Product development is a complex phase in the product life cycle, which spans from idea to pre-manufacturing. It is characterised by challenges such as ambiguity, uncertainty and continuous change as the product evolves from a concept to a fully manufacturable product.
A single development project often costs billions of pounds, requires multiple years and involves tens of thousands of employees and hundreds of thousands of activities.
Due to their scale and sophistication, 45% of these projects miss their time target, 63% miss their cost targets, and for every $1 billion spent about $120 million is lost due to inefficiencies.
AEMS has used cutting-edge research in artificial intelligence and project management to create a software solution that enables firms to plan and manage their projects more efficiently. The AI-powered solution enables companies to predict the performance of their projects, identify optimal execution plans and helps them to make more informed and tested decisions.
Over the next 12 to 18 months, AEMS intends to build its product from a basic prototype to a full commercial version, adding extra functionalities in the process. Alongside this, AEMS will execute a series of customer testing activities. The online project management software market is currently valued at £3 billion [PS1] and expected to double over the next five years. These tests will evaluate the value that its product adds to the customer, the user-friendliness of the software, and whether customers are willing to purchase it.
2014 - 2017: Developed the technology at the University of Cambridge.
2018 - 2019: Carried out a proof-of-principle study at Jaguar Land Rover.
2020 - Awarded a Royal Academy of Engineering Enterprise Fellowship.
2020 - Received pre-seed investment from Cambridge Enterprise.
2020 - Implemented additional features.
2020 - Set up second industrial collaboration for further customer testing.
“The Enterprise Fellowship programme has been enormously supportive through providing funding and, more importantly, a comprehensive training programme delivered by world-class experts covering the various aspects of entrepreneurship.”