Periodic Reporting for period 2 - CYRACO (Next generation digital inspections for remote and real-time supply chain monitoring)
Período documentado: 2022-05-01 hasta 2023-04-30
The global Testing, Inspection and Certification (TIC) market is growing rapidly, driven by increased quality management and ethical requirements, as well as tightening regulations. This market is also changing radically, as it experiences a complete technological revolution, with traditional TIC services now in decline in favor of digital alternatives. The current traditional processes are expensive, complex and unreliable, as real-time inspections are not feasible on remote locations. The digital alternatives are not yet fully automated and lack the tools to guarantee a full inspection. With a growing and diverging list of standards, new supply chain laws that impose strict fines for non-compliance, companies in the manufacturing and retail sector struggle to overcome the current supply chain inspection and monitoring challenges. As a result, over half of all retailers consider supplier quality their main challenge, and ethical sourcing is a priority for over 80% of them.
Our team of experienced experts in the remote inspection field has developed the CYRACO platform, a unique and patent-pending tool that provides reliable, efficient and real-time remote factory inspections. It combines Augmented Reality, Cloud technology, 5G connectivity, Artificial Intelligence, IoT and smart sensors to offer completely automated and fail-safe factory inspections in real-time. As a result of the improved efficiency and automation, it also reduces traditional inspection costs by 80% and thus democratizes supply chain inspection and monitoring for all companies, large and small, promoting supplier accountability and paving the way towards real ethical sourcing.
Our team of experienced experts in the remote inspection field has developed the CYRACO platform, a unique and patent-pending tool that provides reliable, efficient and real-time remote factory inspections. It combines Augmented Reality, Cloud technology, 5G connectivity, Artificial Intelligence, IoT and smart sensors to offer completely automated and fail-safe factory inspections in real-time. As a result of the improved efficiency and automation, it also reduces traditional inspection costs by 80% and thus democratizes supply chain inspection and monitoring for all companies, large and small, promoting supplier accountability and paving the way towards real ethical sourcing.
Over the first year of the project, the workload focused primarily on the technical development tasks. The work involved, among others, the development of the expanded Augmented Reality functionalities, the development of a cross-compatible application for Smart Glasses, the improvement of the CYRACO Box hardware and software, the expansion of the core CYRACO platform functionalities and the implementation of a custom Artificial Intelligence architecture. All these separate developments have been successfully tested, validated and integrated together in the overal CYRACO platform.
Over the second year, the different features of the platform were optimized and field-tested with the support of Early Adopters, resulting in a commercial validation of the product. The commercial and dissemination actions were also prioritized over the second year to reinforce our presence and visibility among industry stakeholders. The CYRACO team established several key technological and commercial partnerships, participated in high-profile trade fairs and launched an online dissemination campaign through our new website and Social Media.
Over the second year, the different features of the platform were optimized and field-tested with the support of Early Adopters, resulting in a commercial validation of the product. The commercial and dissemination actions were also prioritized over the second year to reinforce our presence and visibility among industry stakeholders. The CYRACO team established several key technological and commercial partnerships, participated in high-profile trade fairs and launched an online dissemination campaign through our new website and Social Media.
CYRACO is the only solution that allows auditors to perform full factory inspections remotely through tailored hardware and software, combining high-quality and real-time video capture and recording with AR implementation for accurate monitoring and full traceability, as well as complex and flexible automated AI processing. At the same time, it reduces installation and operational costs to a minimum through an efficient use of software automation, digital data management and competitive subscription-based plans. Contrary to the limited traditional TIC processes, we provide valuable analytics to our customers to improve their sourcing decision-making. CYRACO not only improves efficiency and reduces costs, it’s an end-to-end platform that will revolutionize the TIC industry.
CYRACO democratizes supply chain monitoring: It results in savings of over 80% of inspection costs and an estimated 95% reduction of carbon footprint, as it centralizes inspections and eliminates the need for extensive travelling or local inspection infrastructure.
CYRACO provides a fail-safe method for remote supply chain monitoring: It eliminates the needs and challenges of pre-arranged inspections, allowing customers to execute inspections at any time in any place, automatically logging and analysing the situation exactly as it is.
CYRACO also provides an optimal framework for ethical sourcing: It allows for integration of additional parties to the inspection process, such as human rights or environmental organizations.
CYRACO democratizes supply chain monitoring: It results in savings of over 80% of inspection costs and an estimated 95% reduction of carbon footprint, as it centralizes inspections and eliminates the need for extensive travelling or local inspection infrastructure.
CYRACO provides a fail-safe method for remote supply chain monitoring: It eliminates the needs and challenges of pre-arranged inspections, allowing customers to execute inspections at any time in any place, automatically logging and analysing the situation exactly as it is.
CYRACO also provides an optimal framework for ethical sourcing: It allows for integration of additional parties to the inspection process, such as human rights or environmental organizations.