The feasibility project studied both technical and commercial aspects of a taking a unique indoor positioning technology from research and prototype stage into a successful commercial solution launch.
The technical feasibility study focused on
1) creating a system architecture for scalability and flexible deployment (cloud versus on-premise),
2) develop a first demo system,
3) make a tracker availability study,
4) assess technical and IPR risks and
5) develop a development plan and technical roadmap.
The results were that a good scalable system architecture is now available, a first successful demo for a hotel security customer was held, a LOI was signed with a key partner for optimized tracker hardware, there are no identified large technical or IPR risks, and we have a plan and roadmap for continuing the development of the solution.
The indoor location solution as of today is good enough for starting customer discussions and trials and there are some new technologies currently in research that will improve the indoor location even further.
The commercial feasibility study focused on
1) identifying relevant target market segments,
2) find and contact large customers in these segments,
3) identify their needs, estimate the value of a Locate IT asset tracking system to them,
4) make a financial plan,
5) develop a go to market strategy that is successful and scales quickly.
We feel a lot of progress was made in the commercial feasibility study. We had before project start only identified construction and public sector as the most relevant sectors since they both have large indoor areas, but we had with no in-depth knowledge of their actual needs. For the construction market segment, we worked with an external company to do an in depth survey of qualifying and quantifying the needs of using asset tracking.
During project two more new target market sectors were added: facility management and security services. We now have a much better understanding of the needs of the different market segments and how to add value and to market the asset tracking system. We also identified a large need, especially in security services but also in facility management and construction, to not just track assets but also workers for safety. To be able to provide personal privacy while tracking for an increased safety is a challenge, but we have a solution that is planned to be implemented in the project going forward.
We have kept the go to market strategy earlier outlined: to identify and work closely with only a few larger companies in each market sector. Together with them we can assess and define a relevant asset tracking solution that really adds value and sustainability to their business. We have now after the feasibility study a good contact and relationship with large potential customers in all target market segments, partly thanks to the current EU project. They all expressed an interest to support and be part of trials in a phase 2 of Locate IT project and LOIs are in the process of being signed.
