Axora is launching the world’s first competition to find new cost saving digital technology that will produce results within a year for industrial companies.
Average budget cuts in both the metals and mining and oil and gas sectors have been 20%, said the company. A variety of factors including the global pandemic, demand slump and price wars have taken their toll. The need is evident to discover innovative, digital solutions that quickly reduce costs and pay for themselves, while also boosting productivity, health and safety, and sustainability standards.
Axora wants to learn of any digital cost saving innovation which meets these criteria: a 12-month payback timeframe; deployable in any part of the value chain including upstream, downstream or midstream oil and gas, metals processing or mining; and is ready for market. The challenge is open to entrepreneurs, start-ups, academics and sector leaders across the world. The competition will be judged by a panel of leading industry experts.
Up to 10 finalists will be chosen to pitch their solutions at a digital pitch day later this year, after which Axora will validate the return on investment (ROI) models and vet the solutions.
The winner will receive the Axora Market Accelerator sales and marketing package worth £10,000. This includes a two-hour workshop, promotion through Axora’s thought leadership content and inclusion into its digital demand engines, providing the opportunity for the winning solution to benefit thousands of industrial companies.
Full details of the competition including terms and conditions can be found at The Axora Cost Saving Technology Challenge.