The Elements Technology Platforms Ltd solution provides manufacturing companies access to live and accurate information about internal processes, anywhere, any time. The software delivers real time visibility and traceability to factory facilities, enabling teams across a company to quickly access detailed information about live production and completed orders.
COVID 19 meant reduced operating levels for Elements Technology's early customers and the associated use of the Elements Technology products. This in turn, impacted internal resources and revenues for Elements Technology, which is when they sought help from Innovate UK EDGE. Their main objectives were to evaluate the response they had developed pre-COVID and to investigate options for adapting their products and promotions for identifying and approaching target customers.
Initial work with Elements Technology, took a deeper look into their barriers to growth and long-term goals, following which Innovate UK EDGE supported an assessment of the reconfiguration of the product and the associated introductory and sales packages. EDGE resources were able to provide some insight and referrals to email marketing resources that contrasted and extended the knowledge of the existing team.
Innovate UK EDGE related work closely considered the impact of the COVID19 challenges within the UK manufacturing sector and how systems could be used to support progress monitoring improvements with remote services. The response drew on feedback from the initial launch of the products, and their pricing structures of the solutions as well as insight from the EDGE team and other stakeholders.
As a result, Elements Technology have tackled both internal and external transformations to their business model and strategy based on their capabilities and offering. Their perspective has been widened and their internal and external messaging has become much clearer, more coherent and confident in response to their on-going understanding of the customer needs and requirements.
The support from EDGE also addressed Sales and Marketing activities, supporting a revision of the sales strategy and a redefinition of the products for all external marketing communications.
Aspects of the sales model were developed to secure more revenues via direct sales, distribution, and licensing approaches. Attention to the business model, product specification and development strategy with the team and the EDGE support led to transformation and refinement of several areas including Elements Technology’s understanding of their unique selling points, definitions of product offering, their customer base and competitors.
Dr Joe Handsaker, CEO comments:
“By working with Innovate UK EDGE Innovation and Growth Specialists on the project, we were able to identify our key USPs (previously unidentified) and focus our direction towards promoting them. This has affected our marketing in the short term and has significantly altered our plans for the long term. Furthermore, Marcus and Paul introduced multiple techniques that we will continue to use periodically to continuously assess the direction and success of the company.
“Through the help received we have begun to see an uptick in sales, which in combination with projects and proposed work with existing partners is expected to bring our revenue close to break even in the next 18 months, providing us with an excellent base from which to raise future investment.”