What are the most important pillars of economic growth considering smart economic practices in urban cities?
What are the most important pillars of economic growth considering smart economic practices in urban cities?
The management of smart economic practices in advanced urban cities is characterized by many characteristics of economic and investment operations, including that they are modern practices and contribute directly to enhancing the economic goal of smart cities, which constitutes the third goal of smart cities, in addition to the environmental goal and the improvement of community advice.
From this standpoint, today we will discuss everything about smart economic practices, because they also derive its importance from the fact that they are directed exclusively towards improving the economy of the city community.
This is done by raising investment opportunities, commercial exchanges and partnerships directed to the benefit of the city, while enhancing the overall quality factors and improving efficiency in administrative work in general, especially towards achieving the highest measurement indicators for each of the individual performance (PPI) and the main KPI and towards evaluation and control processes according to concepts such as the Balanced Scorecard. And management by Objective Key Results-OKR, which is based on results criteria for expected final revenues in the GDP.
And since the system of institutional proficiency is linked to the levels of administrative maturity acquired by the city’s institutions, we find that managing the flow of economic practices in smart cities depends on the governance of institutions and companies, and the levels of competencies attached to them, as a result of the skills and experience gained by exploiting the highest level of available natural resources and capabilities of available human resources.
The activities of economic operations that smart cities usually address are nothing but initiatives for proactive goals formulated within the city’s strategic vision, in order to benefit from them in vital sectors, such as energy, the environment, the productive and industrial sectors, and others. That is, by providing a wide range of economic practices and smart services that achieve the happiness factor for the city's community, whether they are citizens or expatriates residing in it or visitors to it. In light of the availability of mechanisms for achieving the factors of accountability, transparency and equality, it is important to enhance the reliability factor in the rest of the standards and characteristics of the six targeted enablers for the adoption of corporate governance systems.
In addition to many other considerations, Including the impact of effective economic practices in managing the environmental goal of improving the environmental sustainability of the city, by reducing the dangers of electronic or digital waste and limiting their effects, by rehabilitating them or expanding their benefits and implications to benefit from them according to another concept that we will discuss later, which is the concept of the circular economy. Circular Economy. It must contribute to enhancing the community happiness factor, to the extent of its connection with the community platform, which constitutes the second goal of any smart city’s goals, as we referred to
in a previous paragraph, considering the requirements of sustainable development in the field of the environment, because of its tangible effects on policies. Addressing the economic and investment challenges of the city.
One of the scenes in the smart cities is that they are in order to set better market scenarios for their products and services or promote their activities and initiatives that they provide and present them in the form of solutions that dazzle the city’s community and those who come to it on seasonal visits. The city various sectors are racing towards improving the products and service practices that it generates and exposes to the rest of the business sectors, meaning that in order to achieve this, it is working to attract the best bank financing opportunities to manage its operations and projects, and it is also working to attract capital to its markets, achieving an important number in the world of financial investment Global, following various innovative ways and means by setting up events and initiatives that call for its offers and strive for its outputs by achieving the best performance indicators in its final results, as we also note that, while undertaking smart economic practices, it has been able to achieve the characteristics of sustainable development as in Vision 2030 AD and to achieve the factors of empowerment and innovation According to policies that encourage local, regional and international entrepreneurship projects.
However, this does not happen without enhancing the ability to adopt and manage economic strategies capable of implementing qualitative and distinct initiatives, suitable for modern strategic business models and structures towards digital transformation, by managing economic projects, events and conferences based on centers and laboratories of innovation and creativity, i.e., according to a system rooted in the requirements of institutional governance with landmarks. and proactively identified collaborative engagements, with other guiding principles to be pursued by other business sectors.
Provided that the spirit of these initiatives and activities of the various institutions and competent authorities is achieved, with the minimum or acceptable level of competition and leadership levels that suit them and distinguish them from the rest of the other business sectors of competitors. These are the prizes that are put forward to be contested in most of the smart cities in the world.
And thus, enable them to survive and compete, business sustainability, growth, and development, with the interest of these institutions when formulating their strategic plans on tangible interactive tools that lead to an increase in revenues, a reduction in expenses, and the strengthening of a number of technical structures and frameworks that work with smart interfaces that are homogeneous and harmonious with each other and the requirements of partnership and cooperation. between the various entities and work units, by exploiting the raw materials related to natural resources.
To help it grow its will from the available resources and address the investment and financial challenges that can be utilized in all forms of consumption of natural resources and primary raw materials, that is, by managing operations activities with high quality and efficiency.
By making use of it in the management of institutional contracts and procurement and the extent of its handling chains between the public and private sectors. A way to bear the management of suppliers and enhance the value-added privileges or exploit the public or private common characteristics at the individual level or at the level of business units, institutional departments, and the city community.
In addition to being fully aware of the extent to which the governance of these concepts matches the challenges of a knowledge-based economy and keeping pace with global trends when applying the concepts of "sharing economy" - and the social (societal) economy.
Thus, we find that smart economic practices constitute an important pillar of any smart city as it is the backbone of the economic life of the city, and works to contribute effectively to improving the economy of the emirate / city / country, and this is evident from the reality of the following axes of smart economic practices.
Smart Economic Practices: -
- Accountability
- Development
- Financing, investing.
- Marketing
- New business model
- Entrepreneurial spirit
- Public procurement
- Social economy
