The need for reform in the US transportation system is becoming more and more evident. While the Department of Transportation (DOT) has traditionally emphasized long-term visions and opportunities, there is now a recognition of the significance of taking practical first steps. This change in focus is a response to the conflicting views on pilot projects and their scalability. Industry leaders are championing a transformation in the approach to pilots, perceiving them as more comprehensive frameworks for collaboration. One of several critical generalizations from the report is that the Department of Transportation may need to look to new technologies and governance from the federal government to quickly and sustainably address the growing need for infrastructure innovation.
These and other insights were garnered from leaders of state, municipal, and federal transportation authorities, automobile OEMs, industry experts, academics, and renowned transportation consulting agencies in an industry report from Rekor, Inc. REKR and Amazon Web Services.
One major obstacle underscored in the industry is the slow and linear process of adopting and implementing technology that is often encouraged by the federal government. Industry stakeholders noted that there must be an emphasis on expediting the lessons learned from pilots rather than simply deploying them to deploy them. To do this, the industry must shift its mindset away from a simple copy-and-paste approach and instead adopt technology as a powerful catalyst for knowledge advancement. The report indicates that the shift in mindset is essential to overcome current hurdles in the way of infrastructure advancement and to accelerate progress in the transportation sector.
Rekor is working hard to provide tangible technologies for the US transportation system and is actively running pilots for DOTs across the country that Rekor describes as fast, practical, and chock-full of learnings. Rekor technology collects and connects mobility data to deliver AI roadway intelligence, laying the foundation for a digital-enabled operating system for roadways.
The company has piloted several successful programs nationwide that have reflected the need for tangible results and actionable steps for DOTs. In March 2023, the company was awarded a multiyear contract worth over $1.8 million by the Florida Department of Transportation (DOT) to provide data services for the agency's roadway network.
On April 19, 2023, Rekor was awarded $14.15 million in new multiyear contracts for state-wide traffic count and classification studies for the South Carolina and Florida DOTs. Another barrier to progress within the transportation industry is collaboration. Subject matter experts (SMEs) surveyed emphasized the importance of intersectionality and collaboration for long-term technology success. Partnerships are a vital part of scalability and require collaborative decisions on everything from project financing to purchasing and procurement, to long-term governance.
Rekor recently unveiled its Rekor Partner Network (RPN), a global ecosystem of technology, data, and solution providers whose aim is to foster innovation and collaboration in the roadway intelligence domain. The network was established to aggregate valuable insights and make technology accessible to governments, partners, and customers. One of the drives for Rekor's success is its focus on building these solid partnerships and connecting the dots between DOTs.
Companies like Waze, Mobileye, Volvo, HAAS Alert, Blyncsy, TicketMaster, Tomorrow.io, Amazon Web Services, Ford F, Motorola, and others are already part of the Rekor Partner Network. These partnerships, paired with Rekor's state-of-the-art AI technology, have positioned Rekor as a potentially critical stakeholder in the future of US transportation.
Another major issue for the US transportation industry is the inability to extract valuable insights from the abundance of data it has collected. Across the board, DOT leaders, from cities to the federal government, have acknowledged their limited capacity and expertise in leveraging their existing data. They desperately need assistance in understanding the significance of their data and making it meaningful and actionable. Instead of being inundated with a static mass of data, leaders seek user-friendly dashboards and tools to effectively manage and consolidate data, delivering clear, compelling narratives and justifiable outcomes. Focusing solely on accumulating data is no longer the solution.
Rekor's roadway intelligence engine, Rekor OneTM, is more than just an aggregator of data; it is where insights and compelling outcomes are generated. The AI-driven technology ingests billions of data points from multiple sources to transform data into knowledge that can be used to improve transportation systems into fully functioning and safe roadways. Rekor can obtain data from third-party data sources such as connected vehicles, GPS systems, crowdsourced providers, proprietary data capture, and existing infrastructure information and then processes those data points through Rekor One – which customers can then use to make the best decisions for infrastructure investment. Rekor provides tactile solutions beyond aggregate data.
As the US infrastructure faces significant challenges, there is a growing demand for AI and digital infrastructure technology. Accurate and detailed data is crucial for traffic studies, and advanced technology is a critical component of the infrastructure of the future. Rekor seems well-positioned to emerge as a leader in this space, especially given its vital role in building successful partnerships to help create a robust digital infrastructure model.
Featured photo by Denys Nevozhai on Unsplash.
This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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