Many SMEs in Nigeria are only aware that they have money coming in and going out of their business. Most times, there's no accurate record-keeping and monitoring of their financials, and how their inflows and outflows can provide so much insight and intelligence to their business. And here’s why Monitrack comes in.
MoniTrack is a business productivity and payment Application that helps businesses keep track of their financial records and also helps them manage payments within the platform. They can calculate their revenue, expenses, and profitability, and also make projections for the future of the business based on the data provided.
The vision of this product is to simply provide business intelligence, productivity and payments for Small and Medium scale enterprises.
Because of the company timeline and resources available, we set out by doing a secondary research first instead of running a user survey. The secondary research involved an analysis of major players and competitors in the industry.
The goal was to study their value proposition, what they’re doing right, what they might have missed out on. I studied two major platforms. Kippa and Quickbooks. Below is the chart from the competitor analysis that was done.
Based on the feedback I was able to get from analyzing the competitors, we were able to come up with some learnings and goals for the product. We had two major goals for the products and further went ahead to create user stories under each of the goals. They are shown below.
Another important step that was taken before going ahead to design the product was coming up with user personas. This was a very important part of the process because we want to understand the goals and frustrations of our users and discover our different user types.
We spoke with some users and had a persona created for them.