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The Real Cost Of Bad Parking Infrastructure

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The Real Cost Of Bad Parking Infrastructure


The cost of bad parking infrastructure extends beyond just lost parking revenues.

Without the use of smart parking technology, not just city administrators but also parkers and local business owners stand to lose a lot.

The parking woes in cities across the world, especially in metropolitan regions, are well documented. Many attribute the difficulty in finding parking spaces to a lack of physical parking space. However, studies have shown that in many areas with prevalent parking problems, there are more parking spaces than vehicles on the streets. So, the problem is not the inadequacy of parking infrastructure but its ineffectiveness.

Parking infrastructure goes beyond just the physical space allotted for vehicles in towns and cities. It also includes all the resources and tools used to monitor and manage these parking spaces, such as parking meters, kiosks and cameras. If the components of the parking infrastructure do not function optimally, then entire cities stand to lose a lot more than simply parking revenues. Here is what smart city planners and administrators should consider while assessing the cost of bad parking infrastructure:

Business Revenue Losses due to Non-Smart Parking

Most parking problems are prevalent in the commercial downtown areas of cities. These are areas where most business establishments are physically set up. Be it in the malls and stores or restaurants and theatres, these areas are bustling with commercial activity. However, consumers get discouraged from traveling to areas that have badly managed parking spaces. Even if an establishment is not located at the commercial hub of the city, having inadequate parking can turn potential customers away from these places. This leads to a reduction in the overall sales at these places and leads to a loss in business revenue.

State Revenue Losses due to Bad Parking Infrastructure

In addition to the revenues earned from public parking meters, governments also stand to lose revenue in the form of taxes received from the aforementioned businesses. Similarly, the absence of an automated and smart parking system also means that city authorities have to spend more on human resources to enforce parking rules. This leads to increased costs and diminishes the ROI on parking infrastructure and management. Additionally, the state also stands to miss out on opportunities to leverage the surge in demand for parking spaces during peak traffic hours.

Environmental Cost of Inadequate and Inaccessible Parking

A long-term consequence of having a bad parking infrastructure is the environmental impact of vehicles roaming in search of parking spaces. Cars circling around parking lots while looking for empty spaces lead to unnecessarily excessive emissions. Similarly, administrators and businesses often assume that the parking woes of a city are caused due to a lack of parkable areas. Based on such an assumption, they spend resources in developing land into parking lots. This can potentially lead to a loss of biodiversity, which can eventually have a greater economic impact.

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These are just a few ways in which ill-planned and ill-managed parking infrastructure lead to avoidable costs. While planning and budgeting for smart parking initiatives, city planners and managers must take these and other similar factors into consideration. Doing so will allow them to make better ROI evaluations for smart parking projects. 



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TECHNOLOGY

Smarter Machines = Smarter Humans

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Smarter Machines = Smarter Humans


The ability of machines to communicate—and their increasing intelligence—is an exponentially accelerating trend spanning many industries.

This trend is not slowing down in any way, and the more it is adopted, the more it will continue to accelerate, transforming our personal, professional, and social lives.

Machines communicating with other machines really means next to nothing without a human being in the equation. Whether an individual works with this technology at their place of business or benefits from it by way of everyday conveniences, intelligent technology already touches all our lives today in some capacity.

But if you are an avid reader of my blog, you know that nothing stands still in this digitally disruptive world for long. So, here’s the question I always ask: Where are we headed next with intelligent software, machines, and their impact on our lives?

The Internet of Things Defined

Machine intelligence and machine communication are more easily defined as the Internet of Things (IoT), more commonly known today as the Internet of Life. IoT has the powerful ability to simplify daily tasks, make things safer, and enhance our lives overall, and much of it is a result of the collection of personal data.

Using this data, machines follow a series of algorithms to “learn” from your habits. At its beginning, IoT-based technology was pretty simplistic — John or Jane Smith enjoys a certain product from Store A, and whether they Googled it on their smartphone or posted about it on Facebook, that data was recognized by the individual’s smartphone, thus targeting ads toward them during their screen time.

As IoT applications evolved, soon this elementary implementation of smart software became commonplace, and before long we started to see Smart Home software and hardware, which allowed you to interact with your devices via voice recognition. Now, IoT applications can recognize your voice and your habits, and this once-revolutionary breakthrough is now as common as having a microwave in your kitchen and a TV in your bedroom.

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IoT and TSA: Facial Recognition Software Speeding Things Along

Perhaps you are familiar with Smart Homes and the seamless experience offered by this personalized technology. However, you may be less aware of a huge development in the IoT space that promises to transform an extremely agitating travel rigor — making it just as easy as your smart fridge letting you know you are low on milk.

Clear — a company that has developed software and hardware that uses your eyes and fingerprints to verify your identity — is now found in over 40 airports in the United States, checking registered guests more quickly than any TSA pre-check line can move. Instead of the traditional way to move through security when flying nationally or internationally, Clear has created a system that eliminates a step from the process — checking IDs — using my Skip It Principle.

This company is also acting in an Anticipatory fashion at the time of this writing, as they are in the process of rolling out smart device applications that create a virtual ID for many other circumstances, such as verifying that you are of legal drinking age or checking in at hotels before you ever arrive.

Finding Your Place in Tech Now and in the Future

It’s possible that Clear’s IoT is striking fear in the hearts of TSA agents. A TSA agent reading this may be thinking: “But what if I can’t invent something to disrupt Clear or the applications replacing my career? How can I still anticipate and stay ahead of the curve?”

It is human nature to dread the unknown. This primordial apprehension is often the result of overthinking what we cannot fully prove to be a non-threatening occurrence. Time and again, however, these fears prove irrational once we know what to expect. In other words, hindsight is 20/20.

Using an Anticipatory Mindset helps with this uncovering process, and the first part of that process is always figuring out what exactly is behind something you are unsure about — to lift the veil of mystery.

The TSA agent’s fear is certainly warranted, especially since IoT, artificial intelligence, machine learning, and communication between devices eliminate nominal tasks that may make up the entirety of a person’s role at an organization.

Transformation Will Never Stop, and It Shouldn’t Stop You!

My advice to all of you feeling this apprehension is to constantly stay educated. Getting a firm grasp on disruptive digital transformations — such as machine intelligence, the Internet of Things, and communication between devices — allows you to more easily find your professional and personal place in the equation.

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But because of how quickly changes happen once a disruptive digital technology takes hold, learning something once and then tabling it is not the answer.

The rapid acceleration of intelligent machines and software means that new opportunities that come with these technologies are everywhere and are moving even faster, and you need to use your human competencies in critical thinking and continuing education to be the smartest in the equation.

What you must do is start with my Hard Trend Methodology to deduce exactly what the opportunity is and pre-solve the problems you may face, so all that is left once you have leveraged a digital disruption is a positive, transformative result that impacts your customers, your industry, and humanity for the better.



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