Challenge
The operation of ships may be delayed due to the unavailability or delays in accessing essential spare parts, especially in underserved markets. This can result in ships spending longer periods of time in the drydock during maintenance due to spare part unavailability.
In turn, this results in dry-docking costs within different countries becoming a lot cheaper, due to the high delays in the procurement cycle where the spare parts are required.
Generally the problems associated with spares and equipment supplies to customers, especially in underserved markets, can be broadly classified into:
- Slow procurement cycle time
- High procurement cost
- Substandard quality
- High carbon footprint
- High human elements plaguing the procurement system with errors
Solution
Prime Atlantic was referred to the LCR4 START program due to the previous LCR 4.0 START program’s existing experience and success in supporting over 303 businesses, implementing over 248 R&D collaborations, supporting 86% of these enterprises to develop new products, and 71% to bring new products to market.
The LCR4 START program developed the digital strategy support for Prime Atlantic, revised their entire business model and identified technical solutions from a number of cross-expert panels across Liverpool John Moores University (including those from Computer Science for Data Science and App programming capabilities).
In conjunction with this, the LCR4 START team made an initial evaluation of commercially viable propositions based on the business model canvas. The business model now shifted Prime Atlantic from a supplier of spare parts, to a third-party “marketplace” through an e-procurement solution. The focus has now shifted beyond providing spare parts to only ships, and now focuses on covering manufacturing plants and offshore rigs. Prime Atlantic now plan on effectively integrating “The AtlanticHub” into existence and onto the maritime market.
This re-structured digital business model now enables Prime Atlantic to gain access to grant opportunities from the LCR High Growth Fund that can further support the materialisation of innovative ideas and facilitating a faster route to market.
Impact
The invention of the AtlanticHub from Prime Atlantic will create an innovative digital one-stop spare parts and equipment distribution hub for the maritime, offshore, onshore, and manufacturing industries. Providing quality at lower prices and offering effective global shipping.
The AtlanticHub will connect the end-users to the original equipment manufacturers (OEM), for procuring the spare parts, with an algorithm to carry out sentiment analysis. This can ensure user maintenance needs are quickly identified through machine learning and predictive analysis, and products offered are highly targeted.
Prime Atlantic Ltd is now developing the MVP of the software application and is also looking to recruit interns for supporting future business development. These expansion plans along with customer engagement and feedback for the new platform are being secured.
The downloadable case study can be found here.
Prime Atlantic is always keen to collaborate with experts within different fields as part of our wider research to ensure we have explored all possibilities for ensuring that our new product is as efficient as possible.
For that reason, it was great to work with the LCR4 START team, with a background in supporting us in the field of Computer Science for Data Science and App programming and the adoption of digital technologies for creating a new service from our current processes, amongst many other benefits.
Utubakwu M. Ushie, CEO and Founder, Prime Atlantic
