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History
2024: Entering the UAE Market
On April 18, 2024, it became known that DocsInBox was entering the market of the United Arab Emirates (UAE). To start working in this country, the Russian electronic document management service between restaurants and suppliers invested $0.5 million.
A service representative told Vedomosti about the launch of DocsInBox in the UAE. According to him, the cedi of Dubai restaurants were the first DocsInBox customers opened by Cafe de Palma, Angel Cakes, Frank by Basta and Papa Dubai from Russia.
DocsInBox said that the company has already opened a representative office in Dubai. This happened in 2019, but then restaurants and suppliers of products in the UAE did not need an integrated approach to automating processes.
According to estimates by the analytical agency Mordor Intelligence, the growth rate of the restaurant market in the UAE from 2017 to 2023. averaged 5.09% annually. From 2024, a significant acceleration of growth is expected with a CAGR of 18.56%. DocsInBox hopes that an increase in the growth rate of the restaurant market will lead to an increase in demand for business automation products.
DocsInBox is previously an accounting service in the UAE for Russian-speaking entrepreneurs. This platform assists financial, human resources and tax reporting in accordance with the UAE Federal Law No. 2 of 2015 "On Commercial Companies"
The DocsInBox service provides accounting automation between the restaurant and the supplier. The platform offers opportunities to control purchase prices and find new suppliers by product groups, with feedback on the quality of supplies. So, a restaurant does not need to call suppliers to order products because all information about goods and their availability, booking and price control, tracking the status of the order is stored in a single accounting system.[1]
2023: Attracting 30 million rubles of investments
On December 26, 2023, the DocsInBox document flow automation service announced the attraction of 30 million rubles. The company won a grant from the Innovation Assistance Fund, and the money received will be used, among other things, to introduce artificial intelligence tools.
The DocsInBox platform simplifies and improves the efficiency of document management between restaurants and suppliers. According to the company itself, by the end of 2023, more than 4 thousand suppliers work with the DocsInBox system, and the number of customers in the restaurant business exceeds 9.5 thousand. DocsInBox solutions help get rid of routine workflow processes, including invoices. This allows you to save time and money, as well as improve and optimize business processes.
The company will direct the funds raised primarily to expand AI capabilities. The natural language processing (NLP) model created by DocsInBox allows you to automatically match counterparty items with restaurant items with a 70% probability, as well as simplify the manual process by offering semantically correct hints. As of the end of 2023, this functionality is available to a limited number of system customers. Thanks to the investment, DocsInBox will be able to offer these tools to all users.
In addition, the money received will help DocsInBox in the development of its ecosystem as a whole. This, in particular, is about improving the accuracy of accounting between restaurants and suppliers. The company notes that automation in the restaurant business primarily affects internal processes: this is working with documents and accounting systems, accepting and writing off labeled products and other daily tasks. In 2024, DocsInBox adds, automation will extend to interaction with guests.[2]
Notes
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