achieving full profit potential for car parks: the dynamic approach
TRANSCRIPT
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.
© Copyright Integrated Decisions and Systems, Inc. (IDeaS – A SAS COMPANY)
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.
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© Copyright Integrated Decisions and Systems, Inc. (IDeaS – A SAS COMPANY)
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.
© Copyright Integrated Decisions and Systems, Inc. (IDeaS – A SAS COMPANY)
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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© Copyright Integrated Decisions and Systems, Inc. (IDeaS – A SAS COMPANY)
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
© Copyright Integrated Decisions and Systems, Inc. (IDeaS – A SAS COMPANY)
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.
© Copyright Integrated Decisions and Systems, Inc. (IDeaS – A SAS COMPANY)
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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© Copyright Integrated Decisions and Systems, Inc. (IDeaS – A SAS COMPANY)
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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© Copyright Integrated Decisions and Systems, Inc. (IDeaS – A SAS COMPANY)
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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© Copyright Integrated Decisions and Systems, Inc. (IDeaS – A SAS COMPANY)
SUCCESSFUL INTEGRATION
Reservations System
+Car Park Revenue Management System
=Maximum Revenue Performance
© Copyright Integrated Decisions and Systems, Inc. (IDeaS – A SAS COMPANY)
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