Today, most companies emphasize data to drive business decisions. The same for parking business, a better data analytics capability to gain valuable insights that lead to more-informed actions in parking system will improve the parking revenue.
TimeTec Smart Parking Ecosystem, with many available next activity flows provides 4 types of data analytics namely descriptive, diagnostic, predictive, and prescriptive for building owners or parking operators to sweat the parking bays.
Both descriptive analytics and diagnostic analytics drill the historical data to explain what happened and why it happened. Predictive analytics and prescriptive analytics use historical data to forecast what will happen in the future and what actions you can take to affect those outcomes. Forward-thinking building owners or parking operators use a variety of analytics together to make smart decisions that help their parking business to grow.