Ai Smart Parking Technology: 11 Reasons Your Company Should Apply it

Ai Smart parking technology is a popular smart city initiative that helps commercial and business spaces manage their parking efficiently.
Ai Smart Parking

“No great city has ever been known for its abundant supply of parking.” – Allan Jacobs

With worldwide car sales touching a whopping 66.7 million in 2021, these lines from Allan Jacobs ring true. The commercial and retail sector is progressively facing parking issues.

Making the best use of your limited parking space is probably the only option.

But, it’s easier said than done. Why?

A cramped parking space is an ideal recipe for disaster. That’s where smart parking technology comes in.

Smart parking technology is a popular smart city initiative that helps commercial and business spaces manage their parking efficiently.

These technologies harness the power of the internet of things (IoT) and license plate recognition to ensure efficient parking.

In this article, we discuss a few reasons your company must implement this technology.

Smart parking technology: 11 reasons your company should apply it

Here are some reasons why smart parking technology is a must for every company looking to provide a seamless parking solution to their employees and customers.

  1. Enhances parking efficiency

When companies implement smart parking management software, they don’t rely on humans. 

Instead, they use smartphones and software. As a security guard at the gate deals with many people to manage the parking solutions, they might get tired and commit errors, causing chaos.

That’s where a parking management system becomes valuable. These systems require a smartphone to work. 

These systems increase parking efficiency by guiding employees to an available parking space and providing complete control over how customers pay.

It also ensures that you efficiently deal with parking protocols.

  1. Optimizes the parking space

With growing urbanization and the rise in urban population, there is a greater need for extra parking spaces. But, with the price of real estate properties touching the sky, a business needs to adjust to their available parking space.

That’s why many businesses actively use parking management tools that offer parking control systems. These systems provide information such as the total parking space and guide the customer or employee to an open parking spot.

It also provides information about overstaying and illegal parking in your compound.

Access to live parking data helps manage congestion and provides a seamless parking experience to customers and employees.

In short, a robust parking management system provides a 360-degree overview of the parking facility to managers, enabling them to direct customers to empty slots.

  1. Increases security

With 246 cars stolen per 1,00,000 people in 2020, the security of vehicles is paramount for both corporate and retail spaces.

A smart parking management system allows you to monitor and assess who visits your premises. 

This software gives you the option to deter unauthorized vehicles and users. This decreases the likelihood of damaged, vandalized, and stolen cars.

These systems have car theft dynamics in-built, providing an improved security benchmark

  1. Reduces cost

Another benefit of implementing a parking management system is that it helps in saving money. When your business implements this system, you save money on workforce and staff as these systems work automatically.

If you were reimbursing employees for paid parking, you save those expenses or at least minimize them to a great extent.

Apart from reducing costs, the smart system would show empty parking spots, which the company uses for generating additional income.

If you have tons of space available but cannot capitalize on the parking space, focus on renting it out to others to increase revenue.

  1. Identifies inefficiencies in the parking facility

As these smart systems provide real-time information on each vehicle’s parking duration, it helps identify illegal and unusual parking activities.

According to research, illegal parking leads to loss of revenue from valid parking spaces and reduces the respect for the law, making a smart parking system a must for every company.

For instance, supermarkets and retailers track excessive parking time that could imply unauthorized vehicle parking. Also, this smart and efficient system automatically detects instances where a single car uses two parking slots.

Similarly, if a parking space is unutilized for a long time, it might show a potential problem.

  1. Provides a seamless parking experience

As these parking systems stream and store data in the cloud, it helps a company provide a seamless parking experience. 

Application interface programming (API) helps a parking system retrieve and use real-time information to navigate drivers to an open spot.

It results in driver frustration, which causes a loss in productivity. As the time for parking reduces, it eliminates carbon footprints and enhances air quality in indoor parking areas.

  1. Helps in data analysis, forecast, and recognition

Parking management software empowers a company to collect and consult data related to the parking facility using its intuitive platform.

As you quickly access data 24/7, it helps you understand who is in the parking lot.

Using this real-time information, a company easily plans for demand, simplifies parking access flow, and streamlines operational management.

  1. Reduces traffic and congestion

Apart from helping forecasting and planning parking space requirements, the real-time data collected from the sensor systems gets translated into actionable insights.

Drivers use these actionable insights that enable them to take routes that are less congested, get an overview of the parking option, and allow customers to make payments at the touch of a button

It even lowers the risk of distracted driving.

Drivers cruising around parking spots are likely to get into accidents. As one in every five accidents occurs at a parking space, implementing a smart parking system is a must-have for every company.

  1. Ensures happier and satisfied customers

Customers or employees are happy when they leave their homes and might get annoyed or stressed about reaching the parking spot. Why?

When a parking facility lacks proper management, they might have considerable time commuting or circling different parking facilities to find a space.

These parking systems allow customers to find spots, reducing time and fuel. If the parking facility is full, these systems convey employees about the same, saving time.

An employee is less likely to encounter a queue in such a situation as the system uses automatic vehicle identification. Besides being beneficial for employees, smart parking management ensures happy and satisfied customers.

Also, employees and customers are much happier upon entering the company’s premises.

  1. Reduces pollution

Typically, when employees or customers do not find a parking space, they burn a lot of fuel, which results in a large amount of carbon emissions.

The smart parking system reduces air pollution, and when people know where to find a parking spot, it reduces their carbon footprints.

As the parking search traffic makes up about 30% of traffic emissions, a city reduces 50% of emissions and pollution by implementing smart parking solutions.

With these statistics in mind, it’s essential to bring a revolution by implementing a smart and IoT-enabled parking system.

  1. Offers customization to meet parking facility needs

Most parking systems are customizable depending upon the needs of the parking facility, the estimated traffic, and your budget. For example, the parking system would be different for buildings where people have limited vehicle flow.

The system might be different in public areas, such as hospitals, supermarkets, and universities, with a bigger space for leaving and entering vehicles.

A facility with a parking system according to its requirement provides a holistic solution.

Which industries benefit from a parking management system?

While every industry benefits from a parking management system, a few examples where you implement these systems are:

  • Schools, universities, and educational institutions
  • Hospitals and medical facilities
  • Commercial car parking
  • Shopping complexes and centers
  • Airports and train stations
  • Multi-level car parking with multiple entrances and exits
  • Business compounds with more than one parking compound
  • Airports and train stations

While this is not an exhaustive list, there is no limit to the private and public areas of using a parking system. By knowing a few industries, it helps in determining if the solution is right for your business or not.

Key takeaways

With parking spaces becoming scarce, managing them efficiently is essential for providing a holistic employee and customer experience.

While managing these spaces manually is impossible, parking management software eases the entire process.

This technology benefits not only employees but also managers who manage the parking space.

One thing is for sure, traditional parking is on a steep decline, and companies that use a smart parking system are less likely to fall in the trap of digital Darwinism.  

For companies that use parking management software, there will never be a shortage of parking spaces, and the need for parking does not appear to be diminishing for them.

So, to make your parking facility efficient and ensure it becomes a source of income, focus on implementing a robust parking management system.

About Muhammad Imran

Muhammad Imran is a regular content contributor at Folio3.Ai, In this growing technological era, I love to be updated as a techy person. Writing on different technologies is my passion and understanding of new things that I can grow with the world.

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