Project description
Smart document management solution for SMEs
Many businesses organise their paperwork with document management software solutions to minimise time, costs and issues related to what seems like a never-ending stream of legal and financial texts. However, present software solutions are not fully automatic and require training and lots of human work. For SMEs, this is not cost-efficient. The EU-funded Archii project proposes a newly developed product that is fully automatic, economical, and uses artificial intelligence to identify and manage various documents in full plug-and-play mode. Archii can also extract information from texts to convert it into actionable intelligence. The new software will be tested and commercialised to support the management needs of SMEs.
Objective
For any SME, document management becomes a nightmare once it starts to grow and generates vast amount of legal and financial documents. The implications of improper document management range from missing/lost documents to unfavourable business decisions to non-compliance. To solve this problem, other companies have launched (intelligent) document management solutions (DMS), but these products often come with several drawbacks, e.g. product being project based and for large corporations, not plug-n-play (requires extensive pre-training), and still requires manual input from employees (not fully automatic). These drawbacks cause the existing solutions to become expensive, inefficient and time consuming, in turn, forcing SMEs to opt out.
ARCHII, a Danish SME, was founded solely to fulfil this unmet need of a highly accurate, efficient, fully automatic and cheap DMS for SMEs worldwide. The resulting solution - “Archii” - relies on artificial intelligence to identify and organize legal and financial documents. Archii has been trained with 50 thousand real company documents making it the only fully plug-n-play DMS for legal and financial documents available in the market. Archii finds and organizes documents by analysing its content (irrespective of location and filename) with 95% accuracy. Also, Archii converts information from inside each document into actionable intelligence (e.g. contracts’ expiry, GDRP risks etc.).
To commercialize Archii in 2021 and to penetrate a market worth 7$B, ARCHII needs to (1) improve product-market fit; (2) develop a generic, scalable business model; and (3) demonstrate and document the benefits of Archii to increase market awareness. These comprise the innovation project objectives (Phase-1 and -2). By successfully achieving these objectives, ARCHII will position itself as a leading DMS provider to SMEs worldwide, with predicted revenues of ~32M€, 5 years post-project.
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.
- natural sciences computer and information sciences artificial intelligence
- social sciences economics and business business and management business models
- natural sciences computer and information sciences data science business intelligence
- social sciences sociology governance crisis management
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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-1 - SME instrument phase 1
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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.
2200 KOBENHAVN
Denmark
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.