How to partially automate your Feasibility study project?

Automating a feasibility study project can be a challenge. Large studies require several days or months to complete.  Teams need to be created with the right expertise, moved to client’s site and get working on the project. Automating some part of the process can be a challenge but doing it can be the best way to get the work done efficiently.  

Where to bring in automation? Project management is the first step wherein it has to be tracked using any online tool. This will help to ensure that the project is on track and any delay can be quickly turned around. The second important aspect is using available templates for capturing data, doing calculations etc. I am assuming that the company doing a Feasibility Study project in the defined sector is not doing it for the first time and have pre-defined templates to start work on. The first step would be to make the templates ready for the current project. This is important as every project is different and will require customization.

There are different sections in a Feasibility Study: These are i) business assessment ii) market assessment iii) financial or commercial assessment

For the market and commercial assessments, there can be ready artifacts that can be used. The business assessment needs to be done from scratch as it needs to be tailored for the specific company. The market assessment of an industry cannot be very different if they are within a span of a year or so.  If your company is specialized only in one industry or a couple of industries then you will definitely have lots of market data that can be used appropriately. If you work across industries and may have done a project in a certain industry couple of years back that may not be of much help.

As mentioned above, business assessment needs to be done exclusively as this section reflects the details of the specific company. Sections such as Executive Summary, products, management etc. needs to be developed from scratch and to excellent level of content. Readers at Executive Levels are more interested in these sections to know more about the company. It can build your reputation as feasibility study project consultant or damage your brand and reputation if not well. I take a bit of leverage to digress from the core point but it is important to highlight if a work is not done well it will be near impossible to salvage your reputation with that client. You may have done 9 great jobs but that 1 job not done well can do irreparable damage. We are only as good as our last completed work completed to excellence!

The highest degree of automation can be done in the commercial section. Most companies have their own templates or use some industry standard templates to draw the commercials. This saves an immense amount of time as most of the calculations can be done quickly by simply inputting the right data.

Once all the sections are drawn, the document can be formatted using a predefined template using MS Word. If the requirement is for a more professional look and feel, then tools like InDesign can do the job. There are also automation software such as LivePlan that can help to create a professional document. It is a Business Planning software but suits well for a Feasibility Study. Another way in which we can accelerate (not exactly automate) is to work with partners who have complementary skills for a project. In this approach, the technical partners work on the technical sections of the study while the business team works on the market assessment and the commercial sections. This approach speeds up the process and improves the quality of the deliverable.

Automation also helps to work collaboratively with your client and other team members. I find this as one of the biggest advantages of managing any project using a cloud based tool. Your client can see the live updates being made and put their comments making the entire process iterative and improving the quality of the study on the go. At the end of it you will have a satisfied client and a great product which can take your brand value a few notches up.

If we summarize the points discussed above, the key points that we can nail down can be as follows:

1.      Manage the project using a project Management tool

2.      Use templates for capturing data

3.      Use data from previous work done especially in sections such as market assessment

4.      Use existing templates for the commercial section of the document

5.      Use documentation software such as Liveplan

6.      Work with partners to accelerate the process of creation of a Feasibility Study

A feasibility study is a comprehensive document that covers all aspects of the business including operations, marketing, financials etc. Controlling the document is a challenge and this can be done successfully if the points mentioned above are adhered to.  This is within my knowledge and based upon the work that we have done. There can also be other ways of automating and accelerating the process. I would look forward to hear any such ideas from expert Feasibility study consultants or companies that provide Feasibility study services.