Axora Verified Solution for Short Term Payback
Razor Labs Datamind.AI
Axora’s ‘Verified for Short Term Payback’ initiative brings total confidence to customers that our experts have reviewed the solution with a view to testing the ROI profile. Specifically, we review for short term payback, defined by us as a solution that has demonstrated the ability to deliver hard cost savings that more than offset the cost of purchase and deployment, within a period of 12 months or less. We insist on reviewing at least one real case study and assess the data with our expert team, if necessary speaking directly to the case study customer.
Razor Labs DataMind AI is an AI based solution for predictive maintenance in mining. It leverages a broader AI platform built by Razor Labs but applies the technology directly to solve business issues in mining. DataMind AI helps with malfunction prediction and health monitoring for fixed and mobile assets in the mining industry.
AI models have been developed for a fast start or easy customisation according to the scenario being tested. There are a substantial number of malfunction types possible in mining equipment which the Axora team reviewed with the Razor Labs team including: CV imbalance, CV undertension, luff encoder, autolube and several more all carefully documented by the Razor Labs team with modelled impact of downtime. The predictive maintenance models can predict issues weeks into the future before they become too serious and thus the customer can avoid the hard cost impact of the various malfunctions.
In the client case study they showcased a reclaimer working at 15K tonnes per hour and after deployment of DataMind AI had a reduction of downtime of 46 hours per year, with an average of 5 hours per event. The lost production in this particular mine for 46 hours was $42m p.a. and Razor Labs were able to deploy this solution in 2-4 weeks where existing malfunction type models were able to be used. Looking at the overall costs of purchase and deployment this demonstrated a payback of less than a week.
Axora is confident that even in less successful deployments a payback of less than 12 months would be expected in most cases, especially where existing models can be leveraged.
You can see this solution in our marketplace here.