Banks typically reject delivered software applications because of gaps between their needs and the delivered product. These missing functionalities within the delivered application results in rework, project delays, and missed opportunities for the bank.
Our core ability in needs audit ensures that each one business needs are captured within the needs document and covered in the functional specifications document, utterly and accurately.
We have the expertise and domain knowledge to know the nuances of your working environment and your business wants. Involving us early within the development method helps you to avoid costly gaps later within the product development lifecycle.
Our requirements audit services cover:
Business method Mapping:
For a thorough Business needs analysis, it's important to take into account the objectives of the business, create an in depth study of the 'as is' business processes and therefore the 'to be' business processes. Working from a software perspective, it's important to know the application(s) in use yet because the details of the application needed.
However, business users in banks might not comprehensively cover these details as a result of time constraints or because of an (usually false) assumption that the development vender understands all the implicit needs.
Leveraging on their domain data, our business analysts work with you in Business method Analysis and Mapping. We tend to document your current needs in a highly structured model, evaluate how processes can be integrated in your new system, undertake gap analysis, create recommendations, and develop business needs.
We help to map the business processes in 'as is' yet as 'should be', based on studies of your existing business activities and intensive discussions and interviews together with your business users. We tend to assist you to make a method repository for maintenance of business processes using a process documentation tool. We tend to deliver in situations where little or no documentation exists, yet as below strict timelines. Our Subject Matter Experts participate within the review of all demand inputs from your business users, before making Functional Specification Documents (FSDs). These FSDs are then utilized by development teams as baselines for design and coding.
Software Product Evaluation Criteria:
Choosing the incorrect software product can have disastrous results, particularly for banking, financial services and insurance organizations. Except being a dead investment, the maintenance costs of those products far outweigh their automation benefits and that they typically face the bleak prospect of loss of reputation.
Our Product Evaluation Criteria, that provide an objective analysis of the tools best suited for the testing method that has evolved from helping 500 Global banks in creating the proper selection at the first instance. They comprise a list of relevant choice criteria to help you in identifying the product that is best suited to your demand.
Product Feature Checklist
We produce a comprehensive vendor analysis Checklist to assist you establish the software services company that most accurately fits your needs. Our checklist evaluates whether a potential vender will deliver the product on time and within budget. It checks if the product meets your important business and technical needs and most significantly, if a candidate has proven methodologies and experience in your area of work.
Preparation of Request For Proposal (RFP)
We can assist you prepare RFPs supported our thorough data of business needs and gap analysis between the existing and desired software .We tend to prepare RPFs covering the following:
Specifying functional options expected from the system
Detailing general terms and conditions
What is the Business Risk of 'Business needs missing/ incompletely covered in Functional Specifications'?
Banking and financial services organizations typically raise this question, as they face the danger of missing or incompletely covered Business Requirements (BR) in Functional Specifications Documents (FSDs). This risk arises as business users might not continuously articulate their basic needs below the misunderstanding that development vendors know them already.
However, that is not often the case as a result of technology targeted developers don't understand the nuances of banking like a domain specialist will.
Inconsistencies between Business needs and Functional Specifications result in critical demand gaps later within the product life cycle. This typically proves very costly for the client and therefore the vender, in terms of each monetary and reputation loss.
You can mitigate this business critical risk by utilizing our experience in analyzing gaps between BR and FSD. We tend to leverage on our domain data to confirm that each one your business needs are meticulously covered in the FSD.