1 – What does aXpire do?
aXpire is a cloud-based enterprise resource planning (ERP) company. We broadly help companies use data more efficiently, and turn Paper, PDF and Spreadsheet (PPS) processes into digitized workflows. We offer a spend management solution, Resolvr, and are expanding our solution set to include procurement, or ways to obtain services online, through a second product called MatchBX. Resolvr lets businesses manage spend and conduct RFPs for high-cost, ongoing services, and MatchBX lets businesses tap into the freelance market / gig economy with a no fee model. MatchBX also facilitates P2P exchange of services using AXP, our native cryptocurrency token.
2 – How exactly does the aXpire solution leverage blockchain technology?
Users pay for the blockchain-enabled version of Resolvr and MatchBX in AXP, our native cryptocurrency token, which creates a transaction record in the blockchain. This allows us to autonomously track transactions, which is helpful in spend management and any company that could benefit from tracking spend – all of them. The biggest issue companies face in data management tends to be the lack thereof, or the lack of ability to interpret what is available in a way that proactively influences decisions rather than retroactively providing analysis. Blockchain technology will not necessarily change the front end of applications, but it does provide powerful back end enhancements to facilitate proactive decision making. For example, as AXP transfers are completed to pay invoices, information about invoice approval and denial is fed into a database that aggregates these results. With an aggregate mass of approved / denied invoices, Resolvr provides users an invoice score that quickly tells accountants / lawyers / any mid-or-back office employee that the invoice they’re auditing should likely be approved or denied based on prior approvals or denials. This doesn’t completely remove users from the system, but empowers a reduced number to process spend faster. Blockchain technology also allows the external service provider to track, in real time, the movement of the invoice within the company he or she provided services to, reducing or removing the need for following up emails asking for payment status updates.
3 – Can you walk us through a specific case study of a customer using your solution to increase their efficiency? (Note: you don’t need to name them or get into detailed specifics).
We were able to cut invoice review time down by 20%+ at one of our largest clients, a $24Bn hedge fund, based in New York. We were able to insert Resolvr in amongst existing solutions and beat out a number of horizontal software providers (Oracle, SAP etc.) because we could customize our solution to the asset management industry.
4 – What’s your product road-map look like over the next 12-24 months?
We are looking to release a blockchain-enhanced version of Resolvr in the next 12-24 months. We are also looking to release MatchBX to the public in the more near term, to facilitate
freelancer network growth, ideally in 2Q18. We will not require individuals / businesses to pay a fee for the platform, instead in the early days of MatchBX we will utilize an AXP burn rate, to benefit early adopters who should see their purchasing power on the site increase as a result.
Author Bio: Gary Markham, CEO of aXpire, has 20+ years of experience with technology, management consulting and BPO. Having worked to build up a success management consultancy, he went on to fill a senior directorship role at a major global, outsourcing, technology and consulting organization. Gaining further knowledge and skills, along with additional experience, he gathered these key ingredients, along with some staff and clients, and founded Axpire.’