Harnessing smart city technology for economic growth
By Mishal Alam
Published May 10, 2023
“Over 70% of people surveyed in the US and Canada stated they preferred access to government services online” – Maru Report
Online city services have the potential to be a powerful driver of economic growth. By providing citizens with access to essential services, such as transportation, health care and education online, city services can help reduce costs and improve the quality of life for their residents. Additionally, they can help create jobs by stimulating demand for goods and services from local businesses through better connectivity between residents and understanding their needs. They can also optimize their operations by leveraging data-driven insights from online city service platforms, to identify areas where investment is most needed and direct resources towards these areas for maximum impact. This will help create a more efficient and prosperous economy for all citizens.
Is it worth investing time and money in smart city innovation technology?
Municipalities across the US and Canada will require a significant change in their budget allocation if they decide to invest in digitizing their city services. The question then arises, is the investment worth it?
The global economy has undergone a sea change. Consumers’ convenience is a top priority. Keeping this rapidly evolving trend in mind, municipalities need to prioritize the needs of their residents, and the efficiency of their staff to meet those needs. Investing resources in innovation and efficiency will lead to increased productivity from employees and immense cost savings for public sector organizations. In 2018, it was forecasted that a 5% growth in smart city technology will lead to $20 trillion in additional economic benefits in the coming decade. The positive economic spillover of introducing smart city technology, will significantly outweigh the initial capital investment.
3 ways in which digitizing your city services can boost economic growth in your region
1. High standard of living environment
1 in 5 workers in the labor market are close to retirement age, and governments need to do more with less to optimize their personnel. By bringing more resources online and increasing the comfort level of staff and residents to use them, the community as a whole will experience a boost in morale and an improvement in their happiness index.
2. Attract new businesses to your region
As digital technology continues to evolve, municipalities are looking for new ways to use it to attract investment and drive economic growth. Online city services are one of the most effective tools for municipalities to reach out to new businesses and showcase the benefits of their city. By providing online services such as business registration, permit applications, and tax filing, municipalities can make it easier for new businesses to start up in their area. Additionally, these online services can also be used as a platform to promote local businesses and encourage investment from outside sources. With digital technology becoming more accessible than ever before, cities have an unprecedented opportunity to use online city services as a tool for economic growth, increased investment and improved GDP.
3. Increase in tourism
Digital technology allows for increased tourism, which leads to increased economic activity. Municipalities can now provide online services such as booking hotels and restaurants, providing transportation services, and offering tourist attractions. These services make it easier for visitors to explore a city and its attractions. This in turn increases the number of visitors to a city, leading to more economic growth. Digital technology also allows cities to better manage their resources and improve their infrastructure, leading to further investment in the local economy.
How Govstack can drive economic growth in your region
Municipalities, regardless of their size, must begin their preparation to digitize their services. The Govstack digital platform offers a full suite of products and services to government agencies looking to modernize their operations. Our solutions range from cloud storage, digital transformation, and citizen engagement. Our products are designed to help streamline processes, reduce costs, and increase efficiency.
If you’re wondering why Govstack – the answer is simple. Our online service delivery reduces cost-of-service inquiries by as much as 98%! Your organization and the needs of your community are always changing and Govstack gives you the flexibility to expand as your needs and budgets grow. With a single platform, you can not only increase community engagement, but also attract new businesses to invest in your region.
Site location consultants say that 96% of their clients want to expand, diversify or relocate all within the next two years. What better way to showcase your community’s story than with an economic development website. Plus, the platform makes it easy to keep your content fresh and engaging for your audiences.
Take the right steps now to leverage these revitalizing times. Start building the digital future you need today.
Our team of experts are here to answer any questions you may have about our government technology solutions. Contact us today for more information and to learn how we can help your organization succeed.