SME Tech

Smart City Benefits

The business world has been revolutionised by artificial intelligence, IoT and smart cities. Each comes with a promise for a better business future. The technological revolution has given rise to the possibility of creation of smart cities.
What is a Smart City?
Smart cities are an urban area that uses different electronic data collection sensors to collect important information from a city. This information can then be used to manage resources and assets in a more efficient manner. The benefit of smart city is that because of its nature it is more prepared to respond to challenges that people, government and businesses might face in a city.
The discussion on smart cities is an ongoing one. Every business has a chance to succeed with Smart City because of the many benefits that it provides. Small businesses hold a higher chance of benefiting from a Smart city because of the higher assistance that it has to offer to residents and governments alike.
Here is list of six benefits that smart cities can provide to businesses and governments alike.

1. Higher Operational Facility:
Having a sensor technology can help a city to effectively redirect resources to higher priority problem areas. A city has many functional problems that can be easily solved with the features of a smart city. For example, sensors can inform local authorities on simple things like which are the construction sites that are violating construction ordinances or which trash cans needs to be emptied first. These simple tasks when equipped with sensors can be handled more effectively. This helps a city not only to become more efficient but it also helps to save time and money of both residents and government.

2. Streamlined Government Interactions:
Smart cities are all about using technology for an enhanced quality of life improvements. Smart cities will have smart parkings and chatbots that can help to streamline all the government interactions. A direct and streamlined government user experience can help citizens have a positive impact on their life.
For example – Imagine you are running late for a meeting and have to find a parking place too. A smart city with public Wi-Fi can benefit the citizens with finding the right parking spaces, etc.

3. Smart Cities help in Economic Development:
Smart cities are equipped with smart city sensors that generate a large amount of data on all the necessary resident needs and normal behaviour. This can help businesses access a lot of data of consumers. There are definitely some limit as to what amount of data can be shared. Businesses can avail of the opportunity through open data to share information that can help a city’s economic development.
With Smart city it is possible that one can monetize the data make it available to small businesses, entrepreneurs or start-ups to generate things that can benefit these constituents.

4. Leaders can easily Revamp Policies:
A smart city is alive with pulsating technologies. It always provides governments new challenges and a lot of opportunities to grow with its initiatives. Unlike other cities that have policies that stay a long time and need a lot of time to be revamped,a smart city allows a government to with its regular initiatives to have a second look at things that might need some change.
Questions like which policies are ready for the new world, which policies can move with the changing times of the business world, all these questions would always be at the forefront when there is a smart city.

5. Efficient Energy Use:
Efficient energy use is made possible with smart cities. Be it waste management, water, everything can be well managed in a smart city.
How?
Smart cities provide the much needed information about the use and requirement of these natural resources. It can also help to find out where resources are getting wasted. This can help make each city very energy friendly.

6. Businesses Will Save Money on Technology:
The one most important thing that keeps small companies from being in the competition and gaining ground in business is the lack of technological infrastructure. Many small companies do not get to even buy the technology that might help them be in equal terms with the rest of the business world. It is not possible to be successful in a business world that favours only those players who are technologically enhanced. It happens that many small businesses who have the potential and the ability to make it big in the business world lag behind in the game because of a lack of proper infrastructure.
Starting a small business in a smart city would mean that a company would already be equipped with the requirements that a small business might need to grow. This gives every business an opportunity to grow and thrive in a smart city.

7. New Opportunities to Generate More Revenue:
Smart cities can provide academic institutions to grow beyond what they are now with the level of information that these institutions would have access to. These cities can also benefit businesses for economic development. The city governments can also in a smart city be able to generate revenue from the sponsorships that a smart city tech will enable.

A smart city is a possibility using which entrepreneurs, citizens and places as a whole explore the next possibility of existence. Be it business opportunities, environment issues, academics or life of citizens in general, smart cities are sure to make the world a much more better. The promise that the technological revolution has brought about in today’s business world is sure to transform the way people live and do business. Small business entrepreneurs must look at developing their business in a way that moves with the evolution of the smart city. The business world is sure to favour the growth of a smart city. Entrepreneurs who wish to be successful in the future must think of their business in terms of a life in the smart city. This will surely make a company reach success.

About the author

SPI Group

An integrated platform created to serve entrepreneurs and service providers. SPI engages with over 100,000 Entrepreneurs & Senior decision makers through a unique combination of cutting edge business magazines, high profile B2B summits and conferences, strategic alliances with Govt, business associations and government bodies. SPI also leverages the power of digital marketing and social media.

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