It's all tied to the cloud - that place in the "sky" that stores tons of data and information on servers so that businesses or cities can get a holistic view and make better and more cost-effective decisions. In the case of cities, for example, they can better control traffic, avoiding jams and limiting emissions. They can also optimize their municipally-owned grids, making room for more green energy.

As for businesses, they can make smarter decisions, allowing them to know where to allocate scarce resources. As one expert told this reporter, it’s like knowing to whom to give the basketball and where on the court to get them that ball, with just second left in the game. It increases the odds of winning.

“As urban populations continue to rise, cities will face unprecedented infrastructure demands, and improved public private coordination is needed for better management of energy, water, transport, buildings and societal needs,” writes Lauren Riga, a smart cities expert for the city of Indianapolis.

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