Delivering smarter, data-driven parking decisions through AI-powered analytics

PROMOTIONAL CONTENT

JustPark is transforming the parking industry with faster, smarter solutions that help venues and operators deliver best-in-class parking experiences. Our technology streamlines operations, reduces costs, and delivers real-time, data-driven insights to improve performance at every level.

Responses were provided by Kevan Moniri, the chief strategy and growth officer for JustPark.

Please provide an overview of your technology and what problem it solves for parking operators.  

JustPark Insights builds on the foundation of Smarking, the analytics platform JustPark acquired, which was the first to bring consolidated business intelligence (BI) to parking. Today, JustPark Insights connects to more than 65 integration partners across PARCS, mobile payments, meters, license plate recognition, enforcement, and reservations, serving more than 2,500 locations across North America and the U.K. Our customers include parking operators, commercial real estate owners, municipalities, universities, and airports who need more than dashboards. 

Parking has had BI for more than a decade: dashboards, charts, key performance indicators, and portfolio views. The industry has gotten pretty good at answering descriptive questions (What happened?) and diagnostic questions (Why did it happen?). That level of parking BI is table stakes now. 

The harder BI problems to solve have always involved predictive, prescriptive, and autonomous analytics. The industry has had aspects of them; for example, JustPark Insights has for years had proprietary occupancy and revenue forecasts, oversell recommendations, and a dynamic pricing engine. But artificial intelligence (AI) has made it possible to do all of them better, faster, and more reliably than before.

We explored this topic in a recent webinar with Juan Soto, the executive director of parking and mobility for the Intuit Dome and Kia Forum, in Inglewood, California, and Andrew Sachs, the president of Gateway Parking Services. The session laid out a five-level framework for parking BI and demonstrated where AI is already working inside JustPark Insights. 

What should parking operators consider when evaluating or implementing your technology? 

Predictive analytics is the first meaningful leap. For your parking locations, based on a combination of historical patterns and third-party data integrations, you can now “predict the future” with reasonably high confidence. For example, knowing that Saturday is projected to hit 98% occupancy by 2:00 p.m. can affect decisions on staffing, inventory, pricing, and channel sales. 

Prescriptive BI takes it one step further. Once you know how you are expected to perform, the natural next question is, “How can I do better?” Advanced parking BI like JustPark Insights tells you what changes you can make to improve outcomes. AI agents tailored to your parking profile can analyze online pricing elasticity and recommend rate adjustments. They can identify tenants underutilizing their allocation and model the revenue impact of releasing those spaces to transient customers. They can calculate oversell thresholds based on historical no-show patterns. These capabilities exist today and provide immediate and ongoing return on investment to any parking asset.

What features of your technology were developed specifically to address the needs of the parking industry? What are you most excited about?

All of them. JustPark Insights since inception has been purpose-built for the parking industry. The most exciting frontier is autonomous analytics. Instead of waiting for someone to open the platform and ask a question, the JustPark Insights system initiates. For example, an analyst briefer writes a Monday morning portfolio summary; this is not a template with blanks filled in, but an actual assessment of which locations underperformed, why, and what to do about it. These agents can be customized to your needs, subject to your rules, and under the privacy protections of your data. 

None of these parking BI advancements replace the people who actually run parking operations. AI in parking is best used as a facilitator, not a human capital replacement. The best outcomes come when experienced teams have better tools, not fewer responsibilities.

Learn more at www.justpark.com.