Cities are getting smarter, and the organisations operating in them must adapt. As new technology gets wired into the city, it’s revolutionising urban efficiency and improving the lives of citizens. At the same time, it’s set to fundamentally alter business and operating models. The job of the treasurer and the finance function more broadly is to support this change; to create order and clarity.
So, what is a ‘smart city’? It’s a city where governments are working to deploy advanced technology to achieve a step change in efficiency with consequent benefits for all citizens. The concept is rippling across many areas – including energy and the environment, buildings, infrastructure, mobility, health and even the governance of the city.
City dwellers can look forward to more convenient, healthy, safe and sustainable lifestyles. The Internet of Things, artificial intelligence, machine learning and distributed ledger technology are some of the innovations enabling an unprecedented level of connectivity and automation. The completely connected, fully intelligent city is still a way off, but urban authorities from London to New York to Singapore are working with business to apply technology with great success.