ITS and Revenue Systems
As companies and other large organizations update their operations into the digital era, they face the challenge of knowing which data to collect, how to analyze that data, and how to plan the future based on intelligent analysis of that data. Intelligent Transportation Systems (ITS) are systems specifically designed to help organizations collect and analyze the enormous quantities of data that will, in turn, allow them to make calculated, strategic plans. The Internet of Things (IoT) gives companies access to nearly every important piece of information a company needs to know about its transportation assets. With an ITS and IoT system in place, companies are now able to seamlessly merge data and produce valuable information from various components that previously required vast amounts of time and manual intervention. Vehicle locations, impending asset maintenance, scheduling details of work, traffic signaling and outages, and more can now be combined into one system known as the ITS. By combining these data, companies get a quick view of financially fit areas and problem areas, past, present, and future. They can then use ITS to prepare for future maintenance and predict and prevent failures.
Electronic Payment Systems (EPS) is an automated payment system that helps organizations, typically in the transit industry, collect passenger payments and deliver real-time data concerning usage of the service. EPS can be implemented at fare gates and boxes, ticket vending machines, and other passenger entry points or areas where a service is provided. Collecting passenger information in real time allows organizations to quickly understand where and when travelers are using their services. Businesses can identify the peaks and valleys of customer pass-through rates daily, weekly, monthly, or even down to the hour if needed. This level of detail gives the organization the data required to analyze and find ways to improve customer service and increase revenue. To fully understand the benefits of an EPS, a company must have a strategic plan of action for implementation and for the future.