The economic benefits to the partnership from the preparation of the proposed project are multiple and are expected to be a key driver of growth in the coming years. The new and innovative product to be developed is estimated to be the attraction for many companies / organizations active in the sale of products and services in international markets. The absence of specialized competitive products and research solutions in this field offers a significant advantage to the partnership and allows it to lead internationally and to penetrate the emerging and demanding market of high-volume data analysis technology by providing innovative services and products. This combined with the company’s main policy as well as the entire partnership to integrate new technologies into its potential is expected to boost new dynamic and emerging sectors and be accompanied by an increase in sales/turnover at international level.
The company will make the most of her expertise in systems analysis and applications of online news, to upgrade and expand into new areas and increase the added value for itself and its customers. Simultaneously, under the proposed Project utilized the most expertise in large data analysis areas and multilingual content, thereby enhancing the company’s policy for increasing use of advanced technologies.
Especially importance will finally be given to the valuable expertise gained from side Palo Ltd. during the execution of the proposed project through the collaboration of two research institutions, for the desired achievement of project objectives. The know-how will be transferred, will improve the scientific potential of the company by increasing their knowledge and expertise and therefore the company’s potential for future support and development of new applications and launching new research projects as part of its activities.
Apart from Palo Ltd., the expected results are also important for the research organizations involved, who will be able to test cutting-edge algorithms and methodologies in a real case with a large volume of data while taking care of scalability, performance and speed. They will provide solutions to a broad range of knowledge mining issues from social networking and graph analysis and analysis, and will also address simulation and optimization issues in multifactorial environments. They will have the opportunity to carry out basic research and contribute new, more efficient algorithms that will for the first time handle multilingual content and combine texts and dynamically changing networks.
The development of the proposed international platform, utilizing the human potential it either has or will employ for the needs of the Palo Ltd. project, is in itself a benefit to the Greek economy as this will be a wholly Greek product that will addresses international markets where Palo Ltd. has already begun to have a commercial presence. The existing market in large data analysis usually uses methods and applications from abroad, thus channeling part of the domestic market turnover to overseas companies. The creation of the proposed platform aims to replace a part of the introduction of applications in Greece, contributing to the improvement of national competitiveness at European level.
At the same time, special attention should be paid to the fact that Palo Ltd. aims to place the product under development on international markets other than Greece. Once the proposed industrial research has been completed and after being patented, its findings will be exploited for the final product formulation, with the aim of creating a prototype integrated platform that can then go into the final development phase a competitive service for the markets of Greece and abroad through its exploitation scenarios.
Thus, with the proposed research, the cartel contributes directly to the increase in exports of the national economy, capitalizing on:
- the scientific and technological excellence and excellence of the development under development,
- the features of the particular application that are not restricted by national borders and consequently can be exported and applied to other countries without the need for modifications,
- the European profile of the company through its participation in European Projects and Collaborations.
The platform that will be developed is expected to have a particularly important benefit for the national economy as it will allow for the first time the Greek companies that will use it and aim to expand internationally to gain an immediate picture of the markets of its countries analyzing competition, identifying business risks and opportunities in foreign markets and appropriately positioning their own products through the social media of each country.
Lastly, the increase in employment will come mainly from:
- the increase in the staff employed by PALO itself and in the entire cartel for the development and continuous expansion of the platform,
- the growth of Palo’s workforce in Greece using the platform by offering business analytics services mainly on the international market.
The project has been co‐financed by the European Union and Greek national funds through the Operational Program Competitiveness, Entrepreneurship and Innovation, under the call RESEARCH – CREATE – INNOVATE (project code:T1EDK-03470)