The mistake many companies make with digital transformation is the same mistake made in smart city innovation - we think too big at times.

We want to overhaul the city infrastructure and outfit every car, building, and service with Internet of Things technology. But the CapEx necessary to do this makes smart cities seem unrealistic.

That’s why, for some use cases, smart cities are more about retrofitting the existing infrastructure to integrate more data and drive efficiency.

INTEGRATED DATA CAN CREATE MAGIC IN THE SMART CITY

There are cases when large CapEx investments are both necessary and justified. For example, the investments Verizon, AT&T and others are making in telecom infrastructures are critical for the advancement of smart cities.

Interested in learning more about how smart city innovations are taking off? Download our latest guide, The Business Opportunity of Smart Cities.

But in the parking sector of smart transportation where ParkHub sits, a more approachable model that works on top of existing infrastructure is a necessary starting point. However, whether the smart city is investing heavily in new innovation or retrofitting existing investments, planning for integrated data is key.

Rather than persisting with the traditional service silos, integrated data will bring operational effciency by delivering clear insights into real-time data. This model benefits both individual services and the smart city as a whole.

On an individual level, take smarter parking infrastructure as an example. Real-time data can enable dynamic pricing. Instead of the static pricing models that two-part ticket and garages operate with, you can vary pricing even on a car-to- car basis for total optimization of both revenue and space management.

When you start integrating real-time parking data with data from vehicles and roads, the city can make informed decisions that impact the smart transportation model. Traffic patterns can change as the work day ends and parking lots are unloading or as events are starting/ending. You could take this a step further and apply predictive analytics to emergency services, making it easier for fire trucks and ambulances to maneuver through busy city streets.

This same idea can be applied to collaborative commerce - the city infrastructure understands the area you’re entering and can offer personalized deals, events, services and more. Or if your apartment building understood when you entered the building, gates could open, lights could turn on, and thermostat settings could change.

Smart city potential is seemingly endless, but none of this magic is possible without integrated data. That’s where businesses have to start regardless of the sector they’re innovating in.

ABOUT PARKHUB

ParkHub offers a subscription base services of both Software as a Service (SaaS) and Hardware as a Service (HaaS) products to parking owners, venue owners, asset owner sand management companies. ParkHub is a complete parking ecosystem that offers premiere enterprise solutions to the industry’s top management and operating companies. Currently taking the event parking sector by storm, their hardware and software platforms are being utilized domestically coast to coast at over a dozen of the world’s top ranked venues and management companies.

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