Client Category: – Financial Services
Challenging Problem:
The client was launching a new e-commerce website for a direct to customer model in the insurance industry. TrinityP3 was approached to assess 2 stages out of an overall 5 stage project, as the client felt that costs were starting to exceed industry average.
Creative Solution:
Taking the ecommerce website scope of work and estimates, we applied our benchmarks to calculate the agency resources required and the associated costs.
We analysed each line item down to a task requirement, resource type, and hourly level and compared this to the timeline and technical SOW provided. This created an independent reference point to compare the agency costs, deliverables and project value proposed by the agency.
Process:
The scope of work document was provided along with a 3-stage usability testing estimate.
These were in addition to previous prototype and testing stages (excluded from this assessment, however taken into account in terms of an overall project cost). The assessment was first discussed with the client in terms of potential savings and then discussed with the agency.
The agency then responded with reductions in relevant areas. They were prepared to significantly reduce costs based on a clearer scope of work and definition of services being delivered based on the TrinityP3 assessment.
Timeline:
The assessment took 3 weeks from questioning the scope of work and estimates provided, clarifying specific line items and definitions, through to assessment and negotiations with the agency and client.
Result and feedback:
The final negotiation delivered savings of over 26% of the agencies original estimates. This was achieve by removing senior resource that was duplicated across the project estimates and an existing retainer, as well as clarifying the amount of time required to deliver specific tasks and technical areas within the project scope.