As the name implies, a feasibility study is an analysis of the viability of an idea.
At Datalink the feasibility study focuses on helping answer the essential question of “should we proceed with the proposed project idea?” Determining early that a concept or idea will not work in the way that you wish saves time, money and heartache later.
The feasibility study is only one step in the product idea assessment and product development process. The study helps to narrow the scope of the project and identify various scenarios and alternatives. We will work with you to determine the “best alternative” to move forward into the design and development stages. We analyse the devices, methods, standards and procedures to achieve a product fully certified and fit-for-market at the present time and in the foreseeable future to meet your goals and business expectations.
A well thought-out and reasoned feasibility study:
- Gives focus to the project and outline alternatives.
- Ensures technical viability.
- Narrows business alternatives.
- Identifies new opportunities through the investigative process.
- Identifies reasons not to proceed.
- Enhances the probability of success by addressing and mitigating risk factors early on that could affect the project.
- Investigates patent and copyright infringements and options.
- Provides quality information for decision making.
- Provides documentation that the venture was thoroughly investigated.
- Helps in securing funding from lending institutions and other monetary sources.
- Helps to attract equity investment.
The feasibility study is a critical step in the business assessment process. If properly conducted, it may be the best investment you ever made.