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Report

Teaser, summary, work performed and final results

Periodic Reporting for period 1 - LiveJourney (LiveJourney)

Teaser

Summary

\"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 â‚¬150K in revenue. It targets B2B customers including large enterprises in logistics, supply chains, finance, insurance and automobile manufacturing.\"

Work performed

\"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: SociÃ©tÃ© GÃ©nÃ©rale, 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 n\"

Final results

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.