We recently discussed the importance of customer-related data analytics on helping owners and operators understand and anticipate their customers’ needs. There are a number of metrics across other areas of your operation that must be analyzed to make informed business decisions to run your business in the most efficient and economical way possible,,, while creating loyal, satisfied, repeat customers.

Although every business metric is important and can be analyzed to improve parking operations, in this blog we identify the following metrics:

• Occupancy
• Pricing
• Customer satisfaction
• Turnaround / wait times
• Outcomes from promotions campaigns
• Utilization of parking technology (reservation apps, payment apps, etc.)

The ability to identify trends across your portfolio is essential to evaluate patterns (both positive and negative) and see what is working best for your operation by facility, region, and overall. There are many options available to see both real-time statistics, as well as run reports which showcase your overall operational efficiency.

The reports and data analysis opportunities available with today’s technology provide parking owners and operators with the information and resources to create the most efficient operation possible. These tools can consolidate this data from across your entire portfolio into one easy to evaluate dashboard, enabling you to make the decisions that are best for your organization.

This information is valuable to helping your organization understand the behaviors, needs, and desires of your customers and identify opportunities to support them, as well as your staff, as successfully as possible. You can then make the decisions necessary to help maximize your organization’s efficiency by altering pricing, staffing, marketing strategies, and more. This information can also provide you the information necessary to evaluate supply and demand, efficacy of expenses, and the utilization of financial resources to create opportunities to implement new technologies, promotional campaigns, and more. The parking industry today offers countless tools and resources to provide parking owners and operators with the information at their fingertips to successfully evaluate their entire portfolio. This data allows them to identify valuable patterns, eliminate the activities that aren’t working, and capitalize on the behaviors and strategies that are creating the best possible parking experience for customers while maintaining a successful and profitable operation.