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According to the World Economic Forum, infrastructure is the second pillar on which Global Competitiveness is built. Well-developed infrastructure bolsters economic development, facilitates service delivery and attracts foreign direct investment. What are the benefits of well-developed infrastructure to a country’s economic growth potential?
WHAT IS GLOBAL COMPETITIVENESS?
The Global Competitiveness Report (GCR)1
is an annual publication delivered by the World Economic Forum. Since 2004, the GCR has been based on the Global Competitiveness Index (GCI) that defines competitiveness as: “the set of institutions, policies and factors that determine the level of productivity of a country”.
Productivity relates to two key drivers of economic growth:
Sustained high levels of income
Rates of return on investment
In other words, the potential for economic prosperity and the potential rates of return obtained by investments in an economy are key factors in an economy’s “growth potential”.
INFRASTRUCTURE – THE SECOND PILLAR
The GCI serves as an estimate of the level of productivity and competitiveness of an economy based on 12 key interrelated pillars:
Health and primary education
Higher education and Training
Global market efficiency
Labour market efficiency
Financial market development
Infrastructure is the second key pillar on which economic development/competitiveness is built along with institutions, the macro-economic environment, as well as health and primary education. According to the GCR:
Extensive and efficient infrastructure is critical for ensuring the effective functioning of the economy, as it is an important factor in determining the location of economic activity and the kinds of activities or sectors that can develop within a country.
10 WAYS EFFICIENT INFRASTRUCTURE MAKES YOUR COUNTRY MORE COMPETITIVE
Well-developed transportation, electricity and telecommunications infrastructure make a country attractive to investors and help to:
Reduce distance between regions
Increase economic opportunities
Reduce income inequalities and poverty
Facilitate the integration of markets on national, regional, international and global scales
Afford less-developed communities access to core economic activities and services
Allow entrepreneurs to access markets in a secure and timely manner
Enable workers access to suitable jobs and to reach work on time
Ensure the unimpeded work of businesses and factories
Increase economic efficiency by enabling the rapid and free-flow of information
Facilitate business communications and informed decision-making
INFRASTRUCTURE LIFECYCLE ASSET MANAGEMENT IS ESSENTIAL
Well-developed infrastructure is central to economic growth. To ensure that this pillar of competitiveness stands firm, integrated technologically-driven Infrastructure Asset Lifecycle Management becomes essential.
All municipalities, big or small, are faced with juggling limited financial and human resources that must be directed at maintaining and renewing infrastructure, addressing backlogs in service delivery, and comprehensively dealing with changes in demand. IMQS offers your organisation the foundation on which to build strong comprehensive lifecycle asset management systems. With our
Asset Management Module
Project Control System
and Maintenance Management
module, you can enhance the value you get from your assets.
today to hear more about the solutions we offer.