Quick Proof of Concept
Helping you realize your next steps
What is a QPOC (Quick Proof of Concept)?
According to techopedia.com, “A proof of concept (POC) is a demonstration, the purpose of which is to verify that certain concepts or theories have the potential for real-world application. POC is therefore a prototype that is designed to determine feasibility, but does not represent deliverables. Proof of concept is also known as proof of principle. Proof of concept is a term with various interpretations in different areas. POC in software development describes distinct processes with different objectives and participant roles. POC may also refer to partial solutions involving a small number of users acting in business roles to establish whether a system satisfies certain requirements. The overall objective of POC is to find solutions to technical problems, such as how systems can be integrated or throughput can be achieved through a given configuration. In the business world, POC is how startups demonstrate that a product is financially viable. POC involves extensive research and review and is submitted as a single package to concerned parties. It includes examination of the revenue model, in which companies show projected revenue from products and services, and indicate development cost, long-term finance projections and how much the service costs to maintain and market. It’s an excellent way for a business to evaluate itself internally and at proposed acquisitions and projects. POC in digital arts and short films or animations requires making minimalist prototypes to determine whether a device works properly and is viable.”
Why do I need a QPOC?
In the new world of big data and advanced analytics, executives realize they need better data-driven analytical tools, yet often are risk-averse when they compare the daunting investment they often are faced with (without any “proof” that a specific analytical project or initiative will work or realize an acceptable payoff. Thus, by conducting a QPOC, a modest investment is made, turnaround project timing is ultra-fast, and executives can see the proof in the pudding before committing substantial investment in moving forward. As an example, Competitive Analytics delivered a QPOC to Toyota over one weekend, which laid the groundwork and provided more than enough evidence for Toyota executives to move forward with a much larger advanced analytics initiative.
Why Choose Competitive Analytics for a QPOC?
Well, for starters, we formalized the term and process for conducting a QPOC! In essence, our QPOC fast-tracks a clients typical requirements for needing something that they wanted delivered yesterday! Instead of the typical consultant who requires numerous weeks and months (or even years) to develop anything usable, Competitive Analytics develops a viable/usable product within days so the client has a workable value added product in which a feasible roadmap to navigate next steps can be followed immediately, either internally or with Competitive Analytics.
About Our QPOC (Quick Proof of Concept)
It is estimated that over 85% of all BI, IT, and analytics projects fail to meet objectives and deliver significant value. Why? Because the typical “consultant” will push to sell you the largest project for the highest possible fee . . . and undoubtedly, will require extremely long lead times, require significant upfront investment, and yet, will not require any proof of actionable or usable value until the project ends.
In essence, our QPOC empowers our clients to see results first within a rapid turnaround time that is extremely cost effective. Think hours and days instead of months, quarters, and years. This process of “dating before we get married” will drive a much more confident decision for you and your team BEFORE investing in a significant advanced analytics initiative.
In stark contrast, Competitive Analytics takes a much more innovative and counterintuitive approach. When engaging with a new client, we offer to initially conduct our Quick Proof of Concept (“QPOC”): Here are our 6 key steps we typically complete in less than one week:
1. Sign MNDA. Due to the potentially sensitive and confidential nature of your data, we’ll sign a Mutual Non-Disclosure Agreement.
2. Analyze your raw data in context to your vision and objectives. Often times this involves utilizing a sample of your entire data set. We will also clean, map, interpolate, extrapolate, and “run” this data through a myriad of our custom analytics models.
3. Develop prototype “proof of concept” deliverables. These are actionable, interactive, and insightful “analytics dashboards.” Our ultimate objective is to answer any question regarding your data in 10 seconds or less.
4. Correlate potential external data and analytics. This “contextual overlay” might include aggregate and granular level demographics, psychometrics, macroeconomics, microeconomics, firmographics, competitive intelligence, web data extraction, etc.
5. Present a working prototype.
6. Strategize potential next steps.
In terms of our QPOC fee structure, it is both simple and transparent. QPOCs are typically offered in “blocks” of 20 hours, with typical QPOCs ranging from 1 to 5 blocks. Our current blended hourly rate of $250/hour is commensurate with numerous client engagements we’ve successfully completed for Fortune 500 companies as well as SMBs.