The government have just released their Budget Report for 2020 and announced that £640 billion of gross capital investment will be given to the infrastructure sector. This investment is triple the average from the last 40 years and will cover all areas including roads, railways and power networks nationwide.
This new level of investment shows true commitment from the government, helping aid productivity and growth. For too long the UK has underinvested in the infrastructure sector and these new plans show that real changes will be made, whether that is strategic roads being built or drastic improvements to flood defences.
However, past experience would indicate that some of these intended projects are likely to exceed their planned budget, which in some cases leads to unfinished projects that do not deliver their original purpose.
Richard, the Managing Director of Oakland Group explains why data is the answer.
“The general public wants to know that their taxes are being spent wisely and know that they are getting the most value for money when it comes to projects. For this to happen, companies need stringent data management at the core of their project that will provide in-depth insight into every aspect, helping to eliminate uncertainties and reduce waste. Historic project data can be used to provide insightful information into the possible pitfalls of a project, which could be unpredicted risks that could cause months of delays to a project and subsequently, an exceed budget”
“As a company, we are already helping companies in the North make the most out of their investment through our data analytic services. We are yet to see how much of this budget will be spent in the Northern region, but we hope to help keep these projects on track and get the most out of this investment”