Smart cities, with their digitally connected infrastructure, are in the process of being developed around the world. They represent a significant growth opportunity for companies like OST who focus on complex projects demanding near real-time data analytics, project management, system integration, device management, secured communications and cyber security. Given the scope and investment needed with such development, public-private partnerships (P3) are crucial. These partnerships are not only between cities and businesses, however. The federal government also needs to play a role.
A recent Center for Data Innovation report clearly describes the role of national governments in the development of smart cities, and offers insight into the reasons why public-private partnerships will be so important. The most important reason is that cities cannot themselves support the risk of being an early adopter of smart city technology. They will wait to see what others do and for the technology to mature. This approach, while logical, slows down the entire process of development. Given the potential benefits of smart cities in cost savings and process efficiencies for the government and at the same time improve service delivery for citizens, national governments should support areas that cities cannot resolve on their own. The report identifies four such areas: R&D on key technical challenges such as cyber security; testing of new smart city applications; shared applications and tools to help cities work with smart technology and data; and funding comprehensive demonstration projects to test system-wide applications.
There are plenty of other things national governments can do in the short term to help accelerate smart city adoption. We encourage you to download and read the free report for further details. We have also provided a list of resources on smart cities.
OST has already secured commitments from third-party financing partners to support any future P3 initiatives for the government. With these resources, OST can mitigate financial challenges with a proven, reliable, and transformational solution. Furthermore, OST’s highly qualified and experienced team has been a trusted advisor to the federal, state and local governments for nearly a quarter of a century. Through these relationships, we already have strong partnerships with current legislative and executive branches allowing us to leverage available grants and subsidies.
Our technology partners provide leading best-in-class innovative smart solutions. Our smart urban technology platform leverages the Internet of Things (IoT), data analytics and business intelligence capabilities to solve issues related to management, operations, and maintenance of diverse technologies in existing environments. Our solution brings efficiency, cost-effectiveness, sustainability, and intelligent decision-making into the process.
We look forward to sharing further information about smart cities and their development through 2018.