City governments can benefit massively from investing in smart city technologies – seeing both immediate and long-term cost savings as well as increased revenues that allow them to increase their budgets in other crucial areas of work – such as social welfare.
The successful implementation of smart city solutions facilitates economic development and prosperity. In today’s knowledge-based economy, connectivity and digital solutions are key enablers for efficiency and profitability, new and innovative economic activity, and – ultimately – a sustained competitive edge.
Cities should see investment in smart city initiatives, whether technologically-enabled or not, as an investment first and foremost in the people, and the future, of the city. The economic benefits, as demonstrated, are multiple – but they should be the outcome, not the motivation, of a smart city vision.