How we approach the problem or opportunity is the content of our business solution. Whether or not it is feasible is a separate matter. It goes without saying, therefore, that prior to initiating any business plan an assessment of its feasibility is a must.
Simply put, the term ‘feasibility’ refers to the goal which is achievable along vital parameters such as market readiness, customer acceptance, technical compatibility with the existing internal as well as external systems and other technologies integrated with the solutions such as GPS or RFID etc.
To illustrate, any kind of online transaction business over a decade ago would be tricky terrain. Few people had credit cards. Secondly, there were no payment gateways (service providers to e-commerce business to receive the customer payment on their behalf). Besides, the internet was unchartered territory and banks were reluctant to share their data online or any third party payment service providers. The copyright and infringement laws were not as strict, nor were there any state of the art security solutions to guarantee customer privacy.
Today, however, setting up online business in is definitely feasible and doable. The democratization of the credit card, the support of the latest technology to secure the solution and stringent rules has made it feasible.
Another example GPS enable the real time delivery status and can provide additional required data. In the past, transportation of frozen or perishable goods was a risky business. Whereas advanced solution enabled with GPS not only allows the company to monitor the real time vehicle moments but also allows checking the temperature of frozen good inside the truck and issue the instructions to the driver if required.
Apart from operational feasibility–costs incurred in training/recruiting the additional staff to run the solution as well as setting up infrastructure, a study of whether/not it is worthwhile to spend an x amount of time on the said project (schedule and time feasibility) is essential. For example, if something is going to be deployable only after five years hence, is it worth the effort as risk of unpredictable future of that solution at that time?
Another question to be answered is: does this solution conform to the existing culture within the organization? Is it likely to alter mindsets—and in what direction?
Last but not the least, the solution must be in sync with the laws and a process (Legal and Compliance) of the land is imperative.
Returns on Investment—both tangible and intangible determine the value of the business solution. More details in the next article.