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Report

Teaser, summary, work performed and final results

Periodic Reporting for period 1 - CyRaCo Box (The next-generation digital inspection platform for fully remote supply chain monitoring)

Teaser

Summary

To monitor supplier quality and compliance in remote locations, the retail and manufacturing industries generally hire both internal and external quality inspectors to validate full compliance at the source. These agents must pre-arrange inspections and travel extensively to examine the venues in a manual, time-consuming and labour-intensive procedure.

Additionally, inspections involve extensive travelling and still leave loopholes that can benefit dishonest suppliers: Since inspections are pre-arranged, factory operators have enough time to modify actual manufacturing conditions before the inspection takes place, potentially causing damage to the inspection entities and the importer, and even resulting in serious harm for the general public.

To address these issues, we are developing the CYRACO Box, a unique and patent-pending remote inspection tool that provides an extremely reliable and efficient solution for real-time and fully remote inspections.

Work performed

Over the Phase 1, we have performed a full analysis of the technical and commercial feasibility of the CYRACO BOX, and determined the best suited business plan.

On a technical level, we have evaluated different potential setups addressing the remaining issues regarding indoor positioning, battery autonomy, network connectivity, as well as the software development roadmap for the next 2 years.

On a commercial level, we have performed a detail market study of the remote inspection sector and the competitive landscape. We have also validated our commercialization and communication strategies, with a detailed expansion plan including joint campaigns with key partners. We have also performed a full Freedom-to-Operate study and designed a tailored IP action plan to fully protect the IP behind the CYRACO BOX.

As a result, we were able to compile enough data to build conservative revenue and cost model based on the optimal monetization strategy for the CYRACO BOX. This model then allowed us to extrapolate data-based financial projections for the next decade, and determine the exact ROI and NPV. Finally, the research performed over the Phase 1 also allowed us to identify key risks and determine the best possible mitigation strategies.

Final results

The CYRACO Box allows importers to gain leverage over suppliers through a stronger control over the quality and compliance in their supply chain, even if they are located far away from each other.

The CYRACO Box is the only solution that allows inspectors to perform full factory inspections remotely. By eliminating travel and automating the entire process, our system increases inspection productivity by 300% and results in savings of over 80% of inspection costs.

The CYRACO Box provides an optimal framework for ethical sourcing, as it allows for integration of additional parties to the inspection process, such as human rights or environmental organizations. It will be a decisive instrument to promote and ethical and sustainable sourcing, as it will encourage sourcing accountability through direct and affordable supply chain monitoring.

The implementation of the CYRACO Box results in an estimated 95% reduction of carbon footprint. Traditional inspections result in average emissions of 400kg of CO2-eq due to extensive travel requirements. The use of our remote platform will lead to over 540 kton CO2-eq cumulated GHG emissions savings by 2026. This corresponds to the yearly emissions of 85,000 EU citizens or 118,000 cars.