Five Questions To Be Asked Before Starting A Tech Project
The primary purpose of technology in business is facilitating inter-connectedness; making the world a global community. It enables the sharing of information and helps organizations increase their productivity and innovation in real-time.
If used correctly, it has proved to do a lot more for corporations and individual project leaders, by converting small projects into multimillion-dollar ideas.
Finding it hard to believe me? Well, check this out:
Ryan Hoover (founder and CEO of ProductHunt- a product that helps one discover new tech products and interact with the team) started by making an email list and ended up transforming it into a multimillion-dollar business within a few years. He said, “I wasn’t an engineer, so I wasn’t going to invest the time or money in building an entire site from the start, but I could build an email list easily. I started one and invited a few dozen investors, founders, and other friends of mine who I thought might like this, and who had an inside track of what kind of tech products were cool.”
One needs to know the answer to some basic questions before starting any tech project. For instance, when and how to start are two questions that determine if the project will be successful or not.
A great example of this would be of the time when the team of Steve Jobs suggested him to launch iPhones in 2001 itself. Although he saw a great opportunity to break into a new segment and completely disrupt the then rapidly growing industry, he knew that the time just was not right. Hence, it was not until three years later that they launched iPhone with even better planning and execution. And well, we all know where that has reached now!
Granted all this, and it might sound convenient to you. Most businesses invest millions in tech projects, only to go in vain due to non- strategic decision-making. An example, in this case, would be Google Glass that launched in the year 2013 and soon phased out two years later with little or no success.
The following steps should be followed while,
- Planning the initiation of a tech project:
- Identifying goals
- Define the needs
- Find and choose alternatives
- Implementing the plans:
- Configure and customize to suit the needs of the organisation
- Migrate data from the old system to the new one
- Defining usage of and support for the system
- Setting standards and boundaries
- Provision of training and documentation of processes
- Measure actual standards and rectify errors
To evaluate the feasibility of the project at an early stage, clear answers to the following five questions should be present with the management.
1. What problem does it solve and has anyone done it before?
If you want a project to be successful, it has to solve the problem of the target market. Only then will it get the required attention. In case that it has already been done before, it means that it already has a market. To penetrate the market, the project has to have some uniqueness to it, some competitive edge. If there is no competitor, there is no market YET. It means that the project has to make the consumers realize what they have been lacking and how this will make their lives easier.
2. How much will it cost the organization?
This is a basic question posed at the commencement of any project. A tech project will especially need it because it is an expensive and dynamic field. The investments are long term. There is no going back. The management has to be sure that the project that they will be undertaking is worth the money they are putting at stake.
Moreover, it requires structural changes in the organization. More often than not, projects end up costing much more than anticipated. As already mentioned earlier, one can not go halfway and abort it as soon as it starts getting tough.
While we are on the topic, we have to consider all the time it will cost at various levels of the organization.
Most businesses and individuals find it rather difficult to find investors for such projects as they are regarded as nothing more than some side hustle. Whatever the case may be, the returns should be more than the initial investment.
3. What risks is the business exposed to? On the contrary, what is the upside of this project?
We work in a rapidly-changing environment today. The number of possibilities in any situation is endless. The project, its plans and implementation are exposed to more risk and uncertainties than we might think.
While there are ways to minimize them, one can never be sure. Project leaders should know how to handle the downfall or hindrances at every stage. Also, is the core business exposed to any risk if the project fails? If yes, planning should be done in advance to minimize losses.
On a more positive note, one must know what the project has set out to achieve: its objectives in the long term. What problems will it solve and what value will it deliver. It would be beneficial to analyse qualitative and quantitative aspects.
4. Do you have a well-established schedule?
When clear objectives have been defined and plans made, a set timeline should be made for the implementation process and strictly adhered. It could be all-inclusive: what is to be done when with all the necessary milestones.
While it might sound like a task, it is of utmost importance in the initial phase of project execution. It helps track the success and identifies what areas need more time and effort.
5. Where do you see this in the next five years? Defining the scope in terms of what contribution it will make that the competition has not.
To begin with, ensure that you do not already have too much on your plate. If the project is far from the core business, it is likely to take more time and effort. Project leaders and the team must have at least a vague idea of where they see themselves take this initiative in the next five years. It enables them to know what they are working for and have a shared vision. On average, 80- 90% clarity is a decent picture to have.
As a rapidly evolving market, it needs to outpace the competition to survive. KPMG reports that IoT will be the most preferred technology in the transformation of business with a worldwide expenditure of $1.1 trillion by the year 2021. AI system and the cognitive system are expected to touch $52.2 billion and for robotics and drones, $218.4 billion!
Example of Netflix: the chief disruptor! It initially started as a mail-order DVD company. Keeping in mind various market factors, it took a step too advanced for its time: shifting to the online streaming company and eventually owning it!
It is now also a content producer and it single-handedly (almost) giving a tough time to single-screen theatres and multiplexes along with the film and television industry.
Mobile phones were complementary to laptops and personal computers a few years back. With the increased convenience, features and applications, they are now a competition for them. As technology evolves, it is bound to making unprecedented shifts in the market.
