Tell us of a problem with a product which bothers you.
● How would you use technology to solve the problem?
Propose more than one potential solution (max 3)
● Compare and choose the best solution for the problem
● How would you measure whether the chosen solution is
working?
● What might be the reason for this chosen solution to fail ?
Akash Ramdas | IIT Madras | MM15B020
[Link].2015.06
Goal/Problem to be Solved
Proposed Solutions
SplitScanned FiSeCat SplitWise Moi
Add expenses Find, Search,
with a simple Categorize your A paid expense
scan of the bill activity, to find tracker service
in a split second expenses easily
Increase Utility
Stakeholders & Benefits
Reduce Complexity Customers Company Others
Attract new Increase number
Make Splitwise, easier to use by customers; of expenses; Integrate Splitwise
reducing complexities and Ease usage of Provide new with their products
enhance its capabilities to application; revenue sources; Fairness
provide increasing utility to both Improve no. of Increasing Calculators
old and new customers active users customer base
[Link].2015.06
Customer Usage Cycle Proposed Solution Solution Parameters
Customer
Splitwise Moi
Need? A subscription based Complexity
expense tracking service Reduced
Choosing our product
Utility
Usage of Product Cycle SplitScanned Increase
An OCR scanner which Parameters to
Expense Choose which
allows bills to be
Addition Solution
entered and split easily Implementation
View Expense Ease
Group
Creation Track/Remind
FiSeCat
Settle Up Implementation
Find, Search & Categorize Cost
bills to easily manage them
Identifying areas in customer interaction
with app which could use complexity
reduction or utility Increase
[Link].2015.06
Old System New System
Using Optical
Character
Recognition
(OCR)
SPLITSCANNED
Problems Tackled Complexity Reductions Issues
• Multiple Entries Required • All information – date, itemized • OCR Accuracy – Detection Errors – Maintenance
• No break up of amount present split from one click • App Size will increase, due to new features
• Item wise Splitting not possible • Easier unequal splitting of bills • More data needs to be stored on Splitwise cloud
Utility Increases Implementation Ease Predicted Costs
• Scan bills from gallery, record • Open source OCR scanners • Costs Estimated for feature deployment - $ 24950
mailed invoices easily present in online repositories • Projected transaction increase: 6% / month
• Potential to integrate with app • OCR scanning of bills exists in • Per transaction benefit: 2% of $5 (Average transaction)
invoices – like Ola, Uber,etc. some apps already • Estimated revenue increase: $ 9000 / month
[Link].2015.06
Old System New System
Include Search
Feature
Filters by
Tags, person &
amount
Allow
FISECAT
Category Tags
Category
Advertising
Problems Tackled Complexity Reductions Issues
• No way of finding a particular • Search bar allowing easy finding • Advertisements may irritate the app users
expense of expenses • App Size will increase, due to new features
• Categories only aesthetic • Quicker understanding of bills • More data needs to be stored on Splitwise cloud
Utility Increases Implementation Ease Predicted Costs
• Selectively export the relevant • Search bars, & algorithms • Costs Estimated for feature deployment - $ 20400
• Exchanges by person/category readily available • Projected transaction increase: 4% / month
• Access to exclusive discounts • Category system & filters • New revenue source : Ads: $1000/month/brand
from advertisers replicable • Estimated revenue increase w/o Ads: $ 9000 / month
[Link].2015.06
System
Budget
Spend Tracking
History Integrate with
SplitScanned &
FeSiCat
SPLITWISE MOI
Club Expense
Spend
into Buckets
Visualization
One stop Spot
for all Expenses
Problems Tackled Complexity Reductions Issues
• No need to use splitwise • Search bar allowing easy finding • Complete interface overhaul needed
regularly of expenses • Integration with SplitScanned & FeSiCat only allows
• Customer base size • Quicker understanding of bills tool to be sufficiently useful
Utility Increases Implementation Ease Predicted Costs
• Can keep track of all expenses • Difficult to Implement • Costs Estimated for feature deployment - $ 112,950
in one place • Need for subscribed version • User increase (based on expense apps): 2,000,000
• Splitwise calculators facilities • Existing expense tracker apps • New revenue source : $1/month/user
easy visual budget tracking uses need to be integrated • Estimated revenue : $ 200,000 /month
[Link].2015.06
Idea Comparison
Comparable Criteria SplitScanned FiSeCat Splitwise Moi
Implementation Ease
Implementation Cost
Utility Increase
Complexity Reduction
16 Weeks 16 Weeks 9 Months
Implementation
Timeline
[Link].2015.06
Is the chosen solution working? What could cause it to fail?
We need to show that we achieved End Goal and
the reason we achieved the goal was our solution
• May not work on particular bill orientations
OCR – Low • Requires constant development and
Process Parameters Efficiency maintenance
• Scans may consume too much time
SplitScanned • Number of Scans
Usage • Number of Itemized Splits
• OCR scanned documents generally occupy a
Memory lot of memory space
Usage • Cloud needs to store detailed splits of each
• Number of correct scans (pop up expense. Storage space may not be available
Utility of asking if it is correct in app)
SplitScanned • Customer Reviews on this
feature
• Access to bills and documents will be given to
Data Privacy Splitwise. Need To clarify data privacy clauses
Concerns • IOS implementation of this feature will have to
Goal – More • Number of Expenses uploaded
account for its more stringent regulations
Expenses in • Number of Active Users
SplitWise • Number of Users
[Link].2015.06
Support Slide
Cost Estimates for FiSeCat Cost Estimates for SplitScanned
Head Cost Users spending in Head Cost
New Hires - 1 – India $ 4,400 Category (2.5%) 75000 Software Costs $ 150
Per customer reach New Hires - 2 – India $ 8,800
Design Cost $ 6,000 All Costs obtained from
pay (assumed) $ 0.01 Design Cost $ 6,000
Deployment and testing $ 10,000 Deployment and testing $ 10,000 estimating values from:
Total Value $ 1,071.43
Total $ 20,400 Total $ 24,950 [Link]
All Costs obtained from [Link]/guide/app-
Current User Activity 3,000,000 estimating values from: Current User Activity 3,000,000 development-cost/
Current Increment 90,000 [Link] Current Increment 150,000 Transaction increase is
New user Activity 30,000 [Link]/guide/app- New user Activity 30,000 assumed as :
Average transacation development-cost/ 5%(Current) + 1%(New)
Average transcation per
per expense $ 5.00 expense $ 5.00
Transaction increase is Transaction % is the %
Transcation % 1% assumed as: Transcation % 1% obtained from venmo
Per Expense gain ($) $ 0.05 3%(Current) + 1%(New) Per Expense gain ($) $ 0.05 Settlements
Gain (per month) 6,000 Gain (per month) 9,000
• The app statistics were obtained from Similar Web, AppAnnie, & Google Play Store
• App Screenshots taken from Splitwise presskit & personal phone
Other
Sources • Screenshots edits were made using Paint & Invision Software Tools.
• Icons take from Noun Project. Design courtesy of: Kirby Hu, Chris, Icongeek, Marie van den Broeck, Aneeque
Ahmed, Adrein Coquet, I cons, Gregor Cresnar, Arthur Shalin,Josy Dom Alexis, b farias, Rose Alice Design.
[Link].2015.06
Why I choose this problem?
• Avid user of SplitWise, helps me keep track of dues,
easily and quickly
• App wasn’t helpful when it came to itemized splitting,
especially while going out to eat
• I felt it had the potential to be a much more easy to
use, and have more applications
Thank You
[Link].2015.06