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Description
SC Rabit Management Solutions have analysed the small to medium-size enterprise (SME) sector in the national market and conclude that there are some challenges that entrepreneurs face, such as: Human resources, high costs, competition, real-time access to information and monitoring projects in real-time.
The main scope of this project is to develop, integrate, test and validate automated key performance indicators (KPI) and benchmark functionalities based on real-time predictive and descriptive analytics. By adding automated KPI ‘s and benchmark functionalities, the solution will work in a proactive manner and help companies to automate their processes and streamline their customer communications. The project is meant to lead to a creation of a complete solution and be accessible to SME’s. It will also increase the competitiveness of the company which will be reflected in financial indicators.
To complete this solution, they need to define the KPI module and initial software development of functionalities and define industry benchmark module. Then they need to develop an adaptive system to update the benchmark depending on the industry and company results. They also need to design and perform software development on the network integrations module. Other activities include:
- Project management by internal team.
- Project publicity to ensure visibility of the project.
The project is expected to lead to a creation of 6 new jobs by the end of 2024. The company will also submit a trademark application for the improved solution to Trademark registry.
Summary of project results
The Applicant has developed an innovative ERP (Enterprise Resource Planning) platform that helps digitizing business processes.
The existing solutions offered the functionalities in order to solve the challenges of companies as regards the internal processes.
Through the financed project Rabit Management improved its solution and added 2 more modules which address additional needs of the companies and help the Applicant cover greater market. The new solution targets all main internal processes in the company (project management, stock and warehouses management, employee time management, procurement, clients and supplier orders, invoicing, manufacturing module, business analyses metrics and KPIs).
The project was implemented as follows:
Activity 1 - Define the KPI module and initial software development of functionalities
1.1 Use cases with industry companies for defining the KPI''s and relevant analytics;
1.2 Design and develop the KPI''s and analytics functionalities per industry sector. Estimated budget: 26.400 euro
Activity 2 - Exploring different frameworks on market based on module need, software architecture
2.1 Technology simulation and software development of KPI''s and analytics;
2.2 Software development of management pages for KPI and analytics;
2.3 Develop KPI and analytics status for each entity/industry;
2.4 develop notifications and alert system for KPIs values under target (emails, mobile push notifications, messages);
2.5 Test and validate KPIs, analytics and the notification system.
Activity 3 - Define industry benchmark module and initial software development of functionalities
3.1 Use cases with industry companies for defining the relevant business analytics and parameters;
3.2 Design and develop relevant business analytics and parameters per industry;
3.3 Set benchmark values at industry level;
3.4 Software development of management pages for benchmarks;
3.5 Software development of notifications and alert system for benchmark values.
Activity 4 - Developing an adaptive system to update the benchmark depending on industry/company results
Activity 5 - Software development of the adaptive system; test and validate the functionalities of adaptive system.
Activity 6 - Design and software development of the network integrations module
6.1 Define integration flow and processes
6.2 Software development of integrations module;
6.3 Test and validate with use cases the network integration module
Activity 7 Project management
The Applicant will ensure the project management by involving the internal team (CV of the project manager is attached to the project application).
Activity 8 Project publicity
This activity refers to ensure the visibility of the project and the Programme. The Applicant will publish press releases on the project start-up and at the end of the implementation period, will create a video documenting ,,before and after project" status, will publish 2 interviews in the Romanian business media.
Outcomes:
- Estimated annual growth in turnover: 2051% in 2024 as compared to baseline year 2020.
The Promoter finished 2023 with 120.000 EUR (+VAT) invoiced and new contracts with companies of 150.000 EUR, through european funds (these contracts are still in pending mode, as the money from the program is not yet validated. For this year, 2024, the forecast for 2024 is that the Promoter will invoice more than 220.000 EUR, and thier target is to reach 20.000 EUR monthly recurrent revenues in december 2024. In 2023, Rabit Management focused on developing features, creating the sales strategy, creating new sales channels and increasing the sales team.
- Estimated annual growth in net operational profit (EBIT): 871% in 2024 compared to baseline year 2020.
This condition is in course of realization. For 2023, RaBit ended the year with 91,500 EURO profit (457,082 RON), and incomes of 580,000 RON. The profit in percentage was 79%, because most of the development expenses were managed through Innovation Norway grant. For 2024, our forecast is to finish at 220.000 euro in revenues, and a profit of 20%, as we will also have the development expenses. The revenues will depend also on the european funds projects they will sign, for which they can’t predict if the budgets will be approved for this year, are the following year. However, the final outcome will be quantified after the end of 2024 compared to baseline year 2020.
-Creation of new jobs: 6
This condition was accomplished. The Promoter created 6 new jobs.
Outputs:
- Innovative technologies/processes/solutions developed – 1
This condition was accomplished. Our solution/product is completely developed and operational and is also producing income.
- Innovative technologies/processes/solutions applied (new-to-the-enterprise) – 1
This condition was accomplished. For developing the application/system we applied to our company new technologies related to analytics development, management, and integration as well as technologies related to adaptive systems. We also used amcharts script for generating dynamics charts for visualizing unit productivity statistics.
- New Intellectual Property Rights (Trademark, Patents) applications submitted – 1
This condition was accomplished. We attached the trademark dossier.