Posted by Paul Moore on May 5, 2021
Axora announces launching the world’s first international competition to discover new low-cost digital technology for industrial companies, which can produce rapid benefits within a year. Citing Reuters and FT sources, Axora points out that the metals and mining and oil and gas sectors recently suffered budget cuts of 20% on average, due to various factors, including the global pandemic, the collapse of demand and the price war. The Axora Cost-Saving Technology Challenge aims to transform these industries by discovering innovative digital solutions that quickly cut costs and pay for themselves while achieving the same standards of productivity, health and safety and sustainability.
âWhile digital solutions can help work faster and more profitably, they typically require a three-year return on investment, and if there isn’t flexibility in the budget, a full budget planning cycle. is needed to get things done, âsaid Dr Nick Mayhew, Commercial Director, Axora. âYet there are often additional financial costs incurred to delay digital projects, so customers have asked us to highlight solutions that can have an ‘in-year return on investment’ whereby the cost spent on solution and deployment will be more than recouped over the course of the budget year – this speeds up the timeline and generates a positive business impact, quickly. “
Axora says it is keen to hear about any digital innovation that can cut costs that: meets the 12-month payback period; can be deployed in any part of the value chain, including upstream, downstream or intermediate oil and gas, metal processing or mining; and is ready for the market. The Axora Cost-Saving Technology Challenge is open to entrepreneurs, start-ups, academics and industry leaders around the world. The competition will be judged by a panel of leading industry experts.
“We are passionate about supporting our industries and customers through all forms of digital transformation and the cost-effective solutions we seek could also provide a lifeline for many mining, metallurgical and oil and gas companies in the climate. current economy, âadded Dr Mayhew.
Up to ten finalists will be chosen to present their solutions at a digital presentation day later this year, after which Axora will validate ROI models and verify solutions. The winner will receive the ‘Axora Market Accelerator’ sales and marketing package worth Â£ 10,000. This includes a two-hour workshop, promotion through Axora’s thought leadership content, and inclusion in its digital demand engines, providing the winning solution with the opportunity to benefit thousands of industrial companies.