Five consultants from IBM have submitted their report listing six recommendations for the Algarve's economy
The IBM president in Portugal, António Raposo de Lima presented the results from his team reporting that Faro needed to use its data more intelligently to improve the local economy. The research and reports are part of a prize won by Faro under IBM’s ‘Smarter Cities Challenge.’
The analysis resulted in six suggestions and the astute reader will notice that many of these recommendations require the use of computerised systems, no doubt available from IBM
1. Innovation, create an open data platform allowing predictive analysis that can sustain economic growth in the region through knowledge, innovation, exchange and use of information.
2. Educate and train the workforce to maximise the maritime economy, create an innovation centre for expertise in order to train the existing workforce, attract the younger generation and improve specialist capabilities in order to support the future workforce and economic diversity related to the sea.
3. Sea Economy, better use of sustainable natural resources through public-private projects for R & D is needed. Increase collaboration between R & D centres and explore the data from marine sensors from new predictive and analytical models to ensure the sustainability of natural resources
4. Create a value chain for regional collaboration to maximize the economic benefits of the sea, managed as a shared service on a public-private partnership platform, adding to it the Algarve’s municipalities and other local entities.
5. Tourism, improve tourism through an integrated branding strategy. Promoting the different brands related to the Algarve, creating a unique regional identity for the goods and services in the Algarve region taking advantage of social networking and intelligent systems for social marketing.
6. Increase seasonal tourism through personalised experiences, attracting new tourists and retaining existing ones, promoting access to the most exclusive products in the Algarve such as handicrafts, culture, gastronomy, golf, water sports activities and nature tourism, through personalised and real-time offers tailored to the individual tastes of the tourist and accessible through specific apps.
Collaboration is poor
The five IBM executives visited and met with various stakeholders including the Secretary of State for the Sea, the Council, the University of the Algarve, the CCDR , public agencies, local associations, and small and medium sized businesses over the past three weeks to analyse and recommend structural improvements for the city of Faro and the surrounding region.
The team reached several conclusions, among which was their claim that there is a low level of cooperation between the different regional and national bodies in some critical areas for the region.
"It was found that the business opportunities and innovation required a more intelligent use of data through a significant improvement in collaboration between the public and private sector."
In the view of the consultants the regional economy has an overdependence on tourism-related activities due to its seasonal nature, and young people need focused expertise in professions related to the maritime economy.
