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Be concise but precise.The purpose of this doc Business Justification - Background is to give the team and stakeholders a succinct view on the problem space: |
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Comprehensive Compliance Coverage
State agencies must adhere to a wide array of regulations across different domains. A common unmet need is a centralized solution that can map and manage all the diverse compliance requirements a state agency needs to adhere to efficiently.
Up-to-date Regulatory Information
Regulations frequently change. State agencies need a tool that provides real-time updates on regulatory changes to ensure continuous compliance, pains & gains that our solution could alleviate.
Why do they have to solve these now? Reason-to-act?
TBD
Is this problem at scale or local/trivial?
TBD
Pains:
Resource Intensiveness: Manual compliance processes are often time-consuming and require substantial manpower, diverting resources from other critical tasks.
Risk of Non-compliance: The complexity and evolving nature of regulations pose a constant risk of non-compliance, which can result in significant penalties and reputational damage.
Information Overload: Sifting through vast amounts of regulatory information to identify relevant requirements is overwhelming and prone to errors.
Lack of Expertise: Limited access to compliance expertise can make navigating regulatory landscapes challenging, especially for less common or new regulations.
Gains:
Efficiency and Cost Savings: Automating compliance processes can significantly reduce the time and resources required for compliance management, leading to cost savings.
Risk Mitigation: Real-time updates and proactive compliance management help mitigate the risk of non-compliance and associated penalties.
Enhanced Compliance Oversight: A centralized dashboard for tracking compliance status across various regulations enhances oversight and decision-making capabilities.
Improved Regulatory Insight: Access to expert analysis and interpretations of regulations can improve understanding and compliance strategies.
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| title | Why UCF is better positioned than others to solve this (USPs) |
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Reputation in the industry for part of the unmet needs
We are known in the compliance industry for compliance mapping
Proven expertise in mapping
Existing references across industry
Leverage of partners / GTM with strong existing presence in target market
Our solution will be encapsulated in a larger offering from ServiceNow, which has strong presence in the market:
about 40 of 50 states are a ServiceNow customer
Do we know how many agencies?
20-30% of states are TemplarShield customers
Why would we not be well positioned?
We do not have an existing footprint
We do not have direct access to the end-customers
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| title | Preliminary solution map: (@product) |
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Key capabilities to best address the unmet need
(high-level bullets, this is not PRD phase)
Regulatory updates (real- or near-time)
Requirement Identification (Documents and mandates within documents)
Requirement comparison, consolidation, and differentiation
Common controls mapping (customizable) specific to state agencies
Customization and scalability: allow for unique compliance requirement needs
Integration capabilities: GRCs,… (maybe one ?)
More:
Audit questions
@sonny - How do we envision delivery? Are there online marketplaces or so that we have to get the content pack on? Or customers comes to our site and signs up?
What is defensibly unique about the need <> capability set?
*Requirement comparison, consolidation, and differentiation via common controls mapping
Concrete examples:
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. This document is intended to be complementary to our overall strategy, positioning, competitive and other documents. We should assume those are known, and only put in this document what is specific or different about this problem space.  |
Strategy alignment
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Customer & Problem
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What problem do we solve? See if we have answers for these topics / questions:
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Why UCF is better or worse positioned to solve the problem. Why would we not be well positioned? Start writing here: |
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Customer discovery interviews
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Solution outline
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What is defensibly unique about our capability <> unmet needs set? Start writing here: |
Go-To-Market
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Total Addressable Market (TAM) The whole universe of |
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customers who experience this need |
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and whom we can reach. Serviceable Available Market (SAM) The part of this market that we can realistically reach and convert in a medium- to long-term. |
If we assume that we can close 2% of that business that is 3 deals per state. Not accounting for a price increase that is 3 agencies x 50 states = 150 CCH Accounts. 150 accounts x $10,000 = $1.5M annually
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Serviceable Obtainable Market (SOM) What can we realistically capture of this market in 18-24 months after solution launch? What are our beach-heads? Taking into account our
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These bits of info might help us to get clarity
when are states renewing the contracts - EOY or throughout the year
no set date - dates are unique to customer
are these multi-year contracts
mix - ServiceNow leaning to 3-yr contracts
which ServiceNow contracts are how many are up for renewal this year
ramp-up: when we have the mapping ready, what are our next steps in sales
proposal decision cycle: how long
30 -60 days on average
is there a testing period from partner side
no
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Early adopters & how to reach them:
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Strategic partnerships
This initiative is intended to leverage the TemplarShield - ServiceNow partnership relations.
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Getting listed on the General Services Administration (GSA) Schedule
Content marketing / though leadership
Develop and share insightful content that addresses the specific compliance challenges faced by state agencies. This could include white papers, case studies, blog posts, and webinars
Industry shows
Are there specific shows where our customers could be reached
Budget
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How would we follow-up on deals/get informed?
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Strategy to scale-up What is the inflection point of when to switch from beachhead to scaling? Start writing here: |
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Our solution is part of larger compliance deals that ServiceNow delivers to the state agencies.
We currently decided to move forward with our standard pricing.
Model
What model best fits state agencies? Any specific requirements?
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| title | Blockers & inhibitors (@all) |
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Do we need clearance to sell to some agencies, etc
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Unfair advantages or blockers
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If we don't have any, that is ok, don't invent any. Start writing here: |
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If we don't have any, that is ok, don't invent any. Start writing here: |
Attachments:
BMC Canvas,…