Parking More Profits
Transforming Banks for a Digital Future: The Winners, The Losers, and the Strategies to Beat the Odds
Parking More Profits
Parkway's business intelligence strategy has boosted profits 3% to 4%for starters.
DAMAGE COST CONTROLS
Problem: Parkway's legal fees and insurance premiums were rising due to increased claims from customers reporting damage to their cars while in Parkway lots
Solution: Claims analyzed by location, type of garage, employee and lot caused managers to redesign some garages and automate others.
Payoff: In some spots, claims have dropped an estimated 15%.
NEW REVENUE INCENTIVES
Problem: High customer turnover at some garages.
Solution: Web site that gives top customers the best rate, at any given time, for a particular lot, location, time period and payment option from among Parkway-owned or managed lots in a given city or region.
Payoff: Pending; in pre-rollout and pilot phase.
Problem: Overtime costs for parking employees could spike suddenly, causing lower-than-expected profits per earnings cycle.
Solution: BI helped to pinpoint where overtime costs were highestand why.
Payoff: Parkway can now hold managers more accountable for cost and budget overruns.
Problem: Some guesswork was used to decide which types of garages and lots should be managed or acquired.
Solution: BI shows which lots make the most moneyand why, and what types of contracts and locations are most profitable, or likely to be, over time.
Payoff: Smarter decisions on which types of facilities to buy, which to sell and which to manageand how.
Problem: Long lines at exit windows and gates.
Solution: Automated payment machines that take various forms of payment simultaneously and, for monthly customers, sensor-equipped ID cards that activate open-close gates and bill customers for exact length of stay.
Payoff: Faster entry and exit times at high-use lots during rush hour and faster turnover with lower vacancy rates.
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