Connected technology can solve many urban issues, yet local governments have struggled to demonstrate the value of smart city initiatives. However, the path to measurable returns is more straightforward than you might think.
Growing populations, shifting demographics and evolving expectations. Modern cities are facing an expanding list of complex problems. Today’s urban economies are often dependent on static infrastructure that is not prepared to meet the challenges of tomorrow.
The term “smart city” has long been thrown around, though usually in the abstract. But connected technology is real, and it can solve many of the issues cities are currently facing. So why is the smart city still considered a pipe dream in some circles? It’s not because the value isn’t there, but because cities are struggling to demonstrate that value.
That’s why we should rethink how we talk about smart city ROI. City planners need to lay out achievable goals for each stage of development to translate the benefits of connected infrastructure into measurable returns. As cost savings and quality of life improvements become clear, smart city projects are likely to attract increased funding from private enterprises and other investors. But the proof is, as they say, in the pudding.
Source : Gov Tech