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The Art of Smart – Smart Cities in the Post-Covid 19 World

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Smart technologies will be an integral part of the cities of the future to make a city more efficient in terms of energy consumption, improved productivity, and reduced cost of operations. Covid-19, however, has added one other anticipated outcome to the list of benefits smart technologies can offer – resilience and quick response during critical times.
Organizations, cities, and governments have a key question posed to them concerning investments towards becoming smart. Is it a difficult question to answer though? To put things into perspective, the pandemic has caused a slow down of the global economy, and governments have been forced to cut down on budgets across sectors. While this could mean an investment slowdown in smart solutions, some cities and governments are using this as an opportunity to increase their technology investment.
For instance, the businesses that were investing in offering a seamless digital experience to their customers are the ones that adapted and flourished in the contactless, covid-19 affected world. In London and Vancouver, city administrators, instead of shelving or slowing down projects, have redrawn existing plans to accelerate towards digitalization. They project that the benefits of investing in digital tools are going to outweigh the cost of investment and make their cities more resilient and responsive in the future[1].
According to a Frost & Sullivan report (Oct 2020)[2], the smart cities’ spending on technology is estimated to grow from just under $100 billion in 2019 to a whopping $327 billion by 2025. Mid last year, the government of Singapore announced that it will increase its ICT spend by 30% to $350 million[3]. This fund was to be allocated towards the adoption of advanced digital tools such as e-invoicing and e-payments.
Smart facility management, the internet of things (IoT), data analytics, and security tools are not features just limited only to cities and states. They are becoming the hallmarks of smart buildings as well. These create digitally connected, sustainable, and livable urban spaces in challenging times like this. After all, smart buildings are the building blocks of a smart city. One important question that you can ask is ‘How smart is your office building or the house where you live in?’. Chances are that they already possess certain elements that are nudging these buildings towards smart living and working.
More and more homeowners, property managers, and real estate construction companies are resorting to smart devices and sensors that monitor every little detail to make risk monitoring, mitigation, and management easy. For instance, Eddy offers a full suite of water leak management solutions for protecting your property, be it commercial or residential, against costly water damages. To learn more about how we have helped our clients protect against water damages click here.
According to a July 2020 Capgemini Research Institute report entitled “Fast-forward to the future: Defining and winning the post-COVID new normal,” the pandemic “has cemented technology’s role at the heart of transformation, driving new ways of interaction, sharing, engaging, and decision making.”
If you have not already embarked on your journey towards creating a smart building, it not too late. Even if you are a digital laggard – whether you are a business or an individual property owner, now is the ideal time to invest in smart building technology and solutions.
The future is here! Where are you?
About the Author: Parthi Radha

 
Parthi Radha is a marketing professional and is currently working with Eddy Solutions as an Events & Digital Marketing Specialist.
 
 
 
[1] https://citymonitor.ai/government/how-covid-19-is-shifting-smart-city-priorities
[2] https://ww2.frost.com/news/press-releases/smart-cities-to-create-business-opportunities-worth-2-46-trillion-by-2025-says-frost-sullivan/
[3] https://www.tech.gov.sg/media/media-releases/thirty-percent-increase-fy2020-ict-spend-to-accelerate-digitalisation-and-support-businesses
 
 
 

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