Business

10 Reasons Why Your MVP May Fail

Many times we have heard or been told that for app development or web development, we can focus the project on developing an MVP. But what is it?

Minimum Viable Product

The MVP or Minimum Viable Product is that approach that allows the development of what is essential in a project, in this case, we are commenting on, in-app or web development. That is, focus on not developing a project or product to the last consequences, but following the strategy of investing as little time as possible to achieve something that works, perhaps not as we expect in its full form, but it does allow us to capture the essence and go to the market or in a test group, with something probable.

This has many advantages, the main one perhaps is that we do not burn the project budget cartridge in an unvalidated hypothesis. Many times, many projects or startups focus on translating the idea of their founders down to the last details and then going to market. This entails delaying time-to-market and also leaves you with no room for manoeuvre if, in the end, your hypothesis is not aligned with the market and you have to make certain adjustments to the scope of the project. There is no money left for that and many companies or startups suffer or end up closing, even being close to what users need.

Anyway, there are some reasons why your MVP may fail.

The 10 reasons why your MVP may fail:

1 – Wrong approach from the beginning

MVP is not specifically aimed at small projects with low funds. Unfortunately, most people draw this wrong conclusion from the start thus treating MVP development carelessly.

2 – Oversize the MVP

One of the most common mistakes in the MVP definition process is that you end up with a new oversized product. This usually happens if the person defining the MVP is the same person who came up with the new product. In this case, it is advisable that someone outside the creative process take the role of the buyer (or user) to isolate the necessary functionalities of the MVP. Normally it is very difficult for the person who has devised the new product to renounce a functionality to create a first reduced version of it.

3 – Not taking into account the capabilities of the team

In defining the minimum viable product, we must bear in mind the capabilities of the equipment that we have. To create a new product, often innovative, it is necessary to use certain technologies and tailor-made developments will have to be made. The success or failure in the creation of the MVP will be linked to having the knowledge and skills to be able to carry it out. In a startup, it is good that the definition of the MVP involves the entire team or a representation of the different profiles available. From collective work, it is easier for a realistic MVP to appear to the capabilities of the team. Otherwise, it is easy to make mistakes that will jeopardize the success of the project.

4 – Thinking that the MVP is the cheap version of the product

Another very common mistake is thinking that the MVP is just the cheap or lite version of the product. The MVP does not refer to the versions or payment methods of the product. It is about the definition of minimum functionalities so that the product can be used for its potential clients.

5 – Include non-differential elements in MVP

Every time someone explains to you that they are working on a minimal viable product and in its definition include superfluous elements such as chats, advanced messaging systems, labels, filters, certain social functionalities … Your answer, unequivocally, must be that this is not the minimum viable product. At this point, it is easy to get into endless discussions about how necessary one functionality or another is.

6 – Relate the word viable with profitability

The word viable does not refer to the economic viability of the project or its profitability. The MVP is not the product with which we will start to earn money, but it will allow us to measure whether our idea is viable or not. Ultimately, the MVP helps us to evaluate if there are people willing to use our application or to pay for the use of our platform. Joining profitability to the creation of the MVP is very risky, it will not allow us to iterate from the feedback received from users or clients and will put a lot of pressure on the team.

7 – Do not include time in the approach

For a startup, when creating a new product, time is a very important variable. Poor time management can make a product fail or even bankrupt a startup. Time, even if it is infinite globally, is limited for a startup. It is limited by the funding available and in many cases requires your product to work and be profitable before the money runs out. For this, it is very important for the health of the startup not to link the creation of the MVP to its profitability.

8 – Do not write user stories

User stories play a very important role in defining the MVP. To write them we must answer the questions: Who wants it? What do you want it for? What is the benefit? They are also linked to validation criteria. The MVP must output the essential user stories to validate the product with potential customers.

9 – Make mistakes invalidating

There are many reasons why validation doesn’t work as it should but the main reason behind it is a false hypothesis. Many mistakes in the development of MVP lead to errors in making hypotheses based on something that is not real.

10 – Too much and too little

And finally, the final mistake is applying too few features to the MVP or overcrowding them.

Conclusion:

Creating and developing an MVP may seem like a complicated project but starting any business project carries a number of risks. Therefore, the approach that we recommend is to always try to go step by step. In a graphic way, we always explain that if you want to travel from one city to another, it would be great to do it in a high-end car but to build it, it will take a long time, between the design, building the material, assembling, etc.

Maybe you better start designing a bicycle, which is much simpler, and you can go to that city. In the next iteration, you can turn your bike into perhaps an electric one and then have a motorcycle. In the next step, you can go from a motorcycle to a utility car, to end up with that high-end car you are looking for.

You may lose some time and end up discarding some parts along the way, but it allows you to validate step by step what your users want in-app or web development, but you are not going to die trying to build that high-end car, because maybe your users don’t want that.

Also Check:

How to Vlog Like a Pro

Reigning NFL MVP Aaron Rodgers Test Positive for Covid

A Guide to Improving Your Company’s Profitability Today

Business

PepsiCo Reduces Revenue Projections As North American Snacks And Key International Markets Underperform.

(VOR News) – In the third quarter of this year, Pepsi’s net income was $2.93 billion, which is equivalent to $2.13 per share. This was attributed to the company.

This is in stark contrast to net income of $3.09 billion, which is equivalent to $2.24 per share, during the same period in the previous year. The company’s earnings per share were $2.31 when expenses were excluded.

Net sales decreased by 0.6%, totaling $23.32 billion. Organic sales increased by 1.3% during the quarter when the effects of acquisitions, divestitures, and currency changes are excluded.

Pepsi’s beverage sales fell this quarter.

The most recent report indicates that the beverage and food sectors of the organization experienced a 2% decline in volume. Consumers of all income levels are demonstrating a change in their purchasing habits, as indicated by CEOs’ statements from the previous quarter.

Pepsi’s entire volume was adversely affected by the lackluster demand they encountered in North America. An increasing number of Americans are becoming more frugal, reducing the number of snacks they ingest, and reducing the number of times they purchase at convenience stores.

Furthermore, Laguarta observed that the increase in sales was partially attributed to the election that occurred in Mexico during the month of June.

The most significant decrease in volume was experienced by Quaker Foods North America, which was 13%. In December, the company announced its initial recall in response to a potential salmonella infection.

Due to the probability of an illness, the recall was extended in January. Pepsi officially closed a plant that was implicated in the recalls in June, despite the fact that manufacturing had already been halted.

Jamie Caulfield, the Chief Financial Officer of Pepsi and Laguarta, has indicated that the recalls are beginning to have a lessening effect.

Frito-Lay experienced a 1.5% decline in volume in North America. The company has been striving to improve the value it offers to consumers and the accessibility of its snack line, which includes SunChips, Cheetos, and Stacy’s pita chips, in the retail establishments where it is sold.

Despite the fact that the category as a whole has slowed down in comparison to the results of previous years, the level of activity within the division is progressively increasing.

Pepsi executives issued a statement in which they stated that “Salty and savory snacks have underperformed year-to-date after outperforming packaged food categories in previous years.”

Pepsi will spend more on Doritos and Tostitos in the fall and winter before football season.

The company is currently promoting incentive packets for Tostitos and Ruffles, which contain twenty percent more chips than the standard package.

Pepsi is expanding its product line in order to more effectively target individuals who are health-conscious. The business announced its intention to acquire Siete Foods for a total of $1.2 billion approximately one week ago. The restaurant serves Mexican-American cuisine, which is typically modified to meet the dietary needs of a diverse clientele.

The beverage segment of Pepsi in North America experienced a three percent decrease in volume. Despite the fact that the demand for energy drinks, such as Pepsi’s Rockstar, has decreased as a result of consumers visiting convenience stores, the sales of well-known brands such as Gatorade and Pepsi have seen an increase throughout the quarter.

Laguarta expressed his opinion to the analysts during the company’s conference call, asserting, “I am of the opinion that it is a component of the economic cycle that we are currently experiencing, and that it will reverse itself in the future, once consumers feel better.”

Additionally, it has been noted that the food and beverage markets of South Asia, the Middle East, Latin America, and Africa have experienced a decline in sales volume. The company cut its forecast for organic revenue for the entire year on Tuesday due to the business’s second consecutive quarter of lower-than-anticipated sales.

The company’s performance during the quarter was adversely affected by the Quaker Foods North America recalls, the decrease in demand in the United States, and the interruptions that occurred in specific international markets, as per the statements made by Chief Executive Officer Ramon Laguarta.

Pepsi has revised its forecast for organic sales in 2024, shifting from a 4% growth rate to a low single-digit growth rate. The company reiterated its expectation that the core constant currency profitability per share will increase by a minimum of 8% in comparison to the previous year.

The company’s shares declined by less than one percent during premarket trading. The following discrepancies between the company’s report and the projections of Wall Street were identified by LSEG in a survey of analysts:

SOURCE: CNBC

Business

Old National Bank And Infosys Broaden Their Strategic Partnership.

(VOR News) – Old National Bank, a commercial bank with its headquarters in the Midwest, and Infosys, a firm that specializes in information technology, have recently entered into a strategic expansion of their link, which has been in place for the past four years.

This expansion is more likely to take place sooner rather than later, with the likelihood being higher.

For the purpose of making it possible for Old National Bank to make use of the services, solutions, and platforms that are offered by Infosys, the objective of this expansion is to make it possible for the bank to transform its operations and processes through the application of automation and GenAI, as well as to change significant business areas.

This lets the bank leverage Infosys’ services, solutions, and platforms.

Old National Bank Chairman and CEO Jim Ryan said, “At Old National, we are committed to creating exceptional experiences for both our customers and our fellow employees.”

This statement is applicable to Old National Bank. Infosys is carefully managing the business process innovations that it is putting us through, putting a strong emphasis on efficiency and value growth throughout the process to ensure that it is carried out efficiently.

This is a routine occurrence throughout the entire operation. Because of Infosys’ dedication to our development and success, we are incredibly appreciative of the assistance they have provided.

Old National has been receiving assistance from Infosys in the process of updating its digital environment since the year 2020, according to the aforementioned company.

Ever since that time, the company has been providing assistance. The provision of this assistance has been accomplished through the utilization of a model that is not only powerful but also capable of functioning on its own power.

Infosys currently ranks Old National thirty-first out of the top thirty US banks.

This ranking is based on the fact that Old National is the nation’s largest banking corporation.

It is estimated that the total value of the company’s assets is approximately fifty-three billion dollars, while the assets that are currently being managed by the organization are valued at thirty billion dollars.

Dennis Gada, the Executive Vice President and Global Head of Banking and Financial Services, stated that “Old National Bank and Infosys possess a robust cultural and strategic alignment in the development, management, and enhancement of enterprise-scale solutions to transform the bank’s operations and facilitate growth.”

This remark referenced the exceptional cultural and strategic synergy between the two organizations. Dennis Gada is the one who asserted this claim. This was articulated explicitly concerning the exceptional cultural congruence and strategy alignment of the two organizations.

We are pleased to announce that the implementation of Infosys Topaz will substantially expedite the transformation of Old National Bank’s business processes and customer service protocols. We are exceedingly enthusiastic about this matter. We are quite thrilled about this specific component of the scenario.

Medium-sized banks operating regionally will continue to benefit from our substantial expertise in the sector, technology, and operations. This specific market segment of Infosys will persist in benefiting from our extensive experience. This phenomenon will enable this market sector to sustain substantial growth and efficiency benefits.

SOURCE: THBL

Business

American Water, The Largest Water Utility In US, Is Targeted By A Cyberattack

The largest regulated water and wastewater utility company in the United States stated Monday that it had been the target of a cyberattack, forcing the company to halt invoicing to consumers.

American Water, The Largest Water Utility In US, Is Targeted By A Cyberattack

American Water, based in New Jersey and serving over 14 million people in 14 states and 18 military facilities, said it learned of the unauthorized activity on Thursday and quickly took precautions, including shutting down certain systems. The business does not believe the attack had an impact on its facilities or operations and said employees were working “around the clock” to determine the origin and scale of the attack.

water

The corporation stated that it has alerted legal enforcement and is cooperating with them. It also stated that consumers will not be charged late fees while its systems are unavailable.

According to their website, American Water operates over 500 water and wastewater systems in around 1,700 communities across California, Georgia, Hawaii, Illinois, Indiana, Iowa, Kentucky, Maryland, Missouri, New Jersey, Pennsylvania, Tennessee, Virginia, and West Virginia.

SOURCE | AP