This parking facility management (PFM) company is a leading provider of professional parking management services throughout the United States.<\/p>\n
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, \u201cmarooned\u201d 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.<\/p>\n
This challenge is especially relevant to retailers who benefit from dynamic pricing. For instance, a retailer could sensibly raise the cost of parking to $40 the night of an event (e.g. a concert). Whereas on a typical weekday, it would make sense for them to offer parking at $5. This is the \u201cwow\u201d factor of dynamic pricing.<\/p>\n
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.\u202f<\/p>\n
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.<\/p>\n
With this in place, the data could now be used for pricing optimization. Prolifics created analytical models that provided insight into times and events that generated higher demand.\u00a0 As a client adjusts their pricing based on those factors, they can also see how their capacity (e.g. number of available parking spaces) reacts to the changes.<\/p>\n
A large part of the \u201cwow\u201d 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\u2019re making your organization tremendously more productive.<\/p>\n
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.\u202f<\/p>\n
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 \u2013 instead of being updated after the fact.\u202f<\/p>\n
To find out how Prolifics can help your organization optimize pricing and operations, connect with one of our experts today<\/span><\/a>.<\/p>\n To find out more about PFM\u2019s success, download the full case study.<\/p>\n