PARKING VALET BUSINESS INNOVATION IN LONDON

Interestingly, out of these trips, 39 million require allocation of parking spaces out-of-home every day; representing 57%. From this simple analysis, it is undoubtedly necessary to find a lasting solution for the parking stalemate to help curb congestion around London and also, to lower wastage of time by drivers across the city. Thus, the innovation, identification, and implementation of valet services will help maintain free movement of vehicles in and out of bar and restaurants – places experiences high demand of parking slots. Busy towns like London have been a nightmare for motorists struggling to secure car parking spaces. For a majority of these people, it has become incredibly difficult to locate a free parking slot especially at the central business zone within London, a metropolis city with excess influx of locals and foreigners.

Actually, they are considered to be the most flexible and convenient means to handle critical journeys across London. However, little is told of the awaiting challenge of limited access to parking spaces once in the city. Cost is major determinant of choice of which parking facility one opts for while in town. This project seeks to introduce cost-effective and more accessible parking valet in major joint organizations. In a recent survey conducted by Buitendag and Kades (2016), it emerged that pricing strategies can influence travelers decision to use an existing parking facility as opposed to newly established options. Thus, the introduction of parking valet will definitely make it possible for this large population to secure sufficient space for short-term and long-term parking.

In his article, Collins (2016) highlights perceived responsibility for and awareness of challenges confronting car users in town. In this regard, we ensure an automated approach that guarantees interaction effects surrounding the perceived behavioral strategies. Innovation Process The purpose of this project is to design revolutionary smart parking solutions that seek to address the emerging needs of people frequenting high-end hotels, bars and restaurants. It essentially entails innovative process, theories involved and the sourcing of funds (Collins, 2016). Innovation Theories Prior to the implementation of any project, it has to go through different important phases. However, for parking valet business, the foundation centers on design thinking model which is a human-centered theory to innovation (Collins, 2016). It aligns with objectives of the proposed business activity that captures the designer’s toolkit as a way of meeting our clients’ needs.

Besides, it combines various aspects of technology with the success factors of the parking valet (Collins, 2016). The selection of this theory originated from its three core attributes that have importance and value for our business. For the management, it is an ideal tool through which it can be able track financial movement including the sources and the rate of outflows (Buitendag and Kades, 2016). In addition, it will provide a platform favorable for understanding and comparing the income and expense ratios thereby enhancing cash management by lowering the liquidity risks that might arise (Buitendag and Kades, 2016). Thus, it warrants better control for the entire business and its eventual prosperity. (Buitendag and Kades, 2016) Implications of Valet Parking and its Potential Diffusion While the innovation offers significant solutions to the parking stalemate in London, the business owners cannot be held liable for a stolen parked car.

In other words, owners are expected to have extra facilities to track their vehicles in case of theft or damage (Simićević, Vukanović and Milosavljević, 2013). To address the possible loophole, we continue to target restaurants that host dignitaries, foreigners, and local and international entrepreneurs. Therefore, most of our operations will be geared towards points-of-departures like airports and conference outlets. Conclusion Traffic congestion is the greatest challenge the United Kingdom and in particular, London faces. As a city, it receives different classes of people; some of whom are on the rush and would waste no time looking for parking spaces across the town. To address this situation, we have come up with an innovative design model that seeks to introduce a revolutionary parking solution for selected customers who visit high-end bars and restaurants.