Precision [in] Industry

Alba at Economist’s 6th London Business Summit

The evolution of new technologies and their impact on products and services were at the center of Dean Axarloglou’s presentation “Precision [in] Industry” during the Economist’s 6th London Business Summit “UK – Greece – Cyprus: Taking trade & investment to the next level.”

Alba Dean, Kostas Axarloglou, was one of the invited speakers of a panel discussion “Innovative Markets – Innovative Business” at the Economist 6th London Business Summit on March 21, 2022, at the London Stock Exchange. Fellow panelists were Kostas Fragogiannis, deputy minister of foreign affairs, Leonidas Christopoulos, secretary-general of digital governance and simplification of procedures, Michael Charalambides, chief executive officer & managing director, ECOMMBX and Yiannis Misirlis, founding director, Imperio Group.

At the beginning of his presentation, Dean Axarloglou took a moment to pay his respects to a great Hellene, Mr. Ulysses Kyriacopoulos, a role model, entrepreneur, member of the ACG Board of Trustess & the Board of Directors of Alba Association and Honorable Chairman of the Hellenic Federation of Enterprises (SEV).

Looking ahead to the challenges and opportunities for Greece and Cyprus, Dean Axarloglou discussed how Precision [in] Industry is adding value to companies and clients. He stated that the evolution of new technologies (IoT, AI), data management and analytics, and robotics (drones, etc.) is leading to higher customer satisfaction (through customization) with lower costs of producing the products and services.

Dean Axarloglou offered Precision [in] Industry examples currently utilized in Greece.
Precision Medicine has increased the efficiency of health care treatment and life expectancy, reducing the cost of health care and making the treatment of “orphan diseases” more likely by simply utilizing Big Data and DNA analysis to more efficiently diagnose diseases. Farmers in Greece are adopting Precision Farming, where data analytics, robotics and IoT collect and manage data to optimize resource utilization and reduce production costs. Finally, Precision Manufacturing has revolutionized mass manufacturing by enabling a rapid innovation of new processes – laser metal deposition, ultrasonic soldering -- to improve precision, speed, efficiency, accuracy and lower defect rates.
Overall, Precision [in] Industry defies fundamental and long-standing patterns in the provision of products and services, such as the tradeoff between scale economies/mass production and customization.

Alba was the Academic Sponsor of this year’s event on topics such as the challenges and opportunities that lie ahead for investment in Greece and Cyprus and how both countries can enhance their competitiveness, growth and strengthen business ties with the UK.