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Wisy wins first place in the 2020 National Business Innovation Award

Wisy has created technology to help companies adapt to new ways of doing business in times of COVID-19. The project presented by Wisy consists of digitizing the physical world to improve execution efficiency at stores.

Panama, October 22, 2020. Wisy won first place in the 2020 National Award for Business Innovation awarded by the Chamber of Commerce, Industries and Agriculture of Panama in conjunction with the National Secretariat of Science, Technology and Innovation (SENACYT). The award ceremony of the XIV version of the recognition was held virtually with the participation of 31 competing companies.

The objective of this award is to promote and strengthen the capacity for innovation in companies in Panama, through the recognition of business innovation activities successfully proven in improvements and creation of products, processes or services that promote competitiveness in Panama.

Ricardo Chen, founding partner of Wisy, stated that “our ultimate goal is to increase the well-being of all people by guaranteeing the availability of the products we consume in daily life.”

Wisy has responded to the growing concern around the world to obtain essential products, from food to medicine, in a safe and timely manner,by  supporting businesses to improve their service and to protect their customers and their staff.

The technology created by Wisy helps the mass consumer industry to be more efficient by reducing waste and stockouts since, through automation, it allows companies to conduct audits in stores using images of products on the shelves instead of manually counting them as has been done for the last 100 years. Wisy’s image recognition system automatically counts product faces and provides real-time data on shelf replenishment, saving costs and increasing competitiveness.

The innovation created by Wisy reduces exposure time and the risk of contagion for front-line workers such as merchants in store aisles. In addition, this technology reduces the learning curve of new personnel who have not received training, but must join companies to replace other employees in quarantine or who have been infected with COVID-19.

In terms of social impact, Wisy’s computer vision and image recognition technology can recognize the same products at the end of their life cycle to contribute to the circular economy. In this sense, Wisy is part of the winning team of the Benioff Ocean Initiative and the Coca-Cola Foundation that seeks to prevent plastic in rivers from reaching the oceans.

Wisy’s vision is to create technology solutions to solve global problems and as a result of its value proposition, Wisy has been recognized by Silicon Valley’s most prestigious innovation programs such as Carnegie Mellon VentureBridge, SAP.iO, Plug and Play, Nasdaq Milestone Maker and recently by Google Accelerator North America. Wisy’s team assesses the current and future needs of society and works closely with its clients to co-innovate, and to create social and economic well-being.