Periodic Reporting for period 1 - Schrott24 (Scrap dealing in the digital age: a transparent and efficient platform for price and supply chain management)
Reporting period: 2018-06-01 to 2018-09-30
At Schrott24, we mean to challenge the lack of intelligent technology within the scrap trading industry. The current opaque and volatile pricing systems favour the buyer, but can have negative impacts on supply, due to distrust of buyers by scrap sellers. We mean to publish a data-driven, constantly-up-to-date pricing model along with deploying a platform that supports a more transparent scrap trading ecosystem. Our platform is scalable, with its only true limit being internet access. It maximises returns for the buyer and seller by monitoring and predicting pricing in scrap metal, preventing unfavourable last-minute changes. It also adds transparency to the system, further reducing price volatility and giving a better picture of what materials are available to buyers.
Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far
We distinguished between our minimum viable service (platform at current stage), what is required for TRL9 (machine learning & automation), and what the final product will be. We have established partnerships and strengthened them throughout the project, leveraging some of these to expand our knowledge of the market and its segmentation. We will move forward with an SME Instrument Phase 2 application in order to secure funds to reach TRL9.
Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)
The Schrott24 Platform is an intelligent online marketplace that can predict and stabilise the pricing models for scrap metal and recycled metals. It dynamically matches buyers and sellers to optimise outcomes for both parties, and most importantly, it operates without borders, bringing the European scrap trading market into alignment with the European digital single market. Machine Learning and analytics will enhance the platform and marketplace as it grows, and functions will expand to allow scrap buyers and sellers to set up their own sub-stores on the platform. This will allow them to retain, improve, and expand the inter-business network and connections. Schrott24 brings price transparency, trust and convenience to the scrap dealing marketplace for the first time. The platform aggregates the demand of scrap recyclers and helps them to make full use of their capacity. This enables us to get better prices from scrap recyclers than any individual could. To use the service, the customers simply selects their scrap metal type; choose their transport option and receive payment. Our service includes comprehensive shipping options which include our parcel service, collection system and self-delivery.