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Answer: Provide finance, insurance and surety markets with online project information in XBRL that can be imported to enable improved underwriting with monitoring for improved risk management.
How: Hire an intern to expand the current online project data from just a PDF option to include an XBRL option that can be accessed by an API.
Why: Capital markets ability to innovate AI resources for underwriting and monitoring risk for early mitigation will enable more flexible and competitive terms.
USDOT Funding Opportunity Announcement
The USDOT is seeking funding requests for ADCMS with submissions due July 31st.
We are forming a collaboration to prepare a submission in support of participating DOT’s to expand the XBRL and Financial Data Exchange (FDX) taxonomies for the monthly application for progress payment and surety bond data sets for the benefit of DOT’s and all the stakeholders they engage with.
The funding would be targeted to just those two data sets and expand on DOT progress payment transparency already provided by TxDOT, Caltrans and VDOT.
The collaboration would provide participating DOT’s support and engagement so they can secure funding to update their respective systems to receive and administer digital surety bonds and implement a standardized progress payment platform utilizing XBRL to provide monitoring data digitally to all stakeholders
Background
The DOE Orange Button initiative contributed towards an International Digital Ecosystem Architecture (IDEA) based on open data standards and a hierarchy of data standards. Identifying XBRL as the top tier data standard in an International Digital Ecosystem Architecture (IDEA) to enable data interoperability between multiple new and legacy data standards and data sets.
Achieving data interoperability between legacy resources and across federal agencies will promote next generation infrastructure and cost savings enabled by innovations made possible by the IDEA.
The IIJA and IRA legislation included the Accelerating Advanced Digital Construction Management Systems Program (ADCMS), which directly applies to systems that are used for planning, permitting, financing, insuring and building next generation infrastructure by leveraging digital ecosystems, the Metaverse.
Synergizing the DOT and DOE data standards for infrastructure construction will have a major impact on all stakeholder’s ability to create and innovate next generation products and services that cross all industry segments, public and private, for sustainable and resilient communities.
Case Study
There are 43,096 agencies (Authority Having Jurisdiction - AHJ) that issue permits for solar projects, each with their own legacy system for administering the permit process. Each with similar data requirements, but each slightly different enough so stakeholders had to work with multiple data requirements that had to be individually administered for each AHJ.
The 2016 DOE Orange Button initiative accelerated data interoperability by expanding the XBRL taxonomy for data elements related to permitting, financing, insurance and building of solar projects. Resulting in OB JSON and enabling the SolarApp to provide a single standardized data set for all 43 thousand agencies.
A standardized data set that can also be utilized by all the stakeholders on the project, including finance, insurance and surety for a digital ecosystem, the Metaverse.
The 50 DOT’s and the thousands of public agencies that administer infrastructure contracts each have a legacy process and data set for the “monthly application for payment” in their respective systems that could transition to standardized data sets to achieve even greater efficiency gains throughout the stakeholder ecosystem. Just as the SolarApp is doing today.
Current and Future State
The current state of TxDOT, Caltrans and VDOT systems provide project payment information as a limited value PDF or on-screen image without a data standard identified, rendering the data largely inaccessible and ineffective.
Future state is the same DOT systems are simply modified to provide exportable data in a standardized XBRL or FDX format that could be accessed and imported by stakeholders as part of a Metaverse for a wide range of innovative digital construction management products and services.
These two data sets will enable all the DOT’s to easily provide critical project data to all stakeholders and enable every construction management system to transition to digital with key data for innovation with respect to project analytics and risk management.
DOTs providing timely project data to the capital markets, finance, insurance and surety, will improve access and pricing to enable more local and small businesses to participate in DOT projects.
DOTs providing timely project data to surety companies will improve risk management for both the DOT and the surety, providing better protection for all stakeholders.
Demonstration Projects
SRC is working with current clients to implement Surety Based Risk Management (SBRM) as a model for how easy a digital ecosystem is to employ.
Multiple surety companies and project owners are registered on the BuilderChain platform, which allows contractors to register so they can engage in the digital ecosystem by submitting their surety bonds and monthly progress payments digitally. Data that can be shared, subject to permissions, with other stakeholders and enables project monitoring for the surety to improve underwriting and risk management.
Collaboration
The collaboration will include academic institutions, construction software platforms, insurance and surety companies, trade associations and multiple standards bodies.
Accelerating Advanced Digital Construction Management Systems Program (ADCMS)
FY22-23 Advanced Digital Construction Management System Grant Recipients
Transportation Pooled Fund
Building Information Modeling (BIM) for Infrastructure
April 2023 Caltrans
Building Information Modeling for Infrastructure (BIM4I) Initiative Implementation Plan
DOT progress payment transparency already provided by TxDOT, Caltrans and VDOT.
Infrastructure Investment and Jobs Act (IIJA)
Construction Management Systems Program
Inflation Reduction Act of 2022 (IRA)
Financial Transparency Act of 2022
Legislation to Reestablish U.S. Leadership in International Standards-Setting for Emerging Tech
SRC Surety Based Risk Managment
Orange Button Collaboration / XBRL US
Construction Progress Coalition
Digital 360 Summit - CMG Consulting
Proposal
USDOT to provide funding to state DOT/Academic teams for transitioning each DOT to standardized digital reporting of the surety bond and monthly progress payment reporting in XBRL and/or FDX mapped to XBRL.
Objective
1. Meet the goals of the ADCMS Program, as defined in 23 U.S.C.503(c)(5)(B)
2. Accelerate the synergized public and private transition for next generation Energy, Transportation and Agriculture infrastructure.
3. Support and Implement legislation for transitioning to next generation infrastructure.
4. Enable rigorous academic, industry and trade association engagement for new policies and procedures to assure best practices and enable creation of innovative AI resources with guardrails to protect stakeholders.
5. Continuation of the USDOE Orange Button initiative that expanded the XBRL taxonomy for solar energy infrastructure to align with the USDOT for transportation infrastructure to enable digital ecosystems that cross industry segments, stakeholders and other federal agencies.
6. Leverage data interoperability to expand access to innovative financial products and services for a more inclusive stakeholder group.
Business Case
TxDOT, Caltrans and VDOT currently provide online transparency for progress payments however the data has limited value as a PDF or on-screen image, rendering the key performance monitoring data largely inaccessible and ineffective.
Having DOT systems modified to provide exportable data for the digital surety bond and monthly progress payment application in a standardized XBRL or FDX format that could be accessed and imported by multiple stakeholders would be a one-time limited cost with significant long-term benefit.
DOT’s transitioning surety bond and progress payment data to digital based on open data standards in collaboration with academic engagement will accelerate advanced digital construction management systems for all stakeholders in the planning, permitting, financing, insuring and building of infrastructure, public and private.
Academic engagement for expertise with an educational component will expand outreach and awareness for promoting best practices that can be replicated on any infrastructure project, public or private, along with a skilled labor force to innovate next generation products and services.
Research Topics
Data interoperability enabled digital ecosystems for infrastructure is becoming a reality and research is needed to influence and guide the development to achieve the best outcome for society, and protections and guardrails are needed as AI becomes a dominant factor in decision making that will impact millions of lives.
Senator Warners Senate Bill 3849 - Legislation to Reestablish U.S. Leadership in International Standards-Setting for Emerging Tech touches on the dual need for implementing data standards and controlling the impacts by planning ahead.
Topics –
Benefits
Funding
November 15, 2023 - Metaverse and the International Digital Ecosystem Architecture (IDEA)responding to DOE FOA3101.
December 16, 2022 Expand XBRL Taxonomy to Support Model Digital Ecosystem for Community Resiliencyresponding to DOE FOA2740 for Grid Resilience and Innovation Partnerships (GRIP)
September 25, 2022 - DATA Act 2.0 - Digital Ecosystems For Energy Grid responding to FOA2736Preventing Outages And Enhancing the Resilience of the Electric Grid Formula Grants to States and Indian Tribes.
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