FactEngine's Proof of Concept (POC) process involves demonstrating the feasibility of a proposed solution or technology, showcasing its value, and validating its effectiveness. Below is an outline of FactEngine's POC process, including alternative pricing models and what happens after the initial POC engagement.

Discovery and Understanding Your Needs

The first step in the POC process is to understand your needs thoroughly. This includes gaining insights into your business processes, challenges, and goals. FactEngine can achieve this by conducting meetings, interviews, and surveys with you and relevant stakeholders. FactEngine can also analyse your current IT infrastructure, system, and software to determine what works well and what needs improvement.

Solution Design and Proposal

Once FactEngine has a clear understanding of your needs, FactEngine can develop a tailored solution proposal. This solution proposal should outline the proposed technology, features, and functionalities. It should also explain how the solution will address your specific pain points and how the proposed solution will deliver value. If required, FactEngine will create a proposal at cost that includes a detailed project scope, timeline, and budget.

Proof of Concept Development

The next step in the POC process is the actual development of the POC. This phase involves building a prototype or demo of the proposed solution. POC deliverables are a functional representation of the final product, highlighting the essential features and functionality. FactEngine will ensure that the POC can be tested, validated, and refined based on your feedback.

POC Demonstration and Feedback

Once the POC is ready, FactEngine can demonstrate it to you. This demonstration should showcase the features, functionalities, and benefits of the proposed solution. Your stakeholders should provide feedback on the POC, which will help FactEngine improve the solution.

POC Evaluation and Decision

After the POC demonstration, your stakeholders will evaluate the solution's feasibility and effectiveness. Together we will also consider factors such as budget, timeline, and ROI. Based on this evaluation, you will decide whether to move forward with the proposed solution as part of a commercial engagement with FactEngine, or not.

Alternative Pricing Models for POC Work

FactEngine can use various pricing models for POC work. Some of the most popular pricing models include:

Fixed Price: FactEngine charges a fixed fee for the POC development, regardless of the actual time spent or the outcome of the POC. This model works well when the scope of the POC is well-defined, and there is a low risk of changes to the requirements.

Time and Materials: In this model, FactEngine charges you for the actual time spent on the POC development. you pay for FactEngine's resources, including the developers, designers, and project managers. This model works well when the POC's scope is fluid and may require changes.

Success-based Pricing: In this model, FactEngine charges you based on POC success metrics. This model works well when the POC's outcome is measurable and you want to pay for results.
Post-POC Engagement:

If you decide to move forward with the proposed solution and/or keep working with FactEngine, FactEngine will ack you to enter into a formal services contract agreement with FactEngine. This contract will outline the scope of the continued work, the timeline, the budget, and the responsibilities of each party. FactEngine will ensure that the contract protects its interests while also meeting your needs. This contract will also include provisions for ongoing maintenance, support, and upgrades of the solution if not completely integrated into FactEngine's business.