Build trust through data
An integrated data platform provides visibility into the state or local agency’s overall vision, strategy and long-term development plan. It enables state officials to set priorities and execute efficiently. Over time, the right data also serves as evidence to show investors a track record of solid returns on investments, positive economic and social impact, and improved project execution capabilities.
But transparent data on capital projects can do more than help fund and execute projects. It can help create confidence among government officials, private sector investors and vendors, and the public that we—our communities, states, and country—really can address the infrastructure gap.
Automate asset management
Many commercial asset managers are reliant on such systems for managing their assets and contracts—and there are very few reasons why this cannot be adapted to manage the multitude of US infrastructure assets. These systems not only catalog assets, but allows an asset owner to track concept, design, construction and maintenance. They also enable the government to pool assets together to drive down the overall cost of maintenance per asset, stretching valuable dollars even further, and ultimately helping drive greater investment.
Manage risk allocations
As state and local governments explore alternative project finance and delivery methods, they will need to adapt their systems and processes—and make sure they control the risks as they change.
Take P3s, for example. A key part of negotiating P3s is to determine risks and assign responsibilities: Who is responsible for considering the impacts on the broader infrastructure program in the future? And who is planning for allocable and non-allocable risks to the entire program related to a specific project’s cost and schedule overruns or revenue shortfalls? These questions can be answered using sophisticated forecasting and monitoring tools that are commonly used in the private sector and which can be adapted for state and local purposes.