Project description
Automating routine business tasks with CloudStorm
The EU-funded CloudStorm project is developing robotic process automation software of the same name that automates routine tasks within software applications normally performed by company employees. The software eliminates the need for manual process mapping and consultation service charging. Moreover, it implements an innovative business model, offering pay-as-you-go pricing. Small companies will thus be charged for the service they use rather than for acquiring the software and downloading the updated packages every time they are released. CloudStorm will initially target the banking, finance and insurance sector, as well as pharmaceutical and telecommunications companies, where operations are highly regulated and there are abundant repetitive workflows.
Objective
CloudStorm software makes robotic process automation (RPA) accessible for the mass market. With enterprise-wide software integration and a unique automated process discovery algorithm, CloudStorm is the first to enable employees to increase their productivity by innovating their daily practices.
Most commonly used enterprise software is rigid and difficult to use. Millions of employees spend their work days on redundant tasks that result from missing integrations between the different software – e.g. copy-pasting data between SAP and Excel. When it comes to automating such processes, by far the biggest cost factor with current technologies is finding the processes worth to automate, and having to use consultants to do the implementation work. CloudStorm eliminates the need for manual process mapping and expensive consultant hours. The flexibility of our technology allows implementing an innovative business model, where smaller companies can be billed per use instead of having to pay high prices for large and bulky software packages.
We initially target a €6.7 billion business opportunity within the business process outsourcing market space. We enter the market through selected industries (Banking, finance & insurance; Pharmaceuticals; Telecommunications) where operations are highly regulated, and as a result, there is an abundance of repetitive workflows and complex IT systems that CloudStorm can simplify.
Virtual Solutions Ltd. is a Hungarian software development SME aiming to disrupt the quickly growing RPA industry. Following our SMEI Phase 1 project, the Phase 2 project focuses on finalising the development of our core technology, implementing the next generation features to secure mass market scalability for CloudStorm, piloting our solution in various enterprise settings, and preparing our company for global scaling.
Fields of science (EuroSciVoc)
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
- engineering and technology mechanical engineering mechatronics automation
- natural sciences computer and information sciences software software development
- social sciences economics and business business and management business models
- social sciences economics and business business and management employment
- engineering and technology electrical engineering, electronic engineering, information engineering information engineering telecommunications
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Programme(s)
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
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H2020-EU.2.3. - INDUSTRIAL LEADERSHIP - Innovation In SMEs
MAIN PROGRAMME
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H2020-EU.3. - PRIORITY 'Societal challenges
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H2020-EU.2.1. - INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies
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Topic(s)
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Funding Scheme
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
SME-2 - SME instrument phase 2
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Call for proposal
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
(opens in new window) H2020-EIC-SMEInst-2018-2020
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Net EU financial contribution. The sum of money that the participant receives, deducted by the EU contribution to its linked third party. It considers the distribution of the EU financial contribution between direct beneficiaries of the project and other types of participants, like third-party participants.
1051 BUDAPEST
Hungary
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.
The total costs incurred by this organisation to participate in the project, including direct and indirect costs. This amount is a subset of the overall project budget.