HaaS is an operating model many of us can easily understand, and it’s going to be a critical factor in expanding the lifetime of your parking business’ operations and profitability.
To grasp HaaS firmly, let’s use the example of something that’s likely very dear to you: your smartphone. When you purchased your device, it was probably brand new, had “the best” features, took the sharpest pictures, and connected to the fastest network. It was fantastic. But unless you bought your phone within the last year, it’s probably already outdated. Phone manufacturers operate at breakneck speed to stay ahead of their competitors. The result is that your device depreciates faster than ever.
The manufacturer offers an “easy fix”: buy a newer phone. All you need to do is pay roughly the same amount as you did for your older device. If you can’t afford that, you’ll have to hold off until you have the cashflow or wait until you’ve finished financing the old model you have right now.
If you’ve ever purchased or upgraded equipment for your parking facility, you’re familiar with this same cycle—only with a much bigger price tag. Like your phone, buying and re-buying the tech that keeps your business running at the same pace that manufacturers release improvements is unsustainable.
What’s needed to get past this antiquated process is a business model that replaces legacy hardware as soon as it’s out-of-date and eliminates the huge capital expense of a total refit. That’s how businesses will survive, and it’s how we put HaaS to work.