Investment in innovation pays off
For years, Norwegian tech company Profectum has been challenging the traditional parking industry with new technology, and this gamble has really been paying off. Profectum is experiencing strong growth, and clients’ revenue and customer loyalty are increasing.
Profectum is a software company that offers unique competence within parking, security and logistics. Its product, parkID, has played an important role in transforming the parking industry.
“When I was working for Security Park, we realised that parking the way we knew it was changing and there was a distinct need for new technology,” says Lars Kaasin, CEO of Profectum.
This resulted in Profectum and parkID – a system that has been very successful and is now patented in both Norway and other major European countries.
One of Profectum’s main value propositions and success criteria is that all technological development occurs in-house.
“Our unique systems are developed by in-house developers who have an extensive knowledge of parking,” explains the CEO.
Profectum’s parkID ensures systematic parking administration and offers great flexibility. It is complemented by easyPay, a product that uses specialised algorithms for automatic number plate recognition and the main purpose of which is to simplify the customer journey.
“The fact that the developers at Profectum have such in-depth knowledge of parking makes it even more beneficial for us to cooperate and discuss new solutions with them,” says Fredrik Larsen, Integration Manager at Arvato.
“They are also always really open to testing new and controversial solutions,” he adds.
Unique technology combined with an improved customer journey
The easyPay product is a relatively new addition to the parkID family, and its main focus is to create a great experience for the end customer. With this solution, the end customer can drive in and out of car parks without having to worry about payment or parking tickets.
“The main difference between Profectum’s easyPay and our competitors’ products is flexibility. We have yet to be presented with a customer need that we don’t have a solution for,” says Kaasin.
A typical example is the parking facilities at shopping centres, where the top priority is the customer experience and there is a need to differentiate between different user groups that have different user rights.
“There was one case where Profectum was the only company that managed to find a solution for the client, and since the launch there has been both increased customer satisfaction and increased revenue.”
Another example of how Profectum’s products digitise and simplify our daily lives is parkID Access. This product is applicable in all garage facilities, and it is popular in housing associations and unions.
With Access, the number plate is read by one or several ANPR cameras that are connected to a database, and the gate automatically opens for pre-registered vehicles. Users can administer and update access via their parkID account using their computer or an app on their smartphone. Kaasin highlights that parkID Access also increases security significantly.
“You avoid lost keys and controls, and the access log provides a better overview of visitation. It’s also really easy to add and remove users,” he adds.
Access is integrated with Arvato’s invoicing solution and enables Profectum to offer a fully automatic solution for rental management of parking garages.
An innovative partner
Profectum takes pride in developing all its technology in-house, so outsourcing something as important as customer services would take a lot of consideration.
“Because we are so reluctant, it’s just fantastic that Arvato performs as well as it does. We haven’t received any negative feedback from our customers,” says Kaasin.
In addition to handling customer services, Arvato takes care of invoicing and ledger management.
“When it comes to innovation and technological development, we think it’s really important for our partners to have ambitions that are similar to ours. Arvato shares our ambitions and also challenges us when necessary. That’s why it is such an important partner,” Kaasin adds.
Profectum has clear ambitions when it comes to growth, both in Norway and internationally, and it’s no secret that foreign investors have shown an interest in its unique technologies. For Arvato, it’s really exciting to be part of this journey and support Profectum as it continues to challenge the traditional parking industry.