IDeaS CarParkPRO Functionality
Intuitive User Interface
IDeaS CarParkPRO offers an array of user-friendly design elements for unmatched ease of use. Information is prioritized and presented in colorful, straight forward graphs and charts for quick access and use through a standard Internet browser.Easy to read graphics and data on key parking performance indicators from the IDeaS CarParkPRO @ A Glance screen provides a clear view to the information most important to you, view business for a day, week or month. Along with a quick overview of your business, the user can also configure alert condition further enhancing the ability to 'manage by exception'.
In addition, IDeaS CarParkPRO provides a number of reports which provide an insight into the business trends and empowers the user to make informed decisions. The reports can provide valuable data and information for new pricing and planning actions.
Product Identification
A crucial first step in the pricing, forecasting and optimization process for parking is correct Product Identification. This involves analysis of historical transactional data to understand previous patterns of use, alongside identification of the key target market segments. From this, the parking products to be offered can be designed and the right pricing strategy determined.This step is dependent on segmentation variables based on parking lot type, geographical area, competition, etc. and requires important input from the business to ensure alignment with business practises and objectives.
As such, this is not an automated function of the solution but a consultancy service offered by IDeaS Advantage to support this process and identify various market segments in order to utilize the pricing and demand forecasting from CarParkPRO.
Pricing/Opportunity Cost
At the heart of IDeaS CarParkPRO is a module that computes the expected rate of the last available unit of inventory – what we call “Opportunity Cost.”The Opportunity Cost approach championed by IDeaS Revenue Optimization is used to develop the optimal price for the next unit of inventory to be sold. All capacity management, pricing, forecasting and optimization decisions are based on understanding the expected marginal revenues and marginal costs relevant to that particular decision.
IDeaS CarParkPRO calculates an Opportunity Cost value for each car park product on each day for defined time slots, taking into account the revenue impact that selling a unit of inventory on a particular day for the defined time slot may have on earnings from other time slots on that day or other days. The Opportunity Cost can be interpreted as the expected marginal revenue from alternative revenue opportunities that are foregone when renting the parking space.
To determine the optimal price which is acceptable for a period corresponding to multiple time slots, IDeaS CarParkPRO sums the Opportunity Costs for the inventories in each time slot that constitutes the length of rental. The optimal price at which the next unit time slot should be sold on a particular day is then derived from this Opportunity Cost.
Demand Forecasting Process
Demand typically exhibits regular patterns based on the time-of-day, day-of-week and season-of-year. It also exhibits trends (growth in demand due to growth in the economy at large) which can be projected forward in order to estimate future demand in each market segment.However, there is uncertainty associated with the future demand for various products. The correct management of the risk corresponding to this uncertainty is what provides the revenue leverage. IDeaS CarParkPRO forecasts both the demand and the corresponding uncertainty.
The Demand Forecasting process is the focal point of all user interaction in the pricing, forecasting and optimization process. User interaction, when needed, ensures that the forecasts are accurate for unforeseen special events until IDeaS CarParkPRO learns from experience.
Dynamic pricing, based on demand and length of stay, complemented with proper product mix, maximizes revenues by stimulating demand, capturing the demand at the right price, and improving the utilization of available capacity.
SaaS Deployment
IDeaS CarParkPRO is implemented via Software as a Service (SaaS) deployment with very little infrastructure, guaranteeing small upfront costs and easy implementation. There is no new equipment to purchase or maintain and no need to tap your existing IT resources. » Click to Continue
» Download IDeaS CarParkPRO Brochure
» Download IDeaS CarParkPRO Solution Description
 |
For more information on the benefits of the IDeaS CarParkPRO solution for your organization, click here to contact IDeaS. |