The primary outcome of the feasibility study will be the key to what your new system will look like. You conduct a proof of concept (POC) on a potential solution based on the feasibility study findings. Meanwhile, a minimum viable product (MVP) is created after a successful proof of concept. This writing will show the overview of two concepts and the differences between proof of concept vs feasibility study.
What Is Proof of Concept (POC)?
Proof of Concept (POC) can be viewed as the first step toward launching a functional product that meets the target audience’s needs and brings benefits to those involved in its development. It is not yet a final product because it does not require precise scalability or performance solutions. It’s almost like an exercise in learning everything there is to know about your project.
A Proof of Concept demonstrates the feasibility of a proposed business idea, product, or method. This is a way for you to confirm that your idea will work in practice so that stakeholders and investors are confident in moving forward with the project.
POCs are an essential part of the product development process in various industries and fields, including business development, healthcare, software development, project management, manufacturing, and others.
When To Use A Proof Of Concept?
A proof of concept is precious when developing a new product, method, or theory that has no precedent in your industry. If you are not incorporating a new idea or feature into your project, you may not require a proof of concept to demonstrate feasibility. Use market research to see if there is precedent for your project, and if so, use data instead of POCs. A proof of concept should be required when:
A POC assists you in determining whether your idea is viable in its early stages of development. It provides you with insight into its worth to the target audience.
A POC enables your supplier to identify development process gaps that may affect the success of your project early on.
It allows you to determine whether a chosen technology for your project is appropriate and sufficient to handle all of them.
What Is Feasibility Study?
A feasibility study examines all relevant aspects of a project, including economic, technical, legal, and planning considerations, to determine the likelihood of successful project completion.
Several factors can influence whether a project is viable, including the project’s cost and return on investment or whether the project generates enough revenue or sales from clients.
On the other hand, feasibility studies are not only used for projects that want to measure and forecast financial returns. Depending on the industry and the project’s goals, “feasible” can mean different things. A feasibility study, for example, can help determine whether a health center can generate enough donations and investment money to expand and build a new heart-attack clinic.
Although a feasibility study could assist project managers in determining the risks and benefits of pursuing an action plan, several steps and best practices should be considered before moving forward.
When Should Use A Feasibility Study?
After a project has been offered for sale, but before any actual work begins, a feasibility study should be conducted. This research is being conducted as an important step of the project planning process. Depending on the project, it is frequently performed with a SWOT analysis or a project risk assessment.
Here are some cases in that you may not require a feasibility study:
- Completed a similar project in the past by your development team
- Small, straightforward project with little long-term business impact
- Competitors are succeeding in the market with a similar initiative
Remember that a feasibility study is not a project pitch. Once you’ve determined that a project is a good idea, you’ll usually conduct a feasibility study to ensure it’s doable with the tools and resources.
Difference Between Proof of Concept vs Feasibility Study
Now let us evaluate the difference between proof of concept vs feasibility study.
|Definition||Initial test of a product, idea, or method||An evaluation of the feasibility of a proposed plan or project|
|Aim||Demonstrate the product’s potential and feasibility in real-world settings.||Determine the viability of an idea or business|
|Intended use||The actual implementation of a solution.||Planning from a high level|
|Audience||Developers, managers, and researchers||Project managers|
|Time||Days to months||2-3 weeks|
|Pros||– Provide valuable data to potential investors and decision-makers. |
– Bring useful user insights like market demand or target audience pain points.
– Provide you with a thorough understanding of the software’s capabilities and limitations.
|– Confirm opportunities if the market before committing to a project.|
– Make documentation outlining the advantages and disadvantages of your proposed initiative.
– Narrow your business alternatives.
– Provide more details before making a yes/no decision
|Cons||– Risks from the project flow may give different outcomes. |
– Proof of concept can sometimes be a stumbling block. As a result, it may limit your creativity because it imposes some guidelines that must be followed.
– PoC necessitates additional resources such as money, time, or your client’s participation.
|– The analysis is only on paper, and it will not reveal real practical problems caused by the business’s failure. |
– The analysis could take time and effort.
– Depending on the industry, it could be costly.
As CEO of Techvify, a top-class software outsourcing company based in Vietnam, I focus on pursuing my passion for digital innovation. Understanding the customer’s pain points to consolidate, manage and harvest with the most satisfactory results is what brings the project to success.