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Traditional parking systems are fast losing appeal for being inefficient and unreliable, resulting in problems like low customer satisfaction and loss of revenue. Instead, IoT-based parking management systems are taking over with their advanced technological capabilities combining cameras, sensors, RFID, and mobile payments. Here are 3 reasons every parking owner must immediately make the switch to an IoT-based parking management system.

1. Improved Revenue

IoT-based smart parking plugs revenue leakages by introducing greater transparency in revenue collection. With pre-paid integrated mobile payments, the leakages involved in cash transactions like- discrepancies in the amount generated and the amount that reaches the owner vanishes. Owners don’t have to hound and hold employees accountable.

Depending on the location, owners can charge more for prime parking spots when demand is high. Operators can also charge a commission on mobile or online payments. Besides, users can be attracted by subscription packages to increase revenue. Regulated transactions also curb the exchange and circulation of fake currencies.

Complete digitization of the entire process from ticketing to monitoring vehicles brings down the cost of employing manual labor. This ultimately lowers the cost of management for operators, contributing to an increase in revenue.

2. Efficient Management

With IoT, parking management becomes smooth and efficient through the use of cameras, smart parking meters, wireless communication, and license plate readers. From the moment a driver books a parking spot to their payment, spot identification, location search, and time notifications, everything can be tracked on the system. Operators can use this data to ascertain customer patterns, like the most in-demand location for parking or peak hours when parking demand is the highest to enhance the customer experience.

This also allows operators to efficiently monitor large parking spaces and utilize space economically. It also assists in immediate redressal of issues. Governments, in municipal parking spaces, for instance, can track and apprehend routine violators by following the real-time information provided by mobile IoT networks.

3. Automatic Report Generation

Automatic reports can be generated daily, weekly, monthly and yearly by a smart parking management system. This can be an invaluable source of feedback for private owners of parking facilities. The data can be helpful in regulating prices and designing more accommodative parking for optimum utilization of spaces. The need to conduct cumbersome surveys to understand client behavior cease to exist with automatic report generation.

An IoT-based parking management system is much more efficient and cost-effective than a standard parking system. By optimizing their parking facility, owners can increase their revenue, satisfy current customer demands and get an edge over their competition. They will also be able to contribute to the overall welfare of cities on a larger level.