TRANSITIONING TO NEXT GENERATION DIGITAL INFRASTRUCTURE

Background

Federal legislative actions and grant programs like the ADCMS initiative have enabled digital ecosystems to exchange high integrity data by leveraging the XBRL data standard. Enabling AI enabled innovation across project stakeholders that can reduce costs, improve risk management and expand access to financial products and services for small business.

The Construction Finance Data (CFD) Working Group is a collaboration convening public and private stakeholders to accelerate the transition to digital by offering information and guidance to stakeholders for how to engage in the digital ecosystem based on open standards.

Public and private entities are invited to participate and engage with various pilot projects that can accelerate their transition to digital to provide operational gains. 

One pilot is CFD is offering five $1,000 AI Seed grants to local schools who have students interested in an AI project to help their local public works agencies transition to digital.  This follows a similar grant program to universities for transition DOT data, which created the model process for students to follow.

Opportunity

Any public agency or private entity can implement the same digital functionality by simply mapping their legacy systems to the standardized data sets for common data exchanges.

All any entity needs is to be shown how to map to XBRL, and to follow a simple process for enabling any system to engage in the emerging digital ecosystem based on open standards that are free to implement and unlocks the power of data.

Pilot Project – Public Agency Procurement Modernization

Provide local schools with a process to map to XBRL as part of an educational initiative for engaging students in real AI projects that provide context for how AI can utilized data for multiple objectives.

Costs and Obligations to Participate

The stipend for the students covers the cost for student participation.

The cost for the public agency system providers to implement data exchange is limited to a one-time mapping exercise that will result in lifetime benefits for all users of the system.

The cost to the public agency is limited to the short time engaged with students and the system provider for the system provider to incorporate data interoperability. 

The benefits to public agencies, system providers and project stakeholders are reduced costs, improved risk management and better access to innovative financial products and services.

Process

CFD coordinates a collaboration of stakeholders as part of the ADCMS initiative to work out the process for 50 DOT’s to transition to digital for the submission of the “Application for Payment” (AFP) along with how to provide access to the data for transparency that enables AI innovations.

Students/School applies for one of the five $1,000 AI seed grants to engage with one of their local pubic works agencies to help them transition to digital functionality and comply with AB1223.

Agency provides a copy of the “Application for Payment” (AFP) form and output report for project progress to identify the data elements currently used.

Students validate what data elements are already in the XBRL taxonomy and identify any data elements that need to be incorporated into the XBRL taxonomy as part of the XBRL Review and Comment process

Students submit data elements that should be incorporated into the XBRL taxonomy.

Students create a model conversation program that can import unstructured, non-standardized data from the public agency legacy system and convert to high integrity XBRL for exchanging with stakeholders.

Students share the functionality with public agency legacy system providers so they can replicate the functionality into their system based on the model provided by the students.

Public agency system incorporates the functionality to securely import and export common XBRL data sets and the student model is phased out. 

Mission accomplished.