AI/ML automated tools utilized in this project. Taking something that someone might need weeks and months to do manually and bring it down to hours. You’re making your organization tremendously more productive.
Prolifics also built a new front-end interface for the company. It included application programming interfaces (APIs) to connect multiple services across disparate data channels and facilitate data integration with popular web and mobile reservation apps. Finally, our teams created a new administrative user experience to improve facility, partner, and price management across the organization.
By partnering with Prolifics, PFM was able to combine real-time data about current parking capacity and combine it with relevant information about local traffic and events. By leveraging robust APIs to connect tools such as Google Maps to parking databases and mobile reservation apps, it was possible to deliver end-to-end parking information and pricing that responded dynamically to user demand – instead of being updated after the fact.
To find out how Prolifics can help your organization optimize pricing and operations, connect with one of our experts today.
To find out more about PFM’s success, download the full case study.
Prolifics is a global digital transformation leader with expertise in Data & AI, Integration & Applications, Business Automation, DevXOps, Test Automation, and Cybersecurity across multiple industries. We provide consulting, engineering and managed services for all our practice areas at any point our clients need them. Vision to Value. Faster. It’s not just the Prolifics’ tagline, it’s what drives us. Reach out to learn more – email@example.com.