Your parking report is a wealth of information. Isn’t it? Sometimes the information we need to make better decisions is right in front of us, but we are simply not interrogating the information correctly to extract the valuable insights. When it comes to analysing your parking report effectively, here are some of the key questions you should be asking:
1. What is the number of paid transactions vs the number of entries?
This speaks to tracking transactions in as granular a detail as possible. The variance should yield insights into the weaknesses in the system and looking at your percentage variance over time should tell you whether you are closing the profitability gap or leaving it wide open.
2. What is the system reported revenue compared to the actual bank deposits?
Do you rely on information from only one source, i.e. the system report or what has been counted? To yield the fullest picture, we think it’s best to report on both system and actual bank balances to analyse the difference. This can bring up critical insights into the effectiveness of your technology and the efficiency and service of your people.
3. What is the opening float balance compared to the closing float balance, after entire cash drainage?
Shrinkage needs to be measured and reported on in order to fix the leaks in the system. Are hoppers dropping money, in which case there may be an error with the devices, or they may need to be calibrated? Too much variation will mean you are using float as revenue, so it’s important to set a benchmark in order to track your performance against. Do you check your float balance?
4. What was the total number of boom openings and do you have insight into why?
Boom openings are reported on currently, but unfortunately, they are subject to human error. We need to move into the space where this data becomes meaningful enough to make informed management decisions as close to during the fact as possible. Many of your reports are well after the fact mitigating any real time corrective action.
5. What were the actual logged faults or alarms in the system?
Take faulty events within your parking, for example - a boom not working or a pay station running out of change. The current monthly reporting cycle means that the landlord will only get wind of this in the report at the end of the month. Currently, this offers no time to effect counter-active measures with regard to improved response times on the part of the service provider.
6. What were the response times on first- and second-line fixes?
This information is critical in terms of holding your parking operator and your equipment suppliers up to their service level agreements. Understanding response times assists in improving customer engagement and service delivery using actual data to make decisions that can prevent downtime. Following on from the previous point, we want to move toward a real-time management model in order to reduce system downtime in its entirety.
7. What are the total transactions divided by the number of parking personnel?
This speaks to the productivity of staff. Using this information, you can see if productivity spikes or falls and what decisions need to be made around how to optimise the use of people in the service delivery chain for the highest customer engagement impact. Remember that you can have a high-volume parking operation with low value due to designated free parking periods, but still require people to ensure service delivery and smooth parking management.
8. What was the total revenue divided by the number of parking personnel?
This metric views human productivity as a Rand value and can be held up against the salary bill in order to make guided decisions around staff levels and wages, in order to maintain productivity and profitability.
9. What was the total number of complaints?
Service providers, by and large, don’t report on complaints. We need to understand that each and every intercom press could be seen as a potential complaint - this is not the current view around monthly reporting as intercom presses are hardly reported on. In the perfect parking world, the monthly reports should speak to the reason why the button gets pressed and the action required to resolve the issue and how long it took.
10. What was the total response resolution time in hours?
Do you know how long it takes to resolve your first-line and second-line issues? This metrics speak to how long it is taking your Service provider to reach a resolution, and ultimately how responsive your Parking Management is.
Asking the right questions can generate intelligence of the performance and health of your parking and give you real metrics that are needed to make informed management decisions regarding your parking operation.