Modern technologies play a pivotal role in improving the elements of the feasibility study, as they provide tools and means that contribute to accelerating and improving the accuracy of analysis and decision-making. Here is how modern technologies affect the various elements of the feasibility study:

Defining the scope of the project

Modern technologies help in using project management programs such as Microsoft Project and Basecamp to accurately define and clarify the scope of the project. These tools enable work teams to clearly define the goals and timelines of the project, which helps in avoiding unnecessary expansion and focusing on the essential points.

Market analysis

Using digital analysis tools such as Google Analytics, SEMrush, and Tableau, investors can analyze markets more accurately and effectively. These tools allow the collection and analysis of data related to customer behavior, their needs, and market trends, which helps in drawing up an accurate marketing strategy that meets market requirements.

Risk study

Modern technologies provide advanced tools for risk analysis, such as risk assessment software such as RiskWatch and @RISK. These tools can be used to identify and evaluate potential risks in the project, which helps in developing precautionary strategies to reduce potential damage or losses.

Legal Study

Modern technologies contribute to accelerating the process of searching for laws and regulations through dedicated electronic platforms such as LexisNexis and Westlaw, which provide updated legal information that facilitates the verification of required licenses and legal frameworks available in the local and international market.

Technical Study

Engineering design programs such as AutoCAD and SolidWorks are used to develop prototypes for technical projects. Simulation and virtual reality technologies also help visualize and analyze production processes in a realistic and accurate manner, which contributes to improving the quality and effectiveness of the technical study.

Identifying Equipment

Modern software tools such as ERP systems help identify the required equipment by analyzing data and inventories. These systems allow tracking the equipment available in the market, costs, and knowing the most efficient types, which provides accurate information for making decisions about the necessary equipment.

Identifying Technical Personnel

Technologies such as LinkedIn and Indeed can be used to search for qualified technical personnel and employ them effectively. Artificial intelligence technologies can also analyze CVs and required skills to match the appropriate personnel with the available jobs in the project.

Financial Study

Financial software tools such as QuickBooks and Xero contribute to improving the accuracy of financial analysis. These tools help in analyzing cash flows, determining costs, and preparing budgets faster and more accurately. Artificial intelligence techniques can also be used to analyze different financial scenarios and determine the best options for financing and returns. By using modern technologies in all aspects of the most important elements of the economic feasibility study, the accuracy and efficiency of analyzing all elements of the project can be improved. By automating some processes and analyzing advanced data, investors can make more informed decisions, increasing the chances of project success and reducing potential risks.