Enormous economic value can be derived directly or indirectly from data to boost revenue and reduce costs.
Infrastructure digitization presents a massive opportunity to forecast, enhance infrastructure liquidity, develop new financing models, maximize long-term infrastructure sustainability, and minimize projects’ total life-cycle cost. Enormous economic value can be derived directly or indirectly from data to boost revenue and reduce costs. Accessing high-quality data has become increasingly important for businesses, agencies, and marketers.
“Stakeholders are encouraged to consciously transition towards digital by default and commit to harnessing data and infrastructure transformative technologies to meet the global infrastructure demands and financing requirements.”
Data Competition
Big data use increasing so fast and is finding applications in almost all business sectors. Companies worldwide in many industries are willing to invest time and money in accessing, organizing, and analyzing data to revolutionize their businesses. Data helps companies find new customers, improve customer experiences, reduce costs, make better decisions, evaluate performance, reduce costs, and increase efficiency. It is now essential for businesses to keep up with data use and analytics to remain competitive (Jacques Bughin, 2018), which provides a digital entrepreneur with data gathering, preparation, integration, deployment, management, sale, and applications mainly in infrafintech.
“The assistance of all stakeholders in the infrastructure digitalization ecosystem is required to help governments understand that digital enablement of infrastructure is about interconnected systems and processes and should be integrated into all new infrastructure investments.”
Benefits of Infrastructure Digitalization
Digitalization is an instrument that can provide an objective and understandable base for the different levels of users in financing, engineering, management, customers, forecasters, etc. The planning of maintenance activities, the estimation of the maintenance needs, the reduction of maintenance backlogs, financing, and investment projections are some asset management objectives. The benefit of infrastructure digitalization is strongly related to efficient use of data and are summarized as follows:
- provides information for managing infrastructure
- support decision making processes on different levels
- improve internal and external communication
- Provide the basis for assessment and analysis for the present and future situation
- enables comparability and combination of information from different sources
- maximizes infrastructure maintenance and operation processes
- provides an understanding of relationships and mapping of life cycle phases
- a new avenue for liquidity in infrastructure investment
- opportunity for infrastructure finance technology (infrafintech)
“Data helps companies find new customers, improve customer experiences, reduce costs, make better decisions, evaluate performance, reduce costs, and increase efficiency.”
The centrality of Data Leadership
To ensure these opportunities provided by this ground-breaking technology are fully realized, there must be better alignment across governments, industry, financing, and improved public understanding and adoption. The assistance of all stakeholders in the infrastructure digitalization ecosystem is required to help governments understand that digital enablement of infrastructure is about interconnected systems and processes and should be integrated into all new infrastructure investments.
Stakeholders in the infrastructure digitalization ecosystem are encouraged to consciously transition towards digital by default and commit to harnessing data and infrastructure transformative technologies to meet the global infrastructure demands and financing requirements.
Conclusion
Digitalization of Infrastructure is expected to unlock massive productivity gains and efficiencies across infrastructure planning, delivery, and operations, ensuring that the infrastructure sector can accelerate economic growth and meet Sustainable Development Goals.
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