Periodic Reporting for period 1 - Prognolite (The first holistic restaurant forecasting tool to reduce food waste by predicting future demand)
Reporting period: 2019-05-01 to 2019-08-31
Based on advanced machine learning algorithms and key influencing factors such as historical data, weather, holidays, vacation time and significant events, Prognolite predicts a restaurant future demand with high precision (92%), contributing to 1) reduce overproduction by 70%, 2) reduce total food waste by 50% (30gr savings per meal), and 3) adapt the staff planning to the real demand by suggesting the most appropriate work shift.
A feasibility study is needed to confirm that there is a real market opportunity for the product whilst the conditions for the commercialisation are beneficial.
According to the market analysis, the total turnover of the EU restaurant industry that year was €280 billion The leading countries are France, UK, Germany, Italy and Spain. The DACH market (Germany, Austria and Switzerland) offers the perfect conditions to test the solution before the geographical expansion to other markets.
The freedom-to-operate demonstrates that Prognolite is not-infringing patents or pending patent applications of others. The company has decided to keep the confidentiality of the new innovative features by protecting its software through copyright.
Prognolite is expected to generate €122.1M of revenues during the period 2021-2025, and a total net profit of €44.5M. Moreover, the project will have a remarkable impact on Prognolite´s performance, allowing to accelerate the release of its innovative system to the market to accomplish the goal of becoming a worldwide leader in restaurant demand forecasting.