Periodic Reporting for period 1 - LiveJourney (LiveJourney)
Reporting period: 2017-02-01 to 2017-07-31
Summary of the context and overall objectives of the project
LiveJourney is a breakthrough customer journey tracking, prediction and optimization software. It analyses a company's process data in real time through a simple web dashboard, using powerful algorithms to identify leaks and loops and predict bottlenecks. LiveJourney is easy to setup and use even for non-technical staff, draws data from existing CRM and EPR systems, and is priced for both SMEs and enterprises. Using LiveJourney, every company can gain deep insights about their user journeys to increase productivity, reduce costs, save time and boost customer satisfaction.
In the on-demand digital era, time has become one of the most valuable commodities. Companies thrive or fail due to their process speed. This requires companies to track and optimize every step in their customers' "journey" - the chain of events that begins when a customer first interacts, and ends when the product or service is delivered or completed. Current solutions for LiveJourney are inadequate as they do not track or optimize time, and are difficult to install and integrate with existing systems. LiveJourney is a breakthrough SaaS solution that enables companies to track and optimize their customer journeys through a simple web dashboard. It uses real-time data visualizations and algorithms with complex process mining and statistical models. LiveJourney tracks and predicts journey time, can be used out-of-the-box even by non-technical staff, and is accessibly priced for any company. Early trials shows it can reduce journey times by 10-25%, predict journey duration with 82% accuracy, and increase customer retention by 8%. It is developed by Your Data Consulting, a French SME launched in April 2015 by five experienced founders. It has already developed and released a working beta version of its product, attracted five clients including major French brands, and earned €150K in revenue. It targets B2B customers including large enterprises in logistics, supply chains, finance, insurance and automobile manufacturing.
In the on-demand digital era, time has become one of the most valuable commodities. Companies thrive or fail due to their process speed. This requires companies to track and optimize every step in their customers' "journey" - the chain of events that begins when a customer first interacts, and ends when the product or service is delivered or completed. Current solutions for LiveJourney are inadequate as they do not track or optimize time, and are difficult to install and integrate with existing systems. LiveJourney is a breakthrough SaaS solution that enables companies to track and optimize their customer journeys through a simple web dashboard. It uses real-time data visualizations and algorithms with complex process mining and statistical models. LiveJourney tracks and predicts journey time, can be used out-of-the-box even by non-technical staff, and is accessibly priced for any company. Early trials shows it can reduce journey times by 10-25%, predict journey duration with 82% accuracy, and increase customer retention by 8%. It is developed by Your Data Consulting, a French SME launched in April 2015 by five experienced founders. It has already developed and released a working beta version of its product, attracted five clients including major French brands, and earned €150K in revenue. It targets B2B customers including large enterprises in logistics, supply chains, finance, insurance and automobile manufacturing.
Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far
The feasibility study has been conducted within a time frame of 6 months in order to assess the technical, business and market viability of the LiveJourney project. The work has been therefore structured into the following steps:
1. Software Review
LiveJourney launched with its initial software version, titled Henky, with French and English language versions. This was a beta version with limited functionality, though still highly useable for customers. During the feasibility study the software was reviewed for usability, scalability and scalability.
It was found to be highly useable, with positive feedback from trial users. Scalability was found to be optimal, as the codebase had been prepared to enable easy adaptation, and the cloud hosting configuration ensured it would function even under heavy load. The security was found to be robust, using state of the art authentication methods.
Feedback from users delivered several product enhancement suggestions. As result a new version, Oscar, was developed and released in September 2017. It included the following upgrades:
New dashboard with global overview
Customizable variables such as satisfaction, customer historical information and qualitative information
Search function to discover any user or data point
Data loading module, to enable customer to upload own data without support
CRM data importing compatible with Jira, Salesforce and Microsoft Diamex
Predictive module to estimate journey times
Integration of predictive module with journey module in single dashboard
Based on the above mentioned software's development, the following future enhancements will be implemented:
Planning was launched into future software enhancements based on user feedback and product positioning. The main learning was the high demand an expanded predictive module with even greater capacity to analyse multiple variables and deliver complex estimations of time, capacity and cost. This will be the focus of the product development roadmap for the next 24 months. In addition, the following concepts will be refined into modules:
Big data: increasing data handling capacity by removing the limitation on maximum data that can be processed.
Concept Drift: enabling users to build their own KPI factory to compare any journey by time, user type or other variable.
Simulator: enabling "what if" scenarios to play in real time to allow users to model processes and identify bottlenecks in advance.
2.User Trials:
LiveJourney secured several large French companies to test the beta version of the software. These included: Pole Emploi; Novae Aerospace and ID Logistics. In each case the software was installed locally and loaded with data extracted from CRM or EPR systems.
Case studies have successfully been carried out with the following companies:
Pole Emploi
Novae Aerospace
ID Logistics
GRDF
Orange
Future trials:
During the feasibility study period LiveJourney secured agreements with several companies to conduct trials in the next 24 months. These are:
Hopsital Ambiore PARE
Armatis
McKesson
3.Business Model:
Customer Segments:
LiveJourney launched with the following initial customer segments as targets:
Large Enterprises in Logistics and Supply Chain. Examples include DB Schenker Logistics, Kuehne + Nagel, DHL Logistics, Geodis, C.H Robinson, and CEVA Logistics. Use case is reducing journey times.
Large Automobile Manufacturers and Component Suppliers. Examples: Renault, PSA, BMW, Valeo, Michelin and Schneider. Use case - improving supply chains and predicting bottlenecks.
Large Enterprises in Finance and Insurance. Examples: Société Générale, AXA, Allianz, Santander, HSBC, Lloyds, BNP Paribas and Deutsche Bank. Use case - improving customer journeys, improving sales, eliminating loops and leaks.
During the trial LiveJourney conducted direct sales calls to companies in these sector. It secured trials with companies in in the first two category. Sales are continuing to other sectors. However two new sectors and use cases also emerged:
Hospitals and Clinics. Use case - improving bed utilization rates, predicting bottlenecks, decreasing patient times.
Human Resources and Recruiting. Use case - reducing staff churn, increasing length of employment, decreasing HR costs.
As a result of identifying these sectors, LiveJourney successfully secured trial companies and is now developing specific modules to meet their needs. These are
Hospital Ambiore PARE. A trial has been agreed. Following proof of concept, LiveJourney will target every large public and private hospital and clinic in its target countries.
Armatis call center. A trial has been agreed for HR and recruiting. Specific modules for this use case will be developed based on feedback.
Pricing
LiveJourney has been launched with the following B2B SaaS pricing model:
Starter: Limited to 6 journeys, priced per company: €699 a month.
Professional: Customized version with unlimited journeys: From €1499 a month, and €30K set-up fee.
During the feasibility study this pricing model was tested on potential end-users. The starting price was found to be too high and deterred some potential customers. The limited number of journeys also tested badly. Feedback revealed customers would prefer a lower per-user starting price, with the possibility of paying more over time for extra users once the value of the software had been experienced. It was also found that at least one customer wished to pay a far higher amount to access an entirely customizable version of the software. As a result, LiveJourney has adjusted its prices as follows:
Starter: Unlimited journeys, priced per user per month: €250
Architect Version: Customizable version, priced per use per month: €1250
Discount for multiple licenses (after first five licenses): 50%
Although the lower starter price will reduce initial revenues, it is anticipated that companies will quickly add extra user licenses once the value of the software becomes apparent. Given the positive results from the user trials, it is expected each company will rapidly wish to expand its use of LiveJourney. Given the complex nature of process analysis and optimization, it is unlikely that one company will have only one employee handling all such tasks and will therefore require extra licenses. The average company is anticipated to require 10 user licenses, which would deliver €1875.
Sales Tests
LiveJourney tested various sales strategies during the feasibility study to discover the most appropriate sales channels, pitch techniques, customer decision making processes and contract closure maximization methods.
One sales person was hired for this purpose. A candidate with specialization in supply chains, business intelligence and entrepreneurship experience was selected.
Companies in the key target sectors (logistics, supply chain, components, finance) were identified and entered into LiveJourney's CRM. Direct calls were conducted to companies' technology procurement decision makers. Research into companies' structure and key personnel was undertaken using internet resources, primarily LinkedIn.
For each company reached, an appointment for a demonstration meeting was proposed. During the meeting, a proposal for a trial installation was made. If accepted, data from the company's CRM and ERP systems was uploaded into LiveJourney. After a period of time, a review meeting was held to show the data analysis outcomes. A commercial contract was then proposed.
As a result of these strategies, the following outcomes were achieved:
Companies targeted: 187
Appointments secured: 80
Trial contracts signed: 15
Commercial contracts in negotiation: 2
These numbers represent a 200% increase on success rates from 2016 when an unstructured sales strategy was pursued. As a result, the new sales strategy will be refined and expanded. A further sales personnel will be hired over the next 24 months to achieve more ambitious sales targets.
Partnerships:
During the feasibility study LiveJourney identified several key partners which can assist in technology enhancement, business development and sales:
University Louis Pasteur, Strasbourg, France
The Institut de Recherche en Mathématiques Avancées is a leading department for statistics and numerical analysis. A development contract was signed with the department to participate in the development of new algorithms:
Process mining algorithm: currently LiveJourney uses an open source process mining algorithm. Analysis found it did not possess adequate statistical analysis techniques. A proprietary algorithm will be developed taking into account advanced statistical methodologies.
Predictive algorithm: LiveJourney's predictive module will be enhanced by increasing the number and type of parameters that can be queried to deliver deeper forecasts of time, flow, staffing levels, costs and return on investment.
Two professors, Frédéric Bertrand and Myriam Maumy-Bertrand, have been assigned to work on the project.
2. Divalto SAS
Divalto is the leading French enterprise resource planning (ERP) software provider. Data from Divalto can be easily uploaded into LiveJourney for deep analysis. This is something Divalto cannot offer as it is not focused on journey and process analysis. Divalto is interested in offering LiveJourney to its existing customers. Meetings with key personnel have been conducted, and negotiations are underway to establish a reselling partnership.
3. Abas Software AG
Abas is an ERP based in Germany. Abas is interested in bundling LiveJourney with its own ERP to provide functionality it cannot develop in-house. Early talks have begun, with meetings and a partnership proposal to follow.
IPR Study:
LiveJourney contains multiple unique software and process breakthroughs. These innovations were analysed for their patentability potential during the feasibility study. A freedom to operate and patentability analysis was carried out in partnership with IP Trust, an IP specialist.
LiveJourney's predictive algorithm was found to be highly unique with a strong potential for patent protection. As a result, a patent application was prepared and filed:
Authority: Institut National de la Propriete Industrielle
Application: 1757550
Date: 04.08.2017
Title: Systeme informatique pour la visualisation de parcours logistique d’entities dans le temps (Information system for visualising company logistics processes over time)
A decision is expected in up to 2 years. Several further patentable innovations were also discovered. These relate to LiveJourney's predictive analytics architecture for journey flows. Up to 4 patent applications will be prepared and filed in the coming 24 months.
3. Dissemination and Communication:
Events
LiveJourney demonstrated its software at several technology and innovation events.
Big Data Event, Paris, March 2017: 4 appointments secured.
Salon de la Stratégie Client, Paris, April 2017: 12 appointments secured.
Vivatech, Paris, June 2017: Invited by RATP Group (Paris public transport provider); 25 appointments secured.
In addition, LiveJourney took part in one international exploratory trip. Founder Simon Pioche was selected to take part in a business promotion mission to Canada organized by Cap Digital, a digital business network. Meetings and events were held in Toronto and Montreal. This resulted in a meeting with McKesson, a pharmaceutical and medical supplies distributor that has over $200 billion in annual turnover, making it one of the top ten companies worldwide. McKesson has agreed to trial LiveJourney in the coming months.
As an outcome of the feasibility study, LiveJourney has proved to have a very strong potential to grow into a highly profitable company by commercializing its breakthrough software across Europe and beyond.
1. Software Review
LiveJourney launched with its initial software version, titled Henky, with French and English language versions. This was a beta version with limited functionality, though still highly useable for customers. During the feasibility study the software was reviewed for usability, scalability and scalability.
It was found to be highly useable, with positive feedback from trial users. Scalability was found to be optimal, as the codebase had been prepared to enable easy adaptation, and the cloud hosting configuration ensured it would function even under heavy load. The security was found to be robust, using state of the art authentication methods.
Feedback from users delivered several product enhancement suggestions. As result a new version, Oscar, was developed and released in September 2017. It included the following upgrades:
New dashboard with global overview
Customizable variables such as satisfaction, customer historical information and qualitative information
Search function to discover any user or data point
Data loading module, to enable customer to upload own data without support
CRM data importing compatible with Jira, Salesforce and Microsoft Diamex
Predictive module to estimate journey times
Integration of predictive module with journey module in single dashboard
Based on the above mentioned software's development, the following future enhancements will be implemented:
Planning was launched into future software enhancements based on user feedback and product positioning. The main learning was the high demand an expanded predictive module with even greater capacity to analyse multiple variables and deliver complex estimations of time, capacity and cost. This will be the focus of the product development roadmap for the next 24 months. In addition, the following concepts will be refined into modules:
Big data: increasing data handling capacity by removing the limitation on maximum data that can be processed.
Concept Drift: enabling users to build their own KPI factory to compare any journey by time, user type or other variable.
Simulator: enabling "what if" scenarios to play in real time to allow users to model processes and identify bottlenecks in advance.
2.User Trials:
LiveJourney secured several large French companies to test the beta version of the software. These included: Pole Emploi; Novae Aerospace and ID Logistics. In each case the software was installed locally and loaded with data extracted from CRM or EPR systems.
Case studies have successfully been carried out with the following companies:
Pole Emploi
Novae Aerospace
ID Logistics
GRDF
Orange
Future trials:
During the feasibility study period LiveJourney secured agreements with several companies to conduct trials in the next 24 months. These are:
Hopsital Ambiore PARE
Armatis
McKesson
3.Business Model:
Customer Segments:
LiveJourney launched with the following initial customer segments as targets:
Large Enterprises in Logistics and Supply Chain. Examples include DB Schenker Logistics, Kuehne + Nagel, DHL Logistics, Geodis, C.H Robinson, and CEVA Logistics. Use case is reducing journey times.
Large Automobile Manufacturers and Component Suppliers. Examples: Renault, PSA, BMW, Valeo, Michelin and Schneider. Use case - improving supply chains and predicting bottlenecks.
Large Enterprises in Finance and Insurance. Examples: Société Générale, AXA, Allianz, Santander, HSBC, Lloyds, BNP Paribas and Deutsche Bank. Use case - improving customer journeys, improving sales, eliminating loops and leaks.
During the trial LiveJourney conducted direct sales calls to companies in these sector. It secured trials with companies in in the first two category. Sales are continuing to other sectors. However two new sectors and use cases also emerged:
Hospitals and Clinics. Use case - improving bed utilization rates, predicting bottlenecks, decreasing patient times.
Human Resources and Recruiting. Use case - reducing staff churn, increasing length of employment, decreasing HR costs.
As a result of identifying these sectors, LiveJourney successfully secured trial companies and is now developing specific modules to meet their needs. These are
Hospital Ambiore PARE. A trial has been agreed. Following proof of concept, LiveJourney will target every large public and private hospital and clinic in its target countries.
Armatis call center. A trial has been agreed for HR and recruiting. Specific modules for this use case will be developed based on feedback.
Pricing
LiveJourney has been launched with the following B2B SaaS pricing model:
Starter: Limited to 6 journeys, priced per company: €699 a month.
Professional: Customized version with unlimited journeys: From €1499 a month, and €30K set-up fee.
During the feasibility study this pricing model was tested on potential end-users. The starting price was found to be too high and deterred some potential customers. The limited number of journeys also tested badly. Feedback revealed customers would prefer a lower per-user starting price, with the possibility of paying more over time for extra users once the value of the software had been experienced. It was also found that at least one customer wished to pay a far higher amount to access an entirely customizable version of the software. As a result, LiveJourney has adjusted its prices as follows:
Starter: Unlimited journeys, priced per user per month: €250
Architect Version: Customizable version, priced per use per month: €1250
Discount for multiple licenses (after first five licenses): 50%
Although the lower starter price will reduce initial revenues, it is anticipated that companies will quickly add extra user licenses once the value of the software becomes apparent. Given the positive results from the user trials, it is expected each company will rapidly wish to expand its use of LiveJourney. Given the complex nature of process analysis and optimization, it is unlikely that one company will have only one employee handling all such tasks and will therefore require extra licenses. The average company is anticipated to require 10 user licenses, which would deliver €1875.
Sales Tests
LiveJourney tested various sales strategies during the feasibility study to discover the most appropriate sales channels, pitch techniques, customer decision making processes and contract closure maximization methods.
One sales person was hired for this purpose. A candidate with specialization in supply chains, business intelligence and entrepreneurship experience was selected.
Companies in the key target sectors (logistics, supply chain, components, finance) were identified and entered into LiveJourney's CRM. Direct calls were conducted to companies' technology procurement decision makers. Research into companies' structure and key personnel was undertaken using internet resources, primarily LinkedIn.
For each company reached, an appointment for a demonstration meeting was proposed. During the meeting, a proposal for a trial installation was made. If accepted, data from the company's CRM and ERP systems was uploaded into LiveJourney. After a period of time, a review meeting was held to show the data analysis outcomes. A commercial contract was then proposed.
As a result of these strategies, the following outcomes were achieved:
Companies targeted: 187
Appointments secured: 80
Trial contracts signed: 15
Commercial contracts in negotiation: 2
These numbers represent a 200% increase on success rates from 2016 when an unstructured sales strategy was pursued. As a result, the new sales strategy will be refined and expanded. A further sales personnel will be hired over the next 24 months to achieve more ambitious sales targets.
Partnerships:
During the feasibility study LiveJourney identified several key partners which can assist in technology enhancement, business development and sales:
University Louis Pasteur, Strasbourg, France
The Institut de Recherche en Mathématiques Avancées is a leading department for statistics and numerical analysis. A development contract was signed with the department to participate in the development of new algorithms:
Process mining algorithm: currently LiveJourney uses an open source process mining algorithm. Analysis found it did not possess adequate statistical analysis techniques. A proprietary algorithm will be developed taking into account advanced statistical methodologies.
Predictive algorithm: LiveJourney's predictive module will be enhanced by increasing the number and type of parameters that can be queried to deliver deeper forecasts of time, flow, staffing levels, costs and return on investment.
Two professors, Frédéric Bertrand and Myriam Maumy-Bertrand, have been assigned to work on the project.
2. Divalto SAS
Divalto is the leading French enterprise resource planning (ERP) software provider. Data from Divalto can be easily uploaded into LiveJourney for deep analysis. This is something Divalto cannot offer as it is not focused on journey and process analysis. Divalto is interested in offering LiveJourney to its existing customers. Meetings with key personnel have been conducted, and negotiations are underway to establish a reselling partnership.
3. Abas Software AG
Abas is an ERP based in Germany. Abas is interested in bundling LiveJourney with its own ERP to provide functionality it cannot develop in-house. Early talks have begun, with meetings and a partnership proposal to follow.
IPR Study:
LiveJourney contains multiple unique software and process breakthroughs. These innovations were analysed for their patentability potential during the feasibility study. A freedom to operate and patentability analysis was carried out in partnership with IP Trust, an IP specialist.
LiveJourney's predictive algorithm was found to be highly unique with a strong potential for patent protection. As a result, a patent application was prepared and filed:
Authority: Institut National de la Propriete Industrielle
Application: 1757550
Date: 04.08.2017
Title: Systeme informatique pour la visualisation de parcours logistique d’entities dans le temps (Information system for visualising company logistics processes over time)
A decision is expected in up to 2 years. Several further patentable innovations were also discovered. These relate to LiveJourney's predictive analytics architecture for journey flows. Up to 4 patent applications will be prepared and filed in the coming 24 months.
3. Dissemination and Communication:
Events
LiveJourney demonstrated its software at several technology and innovation events.
Big Data Event, Paris, March 2017: 4 appointments secured.
Salon de la Stratégie Client, Paris, April 2017: 12 appointments secured.
Vivatech, Paris, June 2017: Invited by RATP Group (Paris public transport provider); 25 appointments secured.
In addition, LiveJourney took part in one international exploratory trip. Founder Simon Pioche was selected to take part in a business promotion mission to Canada organized by Cap Digital, a digital business network. Meetings and events were held in Toronto and Montreal. This resulted in a meeting with McKesson, a pharmaceutical and medical supplies distributor that has over $200 billion in annual turnover, making it one of the top ten companies worldwide. McKesson has agreed to trial LiveJourney in the coming months.
As an outcome of the feasibility study, LiveJourney has proved to have a very strong potential to grow into a highly profitable company by commercializing its breakthrough software across Europe and beyond.
Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)
In summary, the project resulted in the following main findings:
1) The product, LiveJourney, is commercially viable with demonstrated demand from a large and reachable target market of end-users who are willing to pay for its services. Commercialization can result in a profitable return on investment.
2) The technology is robust, scalable, easy to use and accepted by users. Several improvements were suggested by users and subsequently implemented into the latest software update. New data-mining algorithms were planned and will be developed.
3) The price strategy was adjusted to a per company license fee to a lower per user fee which can scale as usage increases.
4) New customer segments were discovered. In addition to the envisaged target of process-oriented companies, use cases were identified for recruiting and hospital management.
5) Sales tests within early customer segments yielded higher than expected interest, with increased success in securing demonstration pitches and signing up users for trials.
6) IPR research led to the filing of one patent application pertaining to the software's process prediction capacities. Further patent applications will later be filed.
7) The company's financial forecasts, expenditure forecasts, personnel plan and overall growth strategy were found to be viable and will result in a highly profitable company within five years.
LiveJourney's innovation addresses European business challenges, as it is creating a new technology concept that will help lagging European businesses tap into unexploited customer data, resolving many difficulties relating to digitization, customer satisfaction, competitiveness and growth. LiveJourney's innovation unlocks the potential of many online and offline businesses. It is aimed at European market initially, starting in France, and spreading to the US and four more EU countries by 2020. It competes with EU and global customer journey analysis tools, but offers a state-of-the-art innovation through its proprietary algorithms, use of real-time data, and focus on time optimization. LiveJourney contributes to increasing digital literacy by encouraging, among other target groups, retailers to utilize online tools to increase their online and offline trade resulting in a consequent socio-economic impact for Europe and beyond.
The feasibility study has demonstrated the commercial and technical feasibility of LiveJourney. All expectations in terms of sales tests, partnership explorations, technology innovation and growth potential have been met and exceeded.
1) The product, LiveJourney, is commercially viable with demonstrated demand from a large and reachable target market of end-users who are willing to pay for its services. Commercialization can result in a profitable return on investment.
2) The technology is robust, scalable, easy to use and accepted by users. Several improvements were suggested by users and subsequently implemented into the latest software update. New data-mining algorithms were planned and will be developed.
3) The price strategy was adjusted to a per company license fee to a lower per user fee which can scale as usage increases.
4) New customer segments were discovered. In addition to the envisaged target of process-oriented companies, use cases were identified for recruiting and hospital management.
5) Sales tests within early customer segments yielded higher than expected interest, with increased success in securing demonstration pitches and signing up users for trials.
6) IPR research led to the filing of one patent application pertaining to the software's process prediction capacities. Further patent applications will later be filed.
7) The company's financial forecasts, expenditure forecasts, personnel plan and overall growth strategy were found to be viable and will result in a highly profitable company within five years.
LiveJourney's innovation addresses European business challenges, as it is creating a new technology concept that will help lagging European businesses tap into unexploited customer data, resolving many difficulties relating to digitization, customer satisfaction, competitiveness and growth. LiveJourney's innovation unlocks the potential of many online and offline businesses. It is aimed at European market initially, starting in France, and spreading to the US and four more EU countries by 2020. It competes with EU and global customer journey analysis tools, but offers a state-of-the-art innovation through its proprietary algorithms, use of real-time data, and focus on time optimization. LiveJourney contributes to increasing digital literacy by encouraging, among other target groups, retailers to utilize online tools to increase their online and offline trade resulting in a consequent socio-economic impact for Europe and beyond.
The feasibility study has demonstrated the commercial and technical feasibility of LiveJourney. All expectations in terms of sales tests, partnership explorations, technology innovation and growth potential have been met and exceeded.