With oil prices falling to record lows in the last few years one typical reaction is to look where to cut costs in order to keep businesses in the sector going, and appealing to buyers.
If you want to save money, and talent, keeping the supply chain of your business, and that means any business, is an ingredient to success.
This is what new Dubai-based startup Throughput does, specifically for the oil and gas industry.
To break it down for the layman, supply chain management software (SCMS) is the software tool or modules used in executing supply chain transactions. This translates as a software that will help your company manage everything from suppliers to customer feedback.
Throughput has created a software, using AI, that can be integrated with a supply chain intensive organization’s existing SCMS. So, adapting to systems like those created by Oracle or SAP, their product eliminates the "waste" Hayat says is often causing money to be lost.
They had started with just a focus on the oil and gas sector but quickly saw the potential for logistics market. They had some early case studies with chemical distributors and a packaging and logistics company and decided to expand. This brought them to Dubai in 2016.
Their main target vertical now is a sector set for high growth in the region: logistics.
For cofounder Khizer Hayat they differentiate themselves from other products out there with their AI that can execute 100 times faster with more accurate results.
Starting out in Texas with cofounder Ali Hasan Raza, with their backgrounds in the oil and gas, pharmaceutical and robotics industries, Hayat saw the UAE as a suitable base as Dubai is fast proving itself to be a logistical hub and they say this is one of the main areas where inefficiencies in the supply chain are able to flourish.
With six subscribers in the US and UAE to date they are looking to raise a seed round this year, and they have just been accepted onto the Fedex EPIcenter logistics accelerator program in Memphis, Tennessee.