Digital Innovation: From Idea to MVP to A MultiMillion Dollar Investment
Project Time: 2 Years
Client Overview
Ingenuity Technologies transforms and grows businesses by digitizing and automating their processes
Challenge
When we first started Ingenuity we wanted to find information about
businesses in the Caribbean. This is so we would have sufficient data
which would give us a deeper understanding of our ideal clients, to know
how to position our services and brand to meet the needs of those
clients.
The challenge was the information we needed was not readily available,
or any information found was insufficient. There existed no business
repository to find information about these businesses. Furthermore, we
could not hire a market research firm as a new business starting out at the time. The limited capital we had was needed to sustain the business.
Recommendation
We researched for a solution that would allow us to gather this data but
realized none was available to fit our specific needs. We decided to build
a bespoke solution as a way to implement Digital Innovation for our own
company.
We realized this method would be more cost-effective, and
also we could customize the software to our specific needs, rather than a
generic version that didn't meet our specifications, or needing to
purchase multiple third-party software to do so.
Implementation Steps
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Using Ingenuity's Proprietary Software Engineering life cycle we built out a MVP (minimal viable product), using agile, SCRUM, and dev ops best practices in the development process
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Next we created a business model canvas to identify 12 potential clients in our target market that could possibly have need for the product, identified their pain points and the value proposition our software could provide
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We then conducted market testing to the core audience identified by providing a free trial of the product, and gathered feedback
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Once we realized we had a viable product people would pay for, we then acquired investors, which we then used to build out a full-scale version which facilitated digital data collection, digital feedback and surveys, and direct communication capabilities allowing organizations to understand their customers, brand, product, and staff, with data mining and analysis
While conducting our market testing of the software we realized another
pain point that most organizations have. We saw that 98% of organizations in the Caribbean used a manual paper-based method of data collection. As such the process of data collection was time-consuming, costly, and significantly inefficient.
We saw this as an opportunity to incorporate a digitized approach to data collection when building out the full-scale version.
Once the full-scale version was completed, we successfully rolled out the
full version, and launched it. Currently, we have medium to large enterprises globally utilizing the product for their digitized data collection
needs.
Result
As a result of this Digital Innovation many organizations found that their business operations were transformed. Not only did efficiency and productivity increase while reducing operational costs, but they found that with the data, and the ability to mine said data, they were able to gain a better understanding of their customers. Consequently, it allowed them to implement better growth strategies, create new revenue streams, and improve customer satisfaction and brand loyalty.