You know that proof of concept is essential to gaining the support of top management if you are working on a product or service in a large company. PoC creation can be a complicated process with multiple stages and criteria for success.
This template for a proof of concept will simplify the process, and ensure that it provides maximum business value. We will discuss the key elements that make up a PoC. This includes project constraints, assumptions, and a feedback process at the end.
This proof of concept template will ensure that you receive the support needed to launch your new product or services.
So continue on if you’re ready to launch your PoC project.
What is POC?
Proof of Concept (POC), also known as a proof-of-concept, is a demonstration that a business plan or product idea is feasible. In drug development, for example, clinical trials can be used to gather proof-of-concept data on a final product.
A proof of concept is not just about proving the concept. A POC allows you to collect user feedback from all of your team members. This includes those who may not have contributed otherwise.
Proof of concept initiatives is crucial for your project’s feasibility and success. Give your team and yourself the resources they need to be successful.
PoC vs Prototype vs Minimum Viable Product
While proof of concept and a minimum viable product are similar terms, each has its own purpose and application.
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Proof of Concept
Proof of concept is a way to demonstrate that an idea or system will function as intended. It is important to demonstrate that the system works and that it can be implemented. Early in product development, it is developed. It is not usually based on user feedback, but rather on the team.
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Prototype
A prototype is an actual working model for a system or application. It is intended to test a concept and get feedback from users. The POC was approved and the prototype was immediately built.
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Minimum Viable Product (MVP)
Minimum viable products are a reduced version of a finished product, which is released on the market in order to gather feedback from early adopters. The goal of the test is to find out if there is a market for the product and to identify if any new features are needed. Once the prototype has been successful, an MVP is developed and used to gather feedback from users.
Why Use a Proof of Concept Template?
Proof of concept templates is a useful tool for those who want to develop a new service or product and need to gain management support, validate the technical feasibility or de-risk an investment.
You need a well-defined plan, and a structured method of testing and validating during the PoC to get the best value and to ensure that it does not go over schedule. A VOIP PoC, for example, took 28 percent longer when it wasn’t coordinated strategically. The key to successful coordination is strategic planning!
Proof of concept templates is the best way to achieve this type of coordination. You can outline the main components of your proposal along with success criteria.
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Secure Top Management Support
Research indicates that “top management’s support” is the most crucial element in a project’s success. Project managers and teams need a proof-of-concept template to get top management’s support for new technologies. These templates allow managers to test the quality of the solution, confirm that it is aligned with the long-term business plan, and find out more about the costs and timelines for implementation.
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Validate the Feasibility of IT Projects
Teams can use a PoC template to describe in detail what technical functionality needs to be validated as part of the PoC process. The proof of concept test will validate the idea or software. The template will also provide a way to document the findings the team made during the real-life testing. This will help the management and team leaders decide whether the project teams will move forward.
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De-risk Investment in Business Idea
Before moving forward, product teams and management will look to reduce the risk of the project. A successful proof-of-concept will achieve this. The POC template will help you identify and mitigate the key risks of your new product or services, such as:
- Value risk – In 42% of the cases, startups that fail are due to value risk.
- Usability Risk – 25% project failures can be attributed to UX issues
- Risk of feasibility – 56% of software projects deliver less value than budgeted, and 45% are over budget.
Benefits of Using Proof of Concept
Proof of concept is valuable because it allows you to test your plan and evaluate its feasibility before any work begins. It’s similar to a prototype, or a lean manufacturing minimum viable product.
A POC is used to verify that the concepts and theories being applied to a particular project will lead to a successful end product. POCs don’t produce deliverables because the main issue is to determine the feasibility of a project.
The following are some key advantages of utilizing POC in your projects’ early development phases:
- Potential investors and decision-makers might use POC to help them decide whether a project or product will be feasible and useful for the target market.
- POC provides development teams with important feedback from users, as well as information on market demand, target audiences, and critical pain points.
- Because it serves as the foundation for the prototype and minimal viable product, proof of concept is an essential stage in the product development process.
8 Step Proof of Concept Template
Now that you know the benefits of POC, let’s now check out the steps of the proof of concept Template.
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Project Basics
The project leader should fill out the first section on your proof-of-concept template with the basic details about the project, including the name of the project and the list of all the people who will be participating in the proof of concept template excel.
In many cases, your PoC involves testing out software systems that could be used in the development of your product or service. You’ll need to include the names of all the members of the software team that you will be interacting with during the testing.
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PoC Goals
What are the goals of your proof-of-concept? What are you trying to validate? What are you trying to identify in advance? Be sure to survey all stakeholders from the marketing, IT, and product teams. This will ensure that everyone’s goals have been documented. Making sure your POC goals are in line with your wider business strategy is another benefit of doing this. Document your progress in the Goals column. It will be easier to create a PoC after the work is completed.
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PoC Overview
This section should include a written description and a graphic representation of the PoC. Imagine how you’d describe your PoC to someone not involved in the project. Please provide enough detail to back this up. Show a block diagram if you are going to test the integration of different software systems.
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PoC Scenarios
Describe your high-level scenario(s) which will be demonstrated in the proof of concept. If applicable, include a network chart to support each scenario. List any specific requirements for your project that you will be testing in different scenarios in the Requirements section. In the Comments column, you can provide feedback and comments throughout testing.
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PoC Constraints & Assumptions
Each proof-of-concept project has its own set of constraints, whether they are a tight timeframe, a budget that is limited, or software limitations. Document them here, along with any assumptions that your team makes.
Product leaders who have experience will know that assumptions can cause problems later on. Be sure to state them clearly so that you and management are on the same track.
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PoC Project Timeline
This section is where you document the date you plan to start your proof of concept and when you will have a demo you can present to stakeholders. Iterative POCs can take much longer to complete than expected. You can avoid a project taking longer than necessary by documenting progress dates.
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Define Success Criteria
Explain how you plan to confirm that the goals presented in Step 2 have been met. Use the list of success types to determine the category that the success criteria belong under. You can then distinguish more easily between the different parts of your proof-of-concept project. Documentation is required to prove that the success criteria have been met.
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PoC Results(After POC Completed)
Once your proof-of-concept work is complete, you should create a project summary and share your findings with relevant stakeholders and management. You should start by:
- Fill out the Goal Status column in Step 2
- Fill out Success Criteria Status in Step 7
Document the recommendations of your team for a plan to move forward. When documenting your recommendations, consider all the information you gathered throughout your proof-of-concept work. It’s best to note here if you received approval or rejection of your recommendations after meeting with management.
What Are Some Examples of Proof of Concept Templates?
You may use a POC to test an idea in several different situations. These templates can be used to demonstrate that a product or business idea is feasible for your target audience and company.
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Business Plan Proof of Concept
You might use a business plan POC when:
- You’re contemplating making a start-up investment.
- You buy a company and think its processes can be improved.
- You may have some ideas about how to improve your company’s internal processes in order to achieve goals
- You have a project idea that you believe will benefit your business.
Before you begin your research and testing, it is important to know your success criteria so that you can make an informed decision.
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Product Idea Proof of Concept
A POC could be used to test an idea for a product or service. During testing, you may find it useful to work with other team members who have additional subjective insights on the product. Remember to ask these questions when creating a POC for a new product idea:
- Why does our customer need this product? What problems does it solve?
- Can the product be considered profitable when you compare production costs to the selling price?
- What are the challenges we may face in production, marketing, or sales that must be overcome?
Using a template as your starting point while constructing a POC is beneficial.
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Proof of Concept Templates on Monday.com
The monday.com Proof of Concept Template can be used to:
- Create a standard POC process in your organization. This will help the upper management, and other stakeholders to make more informed decisions about ideas. This standard also creates a clear set of success criteria that can be used by everyone involved in the process.
- Reduce the risk of error and missing data: POC processes that are clearly defined can help employees to reduce the risks associated with their experiments. They can also eliminate the possibility of missing information which could skew final results.
- Display your evidence of viability in a comprehensive manner: Our template includes sections that cover every aspect of determining an idea’s feasibility. These include metrics, goals, and constraints, as well as a generalized outline. Using this template will help you make sure that your presentation is both complete and professional.
Conclusion
A proof-of-concept can help teams secure top management approval, validate the technical feasibility of an idea, and reduce risk for further investment. A PoC can be in many different forms. From testing software during a trial to conducting interviews with target audiences, a proof-of-concept template is useful for teams who want to go about their PoC project in a systematic way and add greater value to the business. We hope that the proof of concept template will be helpful to you as you begin your PoC project.
