MinnPost recently an editorial from Mike O’Leary from Ernst & Young LLP. He offers a three-pronged approach to becoming smart…
Big data is a term frequently thrown around when it comes to cities. But it’s much more than a buzzword. Big data allows government entities to take a granular look at their populations’ demands and behavioral patterns. As real-time data become more easily accessible through new data and analytics tools, governments are becoming more adaptable to meet their populations’ needs and more resilient against shocks, such as widespread disease or large-scale cyber attacks.
I would challenge governments to take this a step further by increasing their use of predictive models and behavioral approaches to policy to anticipate the needs of growing cities to become more proactive. Take transportation as an example. Data can allow government to predict commuter behaviors should autonomous buses become commonplace. If the predictive behavior looks positive, governments can make the decision to move forward with funding and create pro-autonomous bus policies.
One key question for corporations in the Twin Cities is how to use smart assets to drive superior return on investment. Smarter infrastructure, both physical and social, is a key component for smart cities. The real estate and construction industries have a key opportunity to optimize physical assets for new technology that could revolutionize the way businesses manage assets. As an example, smart buildings equipped with the latest technology have the ability to detect and respond in real time to occupancy, environmental and operational changes. Real-time data on usage and temperature, and the ability to respond to changing conditions, can allow for reduced operational costs and greater energy efficiency.
The sweet spot for entrepreneurs in the smart landscape is using new technologies to transform how citizens engage with their city. They are asking themselves better questions, such as: How do commuters move around the Twin Cities? Where are the epicenters of work in our cities? How are our residents spending their leisure time? Their ability to identify gaps in the market will continue to drive new commercial opportunities in Minneapolis and St. Paul. A prevalent example that comes to mind is the growth of ridesharing companies that derived from the transportation needs of those living in the city. We will continue to rely on entrepreneurs and innovative thinkers to identify the latest needs of city dwellers and innovate to meet the changing citizen demands.