3 reasearch (overall 19 pages)

The business environment is changing the dynamic world. To be successful, businesses are now forced to adapt to the dynamic world. Some of the things which are changing include the customer needs and requirement because customers want new products which are of better quality and cheap. Second, new technologies being introduced require the revision of employee skills so as to fit the business need. Third, new technologies are encouraging businesses to adopt new, efficient and cheaper ways of production (Ratten, 2018). Fourth, the changing environment is increasing competition in specific industries. This forces the management to deduce new ways of doing things so as to stay in business. Lastly, smart cities are highly affecting the way businesses do their job.

Impacts of Smart Cities on Businesses

Cities play a very big part in driving economic growth. This is because they bring people together who in turn bring in new ideas, attract entrepreneurs who invest in businesses and also attract innovative businesses. Smart cities come with improved living conditions for people living there. They also lay concrete foundations for better economic benefits.

Changing Workforce

Many of the people are living in urban localities as compared to the past years. This has forced companies to move closer to the talent pool because it is easily accessible. Companies can now recruit people with great talents because they are readily available in cities. Proximity to work is very important when it comes to an employee’s productivity and motivation. Talented individuals prefer living and working in cities. These elites think that there are more opportunities in urban localities as compared to rural areas and this works for businesses.

Time Efficiency

When people live close to their jobs, time wasted in commuting and traffic congestion reduces. Hence, they are able to report to work on time. When employees use the least time possible in commuting to work, they arrive at work fresh and motivated to work. Also, smart cities are working on decongestion. This reduces the number of funds used by businesses who manufacture goods in transport.

Improved Health for Employees

In smart cities, people have better mental and physical health because they spend time that would have been used on the road on other productive matters. When people use less time commuting, they have time for things like workout and preparation of healthy food instead of going for fast food. A healthy workforce has little or no absenteeism hence better quality of work.

Innovation Driven by Diversity

Smart cities play a very big part in attracting diverse talent from all over the globe. These diverse talents come in with new ideas which are good for business (Komninos, 2015). Smart cities provide access to good public spaces where people meet and exchange ideas catalyzing business growth.

Questions

1. What percentage of business growth is contributed by smart cities?

1. Would you start a business in a rural or urban locality?

1. Which businesses do better? A comparison between those in rural and urban areas.

References

Komninos, N. (2015). The age of intelligent cities: Smart environments and innovation-for-all

strategies.

Ratten, V. (2018). Entrepreneurship, innovation and smart cities. https://www.google.com.sa/search?q=what+smart+city+means&safe=strict&source=lnms&tbm=isch&sa=X&ved=0ahUKEwiqseLzq4_aAhWK8YMKHcaZBY8Q_AUICygC&biw=1366&bih=631#imgrc=_