In the quest to become acclaimed “smart cities,” municipalities globally are starting to employ several digital services. These services will accrue them flexible pricing models with an end to boosting revenue generation. Cities are beginning to implement smart pricing for Highway and bridge tolls, Education, Wi-Fi, Parking for commercial and consumer fleets, e-waste, and Recycling.
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Example of Some Smart City Features
Residents and tourists alike can subscribe to Wi-Fi services provided by the city at public places such as rail terminals, central parks, airports, etc. Pricing will often range from free to paid spots, and other paid premium services. Data allowances may be shared across several people, and data balances can be measured in real-time.
Highway and Bridge Tolls
By virtue of installed sensors, the movement of vehicles past specific toll points can be tracked and calculated. This information, often sent to the city’s central monetization software, is used to calculate the payable toll of the driver. The fee is calculated based on several factors, including distance, car type, time, and emission status of the vehicle.
Parking for commercial and consumer fleets
A monthly upfront subscription provides parking allowances at predefined locations in the city. There are different packages based on the number of cars in a fleet, and they all account for different parking quotas based on pricing. Unused parking quotas may also be rolled over to the next month.
Fitted in vehicles communicate with sensors embedded in various parking locations to recommended ideal parking spots. Discounted parking rates may apply at other offsite parking locations during busy city events or occasions.
Residents can subscribe to a monthly education service that grants them access to a database of e-learning materials. This subscription can be charged on an hourly tutor basis or based on the level of access to learning materials.
Recycling and waste
Commercial and residential bins, fitted with chemical and weight sensors; measure and send data to the city’s central monetization software. The software awards loyalty bonuses for each kilogram and possible penalties for spillages. Waste sensors measure and track the volume of waste, and charges are based on the same.
Today’s Smart Cities
Several cities have started to adopt some of the smart features listed above. The research firm IDC estimates that the entire investment into intelligent technology for smart cities in 2018 surpassed $80 billion. Furthermore, the research also highlighted that by 2022, the total amount of investment is expected to hit the $158 billion mark.
The city of Chicago is a beautiful example of a smart city initiative. The city has invested in 270,000 smart streetlights, that courtesy of its sensors can share information amongst each other and communicate when a fault or replacement is required. This has saved the city millions of dollars in terms of energy consumption annually. The city has also further invested in smart digital tools that can show and track the location of snowplows for clearing roads, estimated bus arrival times, and favorable parking spots.
At the opposite end of the globe, cities are being built and designed to be smart from the onset. Saudi Arabia’s Vision 2030 program is one of such developments that is aimed at diversifying its economy and implementing the use of digital services from its inception. These futuristic cities will serve as models for future smart cities and will have several smart cities features. Smart cities will now be able to save money on energy consumption. Also, smart utilities will be fully automated and powered by meters operated via the Internet of Things. This development will enable cities to serve an ever-growing population and ensure complete digital monetization of several digital services.
Smart City Technology
It is crucial that smart cities have efficient systems and technologies to develop and manage digital revenue sources. This involves a monetization system with the right advanced functionalities to support a variety of business charging models. It also demands seamlessly combining both subscriptions, discounted, flexible, and structural payment methods.
Smart city monetization must meet the demands of today’s population and accommodate the ever-changing requirements of the future. This flexibility will be based on a variety of digital subscriber options and choices in addition to consolidating several digital payment services. This system must be precise, fully automated, and be compatible with varying degrees of scalability and payment structures.
The birth of the 5G wireless network is a catalyst that is set to fast-track the advent of smart cities. 5G network will enable the broader deployment of intelligent technologies, including remote surgeries and self-driving cars.
Proactive cities are beginning to identify these opportunities and are making plans to take full advantage. As population growth continues to climb, smart cities across the globe are evolving by efficiently managing energy resources, enhancing living conditions, and providing a new stream of revenue via the provision and 5G monetization of several digital services.
Innovative and creative solutions like Tridens Monetization can be integrated into a variety of smart digital systems. Tridens Monetization is a full-stack quote-order-cash subscription billing platform, built for companies who need high volume, sophisticated pricing, and real-time usage-based billing.