While data may be the new oil, businesses should not view it as an asset to be extracted and exploited. The reality is that your customers are entrusting you with their data and you should protect it.
There are some new players in the parking industry that have created new revenue models based on the sharing of your parking customers’ data. To these companies, data may be a source of profit, but at what cost to you and your parking customers?
“A couple of newer players to the market have brought a disruptive model that appears to offer a lower cost for their systems,” states Steve Gorski, CEO of DESIGNA US. “But there are costs in the equation that might be unseen initially.”
This disruptive model carries a mindset of data entitlement, where companies collect personal information and use it to make money, with little regard to the people involved. This data entitlement can put your business reputation and customer trust at risk.
“Trust is the real resource that businesses should be mining,” states Gorski. “The organizations that protect their consumer data will be those who build long-term, trusted relationships with customers by protecting their personal information and using it only to enhance the customer experience. It is therefore critical that you own your customer data.”
When you are considering a PARCS partner be sure to confirm that you own your parking customer data, and that it will not be exploited by your PARCS vendor.
“DESIGNA will never sell your customer data and ensures that all of our clients own their data,” states Gorski. “Clients can use their data to gain valuable insights to make more informed decisions, as part of confidential data analytics that respect customer privacy.”
Analyze your data responsibly and remember the individuals behind the data. They trust you with their data, so handle it with care.
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DESIGNA USA is a subsidiary of DESIGNA Verkehrsleittechnik GmbH, Kiel, Germany. The company’s visionary standards have led to the development of innovative products and solutions for the parking management sector for more than 65 years.