Consider this: upward of 80% of enterprise data today is unstructured, causing companies to lose or not fully take advantage of huge business value.
Now combine artificial intelligence with knowledge engineering to address this issue in the supply chain management sector, and you'll get Creactives, the new, cutting-edge, Italian scaleup joining the EIT Digital Accelerator.
Creactives is based in the northern city of Verona, with subsidiaries in Germany and Spain, and flagship customers such as Siemens, BASF, Unicredit, Enel, Volkswagen.
The scaleup's technology is based on a unique combination of "deep learning" and knowledge engineering, which takes advantage of a large proprietary knowledge base of linguistic and technical specifications of industrial entities.
"Most of the supply chain relevant data managed in ERPs is unstructured, multi-lingual and badly categorized, which negatively affects procurement processes and inventories," Creactives' CEO, Paolo Gamberoni says.
Wrong assignments, poor descriptions easily lead to mistakes in legacy ERPs. A company, for instance, could have the same product in different warehouses across the world and not be aware of it, due to the different codenames and languages used.
What Creactives' software does, by using semantics and natural language understanding, is to provide the correct interpretation (not a translation, but a real comprehension of the meaning) of the items description and make this information harmonized and consistent.
The capabilities are provided via web services hosted in cloud, and possibly integrated within the transactions' UI via add-ons. This process leads to the creation of 'smart data' that can be used to take good data-driven decisions. The system, thanks to crowd learning, gets more and more effective over the time, and not only removes pre-existing errors, but prevents new ones, by quickly identifying wrong and duplicate data entries.
The market for this kind of services is potentially huge, as the business data quality issue affects over 100.000 global companies, and EIT Digital's business developers will help Creactives leverage on the opportunity. "We are looking forward to further expand and consolidate our customer base, and we think the EIT Digital accelerator, with its strong access to market capabilities can help us in that.
We are also aiming at series B financing round which could help boost our growth," Gamberoni says. Creactives currently employs 40 people overall in its various locations. Thanks to its ground-breaking AI innovation, it was cited in 2016 by Gartner as "Cool Vendor in Italy".