More information
Description
Raven Automatizari Vamale has developed an IT solution which processes around 400 customs declarations per month. A lot of data must be enriched by the solution to make it ready for drafting and submission to the National Customs Authorities. The data obtained from clients is sorted, validated, and enriched but the solution still required human input during different steps of the process. The company would like to add a new component related to prediction capabilities, which would make the solution valuable and unique.
By adding prediction capabilities with the use of artificial intelligence (AI) and machine learning (ML) algorithms, the solution will work in a proactive manner rather than a reactive manner as it currently does. The large volume of data available in global trade can help companies predict delays in customs clearance, predict the actual arrival of goods in their warehouses, with the proper ML and AI algorithms. With this project, the company would be able to remove the need for human intervention to a high extent. Key activities include:
- Research of system architecture, data mining, develop AI algorithms and set up of ML processes.
- Project management by the internal team.
- Project publicity to promote the project.
The project is expected to lead to a creation of 4 new jobs. Raven Automatizari Vamale will also submit a patent application for the software solutions.
Summary of project results
The Promoter''s main focus at application stage was to automate the drafting and submission of import and export customs declarations. The work is based on the information provided by the clients with the help of technology (act as a virtual customs broker). Besides eliminating the burden of doing every day repeated low value-added tasks of the employees, it reduces paper waste. These low value-added tasks contribute toas more than 10 million pages of paper is wasted in Romania alone in the customs clearance process every year.
Through the financed project Raven AUtomatizari aimed to further improve the solution and use machine learning and AI algorithms in order in add prediction capabilities to the solution. This would have been beneficial to clients in terms of resource management, offering important information about potential delays in customs clearance or actual arrival of goods in their warehouse.
The project was implemented in line with three main activities:
Activity 1. Research
1.1 System requirements analysis and development of system architecture
1.2 Data mining and experimental development of systems analytics
1.3 Development of AI algorithms related to predictive and descriptive system analytics. Developing and setting up ML processes
1.4 Test the results of the first development phase - check reliability of predictions and assess the quality of data enrichment
1.5 Refine the system capabilities and preparing the integration scenarios
1.6 Software development and integration of all system functionalities
1.7 Use cases testing and validation of software system. Refine and adapt the software system based on usecases input
1.8 Licenses and cloud IT tools costs (Microsoft Azure, Uipath - extra storage, cloud computing, virtual machines etc)
Activity 2. Project management
The Applicant will ensure the project management by involving the internal team (CV of the project manager is attached to the project application).
Activity 3. Project publicity
This activity refers to ensure the visibility of the project and the Programme. The Applicant will publish press releases on the project start-up and at the end of the implementation period, will create a video documenting ,,before and after project" status, will publish 2 interviews in the Romanian business media.
At project closure the Promoter managed to develop, test and validate an innovative software solution for custom process automation and digitalization using AI and submitted to national office for trademark and inventions one trademark/patent application for the software solutions - RAVEN.
The Promoter has reported the below results as being achieved at project closure or as being on track for achievement:
1. Estimated annual growth in turnover: 254% at the end of 2024 compared to baseline year 2021.
2. Estimated annual growth in net operational profit (EBIT): 528% at the end of 2024 compared to baseline year 2021.
The conditions are in course of accomplishment. At the end of 2023, the Promoter had an increase of company turnover of approx. 170% compared to the 2021 estimated baseline. In this sense the Promoter is confident that at the end of 2024 they will have at least 254% increase in turnover compared to 2021 estimated baseline.
Regarding the profit, during the project implementation the Promoter had an increase of expenses and investment, and this diminished the profit at the end of 2023 reaching at 4000 euro approx. At the end of 2024 the Promoter is targeting to reach a profit of approx. 102.000 euro, based on current financial projections.
3. Creation of new jobs: 4. The condition is accomplished.