Road to Recovery: Benefits of Machine Vision and AI with FlashVision

Owners and operators often share with us that keeping track of customers, capacity, and overall traffic flow can be particularly difficult. There are so many disparate parking technologies that exist, you might run into roadblocks to knowing the health of your asset at any given moment. Research on the Future of Parking from Deloitte dives into the crux of the matter—a lack of an industry standard in parking technology planning solutions. While other industries are leveraging technology to centralize and digest data, the parking industry has lagged behind.

The paradigm has been changing and data technology is now helping operators consolidate information to make smarter decisions. As an operator, taking advantage of new data systems will help you be prepared for the future, and FlashVision is our machine vision and AI technology that enables such a situation. FlashVision helps asset managers visualize and understand their traffic on a more detailed level, allowing them to make agile adjustments and adapt to changes in consumer behavior.

In our “Road to Recovery” article series, we’ve discussed how businesses can adopt certain best practices and leverage available technology to aid them in getting back to normal post-pandemic. FlashVision’s utilization of machine vision can streamline the parking experience and make operators’ lives easier by providing a snapshot of an asset’s current state. Below, we’ll explain how FlashVision can aid on the road to recovery in more detail.

How Does Machine Vision Help Parking Operators?

The integration of AI and machine vision in parking operations, software, and technology means that whatever is picked up by cameras is more readily recognizable and cataloged as data, with less delay. FlashVision is our breakthrough for smart parking. Imagine having vision technology that can identify your visitors in numerous ways while tracking their time spent in your asset.

We’re building FlashVision’s ability to expand its recognition capabilities to make its image box bigger—so there’s an even higher accuracy rate and less duplicate or incorrect data. That’s thanks to the power of machine vision and AI, which allows the software to learn as it goes, becoming better with each snapshot. And it’s all stored in cloud data, meaning it’s easily accessible.

3 Benefits of FlashVision on Business Recovery

Maximizing and Discovering New Revenue with Machine Vision

Your parking software should give you a sense of a “day in the life” of your asset. Using the data taken from FlashVision’s LPR and car-counting capabilities regularly will let you know the areas of opportunity for finding new revenue. You can find insights into how to leverage this data to derive insights here.

One example of maximizing data gained by LPR and car-counting is knowing which areas of your assets are underperforming. Today’s assets are now evolving towards mobility hubs and are integrated with third-party services and smart cities. If your data tells you that a portion of your asset isn’t being utilized correctly, you can offset the revenue loss by introducing new income streams.

This can take the form of micro-mobility stands, or a place for Uber or Lyft drivers to wait and get their cars washed between fares. FlashVision can help determine the information to make such changes through its ability to count cars, keep track of capacity, and scan license plates and reconcile between entry and exits without duplicating data.

It also does this without having to install any trigger loops underground (which requires the expense of breaking concrete), and with a high degree of accuracy. In fact, if our accuracy drops below 95 percent, our customers don’t have to pay us for that month. That’s because we’re confident in FlashVision’s ability to perform in various scenarios and settings.

Adjusting Prices in Real-Time Based on Volume

Dynamic demand pricing is the idea that your asset’s prices are always reflective of any given moment. That is, if demand is down, your prices are lower, and vice versa. In order to offer such a pricing model, you need to be able to determine your current capacity and business volume. If you don’t have a handle on how many spaces are taken, you won’t be able to adjust prices in real-time.

FlashVision can contribute to a real-time pricing model by giving your parking software the information it needs to adjust. When paired with FLASH parking systems, a full suite of information will be available to operators. As a business in recovery, you would likely be interested in always having the best prices for potential customers—and that can be done with information from FlashVision. It’s also a way to maximize revenue with the usual traffic you’re already seeing, while you continue to find ways to introduce new revenue.  

Reducing Scamming or Lost Tickets

This might sound familiar. A customer has been parked in your facility for a month; they come up to you when it’s time to pay. All of a sudden, they tell you they’ve lost their ticket. Now, you’re not sure how long to charge them. You might charge them for a month, but, in reality, they’ve been there for two. This is a common parking scam that many operators face, and it’s particularly damaging to businesses trying to get back on their feet.

FlashVision’s LPR eliminates this threat.

Because it scans the license plate and doesn’t rely on ticket information, a person’s parking duration is automatically stored from the data it receives. LPR is sophisticated enough to scan entries and exits without duplicate information and with a high degree of accuracy. A scammer won’t be able to use the lost ticket excuse because they’ll be tagged as soon as they enter your facility.

FlashVision Offers Complete Visibility

The main benefit that FlashVision offers is control—knowing precisely what’s happening, which gives operators the ability to enact any changes based on reliable data. This information is critical for businesses that are building back up from the effects of the pandemic.

Implementing FlashVision Is Easy—Here’s How

The process for installing FlashVision is relatively simple. Because there are no loops, there’s no need to break up concrete. It usually begins with a FLASH team member arriving for a sitewalk, then determining the best way to install the equipment. The different FlashVision products require different installations. For example, if you were to use LPR, you would also need the FLASH PARCS software because the two communicate with each other. Car-counting can be used without such software and can be a standalone product to count your capacity.

There are numerous configurations that depend on what your needs are. Reach out or schedule a demo for help to determine your needs. We can’t wait to help you on your road to recovery. To read our other articles on helping you on the road, visit here.

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