North Axiom Capital, home
Insights

Research, perspectives and field notes.

A publication system built on evidence, for executives who run businesses.

Why it matters now

Research that starts from the evidence

Our agenda is set by the gaps the evidence reveals: returns that must now be earned, technology adopted but not yet paying back, and transformations that rarely sustain their gains.

5% → 12%

Annual EBITDA growth a typical deal now needs, against 5% a decade ago.

Bain and Company, Global Private Equity Report 2024
88% vs 6%

Of organisations use AI, yet only around 6% see more than 5% of EBIT from it.

McKinsey, The State of AI in 2025
<30%

Of organisational transformations sustain the gains they achieve.

McKinsey, The science behind successful organisational transformations

Six kinds of publication

Each serves a distinct purpose.

Perspectives

Our view on where operating value is heading.

Research

Original analysis built on primary-source data.

Field notes

What we are seeing inside real businesses.

Operating playbooks

Practical methods executives can use.

MARCO briefings

Regime and scenario commentary from MARCO.

Lab notes

Results from North Axiom Labs experiments.

Cornerstone research

Our first fifteen pieces. Each will include original frameworks, primary-source data, cited examples and one downloadable or interactive tool.

Investments

The new buyout playbook: underwrite the transformation, not just the deal

Fill in: article to be written
Private equity

From investment committee to Day One

Fill in: article to be written
Chief executives

The CEO’s AI agenda

Fill in: article to be written
Operations

How to redesign work, not just automate tasks

Fill in: article to be written
Technology

The CTO’s new mandate

Fill in: article to be written
AI

AI adoption is not AI value

Fill in: article to be written
Agents

AI agents need operating models, not just prompts

Fill in: article to be written
Industrial

The automation opportunity map

Fill in: article to be written
Factory

The factory is becoming a software system

Fill in: article to be written
Robotics

How to build a business case for a robotic cell

Fill in: article to be written
Intelligence

Decision intelligence is not forecasting

Fill in: article to be written
Intelligence

How to think in regimes, not point predictions

Fill in: article to be written
Labs

Prototype to production

Fill in: article to be written
Our firm

Why we built capital, advisory and technology together

Fill in: article to be written
Evidence

How we measure transformation value

Fill in: article to be written

The evidence behind our research

Every figure we cite, with its source.

Open the research library

Research agenda

231 topics across eleven areas. These are the pipeline, not published articles.

Investments21 topics
  1. Why Operational Alpha Matters More When Multiple Expansion Doesn’t
  2. The New Buyout Playbook: Underwrite the Transformation, Not Just the Deal
  3. From Investment Committee to Day One: Building the Value-Creation Bridge
  4. Why AI Belongs in Commercial and Operational Due Diligence
  5. Founder Succession Without Losing the Founder Advantage
  6. A Practical Framework for Automation-Led Buy-and-Build
  7. How to Find Hidden Capex in a Labour-Intensive P&L
  8. The Difference Between a Technology Thesis and a Technology Strategy
  9. Carve-Outs as Transformation Opportunities
  10. The First 100 Days After Acquisition: What Actually Matters
  11. How to Underwrite AI Value Without Underwriting Hype
  12. The Operating Metrics We Would Want Before Buying a Factory
  13. Why Working Capital Is a Technology Problem Too
  14. Exit Readiness Starts at Entry
  15. Revenue Quality in an AI-Disrupted Market
  16. Building a Repeatable Value-Creation System Across a Portfolio
  17. When Not to Automate
  18. What Makes an Industrial Business AI-Ready?
  19. The Investment Case for Data Infrastructure in the Mid-Market
  20. Human Capital as a Value-Creation Lever, Not a Cost Line
  21. The North Axiom Investment Memo: Questions Every Deal Must Answer.
Advisory21 topics
  1. The CEO’s AI Agenda: Ten Decisions That Cannot Be Delegated
  2. What Boards Should Ask About Agentic AI
  3. The COO’s Guide to Turning AI into Operating Leverage
  4. The CTO’s New Mandate: From Technology Stewardship to Enterprise Value
  5. When a Transformation Office Works,and When It Becomes Theatre
  6. How to Build an Operating Model for AI-Native Work
  7. Board-Level Technology Risk Without the Jargon
  8. The First 30 Days as an Interim COO
  9. What an Interim CTO Should Fix Before Buying More Technology
  10. M&A Integration: Decide the Operating Model Before the Org Chart
  11. Separations and Carve-Outs: The Technology Decisions That Control Day One
  12. Cost Transformation Without Breaking the Business
  13. The Metrics a CEO Should Demand From an AI Programme
  14. How to Redesign Work, Not Just Automate Tasks
  15. From Strategy Deck to Weekly Management System
  16. What Private Equity Operating Teams Need From Management
  17. How CEOs Should Govern AI Risk
  18. Why Data Ownership Is an Operating-Model Question
  19. The Difference Between Digital Transformation and Enterprise Transformation
  20. Rebuilding Accountability in Complex Transformation Programmes
  21. The Board Briefing: AI, Automation and Enterprise Value in One Hour.
AI21 topics
  1. AI Adoption Is Not AI Value
  2. From Copilots to Agents: Choosing the Right Autonomy Level
  3. The Enterprise AI Control Plane
  4. How to Prioritise AI Use Cases by Economic Value
  5. Why Workflow Redesign Comes Before Model Selection
  6. AI Agents Need Operating Models, Not Just Prompts
  7. How to Calculate the Unit Economics of an AI Workflow
  8. The Case for Model-Agnostic Enterprise AI
  9. Building Human-in-the-Loop Controls That Scale
  10. AI Governance That Accelerates Rather Than Blocks Delivery
  11. What Good AI KPIs Look Like
  12. Retrieval, Tools, Agents and Workflows: A CEO’s Guide
  13. Where Generative AI Actually Reduces Cost
  14. The Hidden Cost of AI: Tokens, Data, Integration and Change
  15. Why Most AI Pilots Never Become Operating Systems
  16. Enterprise Knowledge as Infrastructure
  17. AI Risk Registers That Executives Can Use
  18. How to Test an Agent Before It Touches a Customer
  19. The New Division of Labour Between Humans and Machines
  20. When to Build, Buy or Orchestrate AI
  21. AI Value Realisation: A 90-Day Framework.
Industrial21 topics

The final title only publishes once the factory evidence is verified.

  1. The Factory Is Becoming a Software System
  2. Where Robotics Pays Back Fastest
  3. The Automation Opportunity Map: Labour, Quality, Throughput and Risk
  4. How to Build a Business Case for a Robotic Cell
  5. Computer Vision as a Quality-Control System
  6. Digital Twins: Simulation Before Steel
  7. Predictive Maintenance Without a Data-Science Science Project
  8. The Economics of Autonomous Material Movement
  9. Production-Line Bottlenecks: Instrument Before You Automate
  10. OEE Is Not the Whole Story
  11. How to Sequence Automation Across a Multi-Site Network
  12. Brownfield Automation: Designing Around What You Already Own
  13. Cobots Versus Industrial Robots: A Decision Framework
  14. Why Machine Data Needs Business Context
  15. The Smart Factory Is a Management System
  16. Automation Safety by Design
  17. AI at the Edge: When Factory Decisions Cannot Wait for the Cloud
  18. The Workforce Plan for an Automated Factory
  19. From Machine Vision to Closed-Loop Quality
  20. The UK Automation Gap: Threat or Opportunity?
  21. What We Learned Automating a Real Factory.
Labs21 topics
  1. Why Applied Labs Beat Innovation Theatre
  2. Prototype-to-Production: The Missing Middle of Corporate Innovation
  3. How to Design an Industrial AI Experiment
  4. Building Digital Twins for Decision-Making, Not Demonstrations
  5. The 30-Day Prototype: What Should Be Proven?
  6. Simulation as a Capital-Allocation Tool
  7. How to Kill a Bad Use Case Early
  8. The Minimum Viable Robot Cell
  9. What Makes a Technology Pilot Scalable?
  10. Lab Governance: IP, Safety, Data and Commercial Rights
  11. A Test Harness for Enterprise AI Agents
  12. Synthetic Data for Industrial AI
  13. From Research Paper to Operating Process
  14. Why Hardware-Software Co-Design Matters in Automation
  15. Evaluating Physical AI in Brownfield Environments
  16. Measuring Prototype Value Before ROI Exists
  17. The Partner Ecosystem for Industrial Innovation
  18. Building Reusable Components Instead of One-Off Demos
  19. When an Experiment Becomes Product IP
  20. How Labs Should Hand Off to Operations
  21. North Axiom Lab Notes: What We Are Testing and Why.
Intelligence21 topics
  1. Decision Intelligence Is Not Forecasting
  2. How to Think in Regimes, Not Point Predictions
  3. The Anatomy of a Useful Executive Signal
  4. Why Confidence Is More Valuable Than False Precision
  5. Growth, Inflation, Liquidity and Risk: A Practical Regime Framework
  6. From Data Release to Management Decision
  7. How to Visualise Uncertainty for Executives
  8. Designing Early-Warning Systems Without Creating Alarm Fatigue
  9. The Difference Between Nowcasting and Forecasting
  10. Scenario Planning in an AI-Augmented World
  11. What Should a Prediction Engine Never Claim?
  12. Data Provenance as a Strategic Asset
  13. How to Backtest a Decision System Without Fooling Yourself
  14. Regime Changes: What an Operating Business Should Watch
  15. Macro Signals for Industrial Operators
  16. Commodity Signals and Production Planning
  17. Turning Market Noise into Decision Context
  18. Why Human Override Belongs in Every Decision System
  19. The Governance Architecture for Predictive Systems
  20. MARCO Research Notes: What Changed This Month
  21. Building a Public Intelligence Demo Without Exposing Proprietary IP.
Portfolio21 topics
  1. What Good Portfolio Governance Looks Like After the Deal
  2. Building a Portfolio Transformation Scorecard
  3. The Metrics That Connect Operations to Enterprise Value
  4. How to Benchmark AI Maturity Across Portfolio Companies
  5. The Portfolio-Wide Automation Opportunity
  6. Shared Technology Platforms Without Forced Standardisation
  7. Procurement Across a Portfolio: Scale Without Bureaucracy
  8. Building a Portfolio Data Model
  9. When to Centralise and When to Leave Management Alone
  10. Exit Readiness as a Continuous Process
  11. Portfolio Cyber Risk Through an Operating Lens
  12. How to Share AI Use Cases Across Different Businesses
  13. The Operating Partner–CEO Contract
  14. Portfolio Talent for the AI Era
  15. Capital Allocation Between Growth and Automation
  16. Working Capital Across a Portfolio
  17. Building a Repeatable 100-Day System
  18. Measuring Transformation Benefits Without Double Counting
  19. Creating a Portfolio Community of Operators
  20. From Portfolio Reporting to Portfolio Intelligence
  21. The Quarterly Value-Creation Review Rebuilt.
Case studies21 topics
  1. Before, After and What Actually Caused the Change
  2. How to Write a Transformation Case Study That a CFO Trusts
  3. Factory Automation: From Baseline to Business Case
  4. Computer Vision Quality Control: The Evidence Framework
  5. AI Agent Deployment: Measuring Time Saved and Value Created
  6. A Digital Twin Pilot: What We Tested
  7. Predictive Maintenance: Proving Avoided Downtime
  8. M&A Integration: The First 100 Days
  9. Cost Transformation Without Service Degradation
  10. Working Capital Improvement: The Operating Levers
  11. Technology Separation in a Carve-Out
  12. Interim COO: Stabilise, Simplify, Scale
  13. Interim CTO: From Risk to Roadmap
  14. AI Governance: Moving From Policy to Controls
  15. Workflow Redesign: The Difference Between Automation and Value
  16. Production Planning: From Spreadsheet to Decision System
  17. A Robotics Pilot That Did Not Scale,and Why
  18. The Case Against the Wrong Automation
  19. Measuring Human Adoption in an AI Programme
  20. How We Attribute EBITDA Impact
  21. Case-Study Methodology: Evidence, Caveats and Replicability.
Our firm21 topics
  1. Why North Axiom Exists
  2. Operator-Led Capital: What We Mean by It
  3. Why We Built Capital, Advisory and Technology Together
  4. Our View of the Next Decade of Enterprise Automation
  5. What “Invest. Transform. Build.” Means in Practice
  6. The North Axiom Operating Principles
  7. Why We Believe in Evidence Before Hype
  8. The Case for Founder-Led, Hands-On Transformation
  9. Our Approach to Responsible AI
  10. How We Think About Human–Machine Work
  11. Our Standard for Publishing Performance Claims
  12. Why the Factory Matters to Our Philosophy
  13. Why MARCO Exists
  14. Building an Institutional Platform From Operator Experience
  15. How We Choose Technology Partners
  16. Vendor Neutrality as a Strategic Advantage
  17. The Role of the Board in Technology-Led Value Creation
  18. Our Learning System: From Portfolio to Lab to Product
  19. What We Will and Will Not Automate
  20. How We Manage Conflicts Across Investing and Advisory
  21. A Letter From the Founder: The Businesses We Want to Build.
Work with us21 topics

Service articles only publish once the service behind them exists.

  1. When to Call North Axiom
  2. Five Signs Your AI Programme Needs Executive Intervention
  3. Five Signs Your Factory Is Ready for Automation
  4. When a Founder Should Consider a Private Equity Partner
  5. What to Prepare Before an Operational Due Diligence
  6. How Our AI Value Scan Works
  7. How an Industrial Automation Assessment Works
  8. What an Interim Executive Engagement Should Deliver
  9. How We Work With Private Equity Operating Teams
  10. How We Work With Boards
  11. How We Work With Manufacturers
  12. How We Work With Technology Partners
  13. What Makes a Good North Axiom Lab Challenge
  14. What to Expect in a Value-Creation Sprint
  15. What We Need to Underwrite an Automation Business Case
  16. How We Protect Sensitive Operating Data
  17. From First Meeting to Transformation Roadmap
  18. How to Scope an AI Agent Programme
  19. How to Prepare for a Factory Demonstrator Visit
  20. Partnering With North Axiom: Commercial Models
  21. Frequently Asked Questions About Working With North Axiom.
Contact and knowledge base21 topics
  1. The Right Route Into North Axiom
  2. How to Submit an Investment Opportunity
  3. How to Brief Us on a Transformation Problem
  4. What to Include in a Factory Automation Enquiry
  5. How to Request a MARCO Briefing
  6. How Technology Partners Can Engage
  7. Media and Research Enquiries
  8. Speaking and Board Briefing Requests
  9. Interim Executive Enquiries
  10. Private Equity Diligence Requests
  11. Founder Succession Conversations
  12. Carve-Out and Separation Enquiries
  13. AI Governance Reviews
  14. Digital Twin and Simulation Enquiries
  15. Robotics and Machine-Vision Enquiries
  16. Portfolio Value-Creation Requests
  17. Case-Study and Research Permissions
  18. Data Partnership Enquiries
  19. Supplier and OEM Partnership Enquiries
  20. Careers and Operating Partner Enquiries
  21. What Happens After You Contact North Axiom.

Before this page goes live

None of these articles has been written yet. The research agenda above is the full list of 231 ideas.

  • Fill in: First articlesWhich cornerstone pieces to write first
  • Fill in: AuthorWho writes and signs each piece
  • Fill in: Publication datesWhen each goes live

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