Unrivalled AI powered document handling and data extraction system

Project Information

Archii

Grant agreement ID: 856266

DOI

10.3030/856266

Project closed

EC signature date 30 January 2019

Start date 1 January 2019

End date 31 March 2019

Funded under

• INDUSTRIAL LEADERSHIP - Innovation In SMEs

Total cost

€ 71 429,00

EU contribution

€ 50 000,00

Coordinated by

ARCHII APS
Denmark

Periodic Reporting for period 1 - Archii (Unrivalled AI powered document handling and data extraction system)

Reporting period: 2019-01-01 to 2019-03-31

Summary of the context and overall objectives of the project

Companies’ documents are a mess scattered across strange folder structures, on desktops or in email attachments. Why? Because ultimately document management relies on individual employees with individual preference for location and file names. The implications: endless hours wasted on documents search, huge legal risk and non-compliance.

Archii relies on AI to organize documents instead of individual employees. The disruptive solution developed by Archii ApS will revolutionize the document management process, enabling 100% reliance on AI and zero wasted human time. Archii finds and organizes cluttered documents with approximately 95% accuracy – saving endless hours of human labour. Archii identifies a document by analysing its content, irrespective of its location and filename. Moreover, Archii’s business intelligence functionality helps companies analyse and transform unstructured company data into valuable and actionable information.

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

Technical improvements: Completed and tested the envisaged technical improvements with great success. There is nothing during this study that has led us to believe that we cannot reach our technical goals to support our commercialization strategy during a Phase-2 project.

User engagement and demonstrators: Extensive testing with end-users has confirmed our current value proposition. Most importantly, it seems that end-users perceive Archii as “automatic” and “plug-n-play” which is our core innovation.

Market and competition: Study has confirmed that the market for document and risk management is huge and that currently no competitor meets the SME demand for a plug-n-play, accurate and affordable product.

Commercialization models and pricing: “Freemium” may not be the preferred model with revised focus on slightly “larger” SMEs. We are now looking into pricing models that are more aligned with our document processing cost structure, however, balancing the need to an easy-understandable pricing model.

Phase-2 project scope: The Phase-1 project has allowed us to outline the current missing pieces for successful market entry. This has been laid down in designated Work Packages for Phase-2 project.

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)

Archii is taking document management to the next level by combining automatic both document discovery and document analysis enabling a fully plug-n-play product that works completely independently from tedious employee tasks (e.g. finding and organizing them with some document repository).
This will allow businesses so safe countless hours of time (avg. office worker wastes 3.5 hours/week on organizing and searching for documents), minimize legal risks (20% of all legal documents within a business are lost) and facilitate compliance (99% of all companies remain nowhere close to GDPR compliance).

Archii Concept