Recon: Feasibility Studies
The opportunities for innovation are immense. But how can you evaluate whether a particular product idea is feasible, whether the technical challenges are surmountable, which options are the best to develop, or whether development and manufacturing costs will be within acceptable limits?
A side benefit is that a feasibility study provides the opportunity for the client and the company providing the assessment to experience working together. If the project continues, the experience of working together, the findings of the study, and the outlined development path can shorten the development time and improve project outcomes.
Product feasibility studies from Liquidware
Liquidware offers the option of a feasibility study as the first exploratory step in any engagement. Completion of the study does not commit the client to further engagement of Liquidware. A typical feasibility study for development of a technology product might include:
- In-depth, qualitative discussions to help frame and understand the underlying concepts, problems to be solved, business issues, and objectives of the study
- Using key concepts, discuss and outline critical aspects of the desired user experience
- The proposed system architecture and areas of complexity
- Evaluation of potential solutions to the areas of complexity
- Examination of options and tradeoffs with different solutions/technologies
- Creation of a development path outline.
Feasibility studies are customized to your particular needs and will be conducted to the depth of detail you require.
Feasibility study cost and timeline
Feasibility studies typically represent a very small percentage of the overall development cost. The cost of a feasibility study can be considered as ‘insurance’ in terms of development funding, and will provide project principals with the assurance (or otherwise) that objectives can be achieved. As Liquidware takes a deeper look into the technical factors of your project, you will gain an understanding of all the options available, including those that can be achieved more efficiently than expected, and those that aren’t worth undertaking. Liquidware offers feasibility studies starting at US$5,000 with a duration of 2 to 4 weeks.
Liquidware has extensive experience in the development of custom hardware and software technologies for a wide variety of applications, and in prototype development, presentation and pitch generation, supply chain and lifecycle management, as well as technology-related business services on an ad hoc basis, upon request.