How Smart Cities Can Make Businesses More Profitable

With more than 22 metropolitan areas around the globe populated by 10 million people and growing, cities are realizing it’s time to address the problem of rapid urbanization. With smart cities, urban areas will be transformed into an opportunity to save not just the environment, but also the time and money of city-dwellers and business owners. Particularly in the business sector, smart city initiatives will help companies increase their revenue by offering options for both immediate and long-term savings. For businesses looking to boost revenue and improve the experience of both employees and customers, smart cities present the opportunity through two main avenues: enhanced connectivity and infrastructure.

Smart Technologies Will Augment Connectivity

Both physically and virtually, smart cities are more connected than traditional cities. Many have plans to implement technologies like 5G mobile networks, which for businesses means heightened digital operations within the company, as well as outside of the company in global markets. With the aid of better technologies that can literally transcend physical distances, companies will not only generate more revenue from outreach, but they will also have the opportunity to save money on expenses like travel.

Furthermore, smart cities will be seen as tech hubs for startups and innovative companies, allowing business owners and entrepreneurs to easily build their professional networks and focus on profitability. Places like coworking spaces, which can be found in almost every metropolitan area, will allow the “digital nomad” trend to continue to thrive. Over time, this boosts the city’s economy while giving workers the opportunity to be more connected than ever before.

Smart Cities Means Smart Buildings 

In addition to giving companies the chance to be more connected, smart cities also offer the infrastructure for businesses to save on energy costs and be more environmentally friendly. At the bare minimum, smart city planners will foreground the construction of “green” buildings, such as commercial and retail spaces with solar paneling, Retrofitting buildings in a manner that optimizes energy usage will save business owners serious amounts of money; integrating smart window alone saves up to 67% on lighting costs and 26% on cooling.

Smart offices in particular will make operations much more streamlined, with smart IoT devices collecting information on how these spaces can be best utilized and made comfortable for workers. For businesses, this means smarter working, which directly translates into increased productivity and subsequent profitability.

Smart cities are setting up to transform the way we interact in metropolitan areas, especially for business owners who can look forward to saving massive costs on energy usage and adopting new means of connectivity.

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