Whether they’re constructing new roads or restoring an old bridge, infrastructure projects are fundamental to society’s progress. These complex, high-impact undertakings often require precise planning and finely-tuned strategies to ensure success. The work can be both exciting and daunting, but a capable project management platform with the right set of tools is key to meeting the demands of these essential endeavors.
An infrastructure project is one that enhances a community’s connectivity, economic growth and development, or quality of life. The most obvious examples are public utilities, such as water and electricity systems, and transportation networks like roads and airports. Infrastructure also includes telecommunications, ports and shipping terminals, and wastewater treatment plants.
Traditional infrastructure is linear and centralized, relying on one-way flows of resources (for example, power flowing from a power plant to users). It requires significant upfront capital expenditures and long construction timelines and is built on established technologies.
A common approach to funding infrastructure projects is through government grants and loans. Project managers can also seek private investments by presenting a sound business case and demonstrating the project’s return on investment.
The future of infrastructure projects will be shaped by three stakeholders: governments, investors and industry operators. All will need to have a more evolved understanding of what infrastructure means today, how it can meet tomorrow’s needs and what the implications are for future generations. In order to do that, all three groups will need a robust project management platform with the capabilities and features to handle this new reality.
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