The constant change in our life is the result of relentless technological change. Individuals, companies and societies have to warm up to change to adapt to technological advancement. Adaptation is just a passive reaction to the change. Those foresighted and proactive will benefit more than those who are merely reactive and adapt to the change.
The same happened to the parking industry. Whether the industry players like it or not, the change is now taking place quietly. The most significant change in this industry is the role of the parking operation. It is shifting from professional parking operators to building owners or building management companies. There are more than 400 big and small parking operators in Malaysia, and the number is expected to reduce tremendously over the next 5-10 years.
What causes the decline in this number?
TimeTec Group CEO Teh Hon Seng said, “In fact, this is nothing new. Some building owners, especially shopping malls, already ran their parking operations for a long time. To them, this is a cash cow; why should they outsource it to a third party?”
Technology further drives this trend:
-
Newer and better technology is not costing more but less. Compared to parking equipment a decade, parking owners find it just two-thirds or half of the total investment.
-
The new technology improves automation and reduces staffing. For example, from cash handling parking system to cashless, it eliminates human errors, risk in cash transportation, and tedious daily processes. Besides, remote terminal management, IP intercom and multiple parking locations management, etc., turn all the complexity of parking management into a much simpler operation.
-
Reduce maintenance costs due to parking equipment getting cheaper and the use of lesser operators.
We can almost conclude that the above three factors sealed the fate of professional parking operators. But not necessarily the doom. Because when building management companies can move to manage parking operations, parking operators can likewise extend their portfolio to manage buildings, especially when the new technology in parking involves connecting parking activity to other activities related to building management such as visitor management, access control, and tenant management, etc. In short, digital transformation breaks the barrier between these two professions; hence the merging of the two businesses is the natural course of development.
“Since we uphold the concept of parking was never a standalone activity when we designed TimeTec Smart Parking System, it’s already a part of our much larger TimeTec Digital Building Ecosystem. Hence, as a solution provider for a smart parking system, we foresee the trend about arriving in this industry. We are here to deliver the better transformation that will benefit the parking industry,” commented Teh Hon Seng.
Please contact Kelvin Lim, Sales Manager, at [email protected] or 012-6891180 for product presentation and demonstration appointments. You may also call 03-80709933 general line or write to [email protected] for more information.
Stay tuned for the 5/12 series next Wednesday on Malaysiakini for the TimeTec Smart Parking announcement. For the previous article, click this link: TimeTec Smart Parking 3/12: Parking - Past, Present & Future
Malay version: Parkir Pintar TimeTec 3/12: Parkir - Dulu, Kini & Masa Hadapan
Chinese version: TimeTec智慧停车系统3/12：停车科技的过去、现在和未来
About TimeTec
TimeTec Group was established in 2000. Over 20 years, the Group had developed three homegrown globally recognized IT brands, FingerTec, TimeTec and iNeighbour, for workforce management, security, smart office, smart residential and smart township solutions unleashing the power of biometrics, cloud & edge computing, IoT and AI technologies. All these solutions connect and change the landscape of work life and home life in a larger ecosystem. Through a vast network, TimeTec Group distributes its biometric hardware products and 16 cloud applications, including IoT devices, to more than 150 countries worldwide. Visit our company websites: TimeTec Cloud, TimeTec Building, TimeTec Parking.
Various renowned clients have subscribed to TimeTec various solutions, including IOI Properties, Putrajaya Holdings, Ibraco, Binastra, Thriven, Hock Seng Lee, QSR Brands, Central Sugars Refinery CSR, Sunway Constructions, Mamee, Yakult, Nano Malaysia Berhad, and many more. The versatility and feasibility of TimeTec products also attract various international customers from all over the world, including Hong Kong, Dubai, Australia, Qatar, South Africa etc.
x
