Community Research and Development Information Service - CORDIS

H2020

INVENTIA Report Summary

Project ID: 710216

Periodic Reporting for period 1 - INVENTIA (INVENTIA SOLUTION DEVELOPMENT MARKET PENETRATION)

Reporting period: 2015-12-01 to 2016-05-31

Summary of the context and overall objectives of the project

The heart of Inventia project is the advanced video communication platform for video customer engagement. The Project scope is to assess the company from different points of view, mainly: IPR study, Market Research and Software API Customization to distribute the product in a different marketplace.
The feasibility study includes a review of the business plan that presents results and shows targets and financial needs.

Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far

The research and the data analisys brought interesting results helping Inventia identifying the international exploitation strategy, the new product development strategy in order to take advantage of the growth oppotunities and new sectors to be further investigated. Furthermore the IPR strategy protection has been defined.

Due to the advanced level of the technological readiness of our Solution (TRL 8 or 9 with respect to countries/sectors), the company team is focusing on the marketing development and market research: during the first part of the feasibility study the internal team structured the research defining objectives, methodology, market segments and priorities. Regarding the new product for SMEs, the internal software development team has worked on technical estimates of workload, timing and costs. The team also worked on the preliminary phase of the IPR study with the support of an experienced and well known IPR law firm.

The business plan model has been structured in order to collect data and show expected trends and needs.

The Business as usual is proceeding well, according to the 2016 business plan. The number of customers and business partners (IT & System Integrators) has increased and the company is also working on some high potential POC (proof of concept) in different sectors: Insurance, Banking and Telco.

The company R&D department is continuously releasing improved versions of the software platform with additional features, in order to increase the competitive advantage.

Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)

"Inventia solution can provide a solid contribution to some of the critical issues being faced by EU economy. Year after year, digital channels and digital interactions (either commercial or not) are taking larger share, shaping a new backbone for economic activities (e.g. in 2020 Mobile Banking will count for 80% of the total interactions in retail banking - A. T. Kearney). Inventia operates in the above context with an innovative solution.
The following effects could be envisaged:
• Customer Engagement Improvement means better relationship between the brand and the customer “Customers who are fully engaged represent an average 23% premium in terms of share of wallet, profitability, revenue and relationship growth compared with the average customer.” (Gallup State of the American Consumer 2014)
• Smoothing of the digital commerce divide is possible as well. Inventia allows people with low digital education to join the "digital community" with the help and collaboration provided by an operator.
• Compliance of the Digital Strategy to Market/Sector Regulation can be improved thanks to a set of instruments and the human collaborations of the operator provided by Inventia. This will help the opening of digital/online channels in sectors that, at the moment, benefit to a very limited extent from digital economy (one above all, healthcare and telemedicine) or that see a limited potential of digital channels when compliancy requirements cannot be matched in the traditional self provisioning use of the web (e.g. opening a bank account or make an identification)
• The productivity "unleashed" by Inventia solutions can give new energy, without increasing costs, to the retail strategy of companies positioned in declining or low growth markets with a crucial focus on productivity
• A relevant gender improvement can be taken into account: even if digital interfaces to consumers become more and more user friendly, still now a very large population group (between 50 and 65 Yo) have a minor familiarity with digital processes. Inventia Connect improves the digital experience and allows this group of people to make a complete use of processes thanks to the support of a remote human operator"

Related information

Record Number: 190258 / Last updated on: 2016-11-14