Requirement Validation

Requirement Validation

To conduct a comprehensive analysis of business requirements, it's necessary to consider the objectives of the business, thoroughly study the current business processes, and create a plan for future processes. When working on a software project, it's important to understand the applications being used and their requirements. However, some business users in banks might not be able to provide all the necessary details due to time constraints or the assumption that the development vendor already knows all the requirements. Our business analysts use their domain knowledge to help with Business Process Analysis and Mapping. We create a structured template to document your current requirements, evaluate how processes will be integrated into the new system, perform gap analysis, and develop business requirements. We help map your current processes and future processes based on extensive discussions and interviews with your business users. We also help you create a process repository and provide maintenance using process documentation tools. Our experts review all requirement inputs from your business users before creating Functional Specification Documents (FSDs), which serve as the baseline for design and coding by development teams. We can deliver results in situations where little or no documentation exists, and we work under strict timelines.

Evaluation Criteria for Software Products Selecting an inappropriate software product can result in severe consequences, particularly for organizations operating in the banking or other financial services. Not only do they render the investment meaningless, their maintenance expenses far outweigh the advantages of automation, potentially damaging the entity's reputation. Our Product Evaluation Criteria offer an impartial assessment of the tools that are most suited to the clients need. These criteria comprise a relevant selection of factors to aid in identifying the ideal product based on your requirements.

We provide an all-encompassing Vendor Evaluation Checklist that enables you to identify the software services company most compatible with your needs. Our checklist evaluates whether the potential vendor can deliver the project on time and within budget and determines whether the product complies with your business and technical requirements. Additionally, it examines whether the aspiring vendor has proven methodologies and experience in the field.

Our knowledge of business necessities and gap analysis between the current and desired software allows us to prepare RFPs according to your requirements. The RFP we devise specifies the functional features anticipated from the system and details the essential terms and conditions. Our emphasis on quality and attention to detail results in a comprehensive RFP that easily allows vendors to comprehend your requirements and produce suitable responses.

At NOMOS, we collaborate with you to comprehend your business procedures and documented business requirements, which enables us to develop functional specifications of the system. The functional specifications document serves as the development team's baseline design and coding and helps the NOMOS team plan the testing process of the application.

Conducting a GAP analysis to assess potential business risks associated with incomplete or missing business requirements within functional specifications is a common practice for banking and financial services organizations. This risk arises due to the possibility that business users may not provide basic requirements under the assumption that development vendors are already aware of them. However, technology-focused developers may not possess the necessary domain knowledge to understand the nuances of banking, leading to inconsistencies between business requirements and functional specifications. Such gaps can prove to be costly in terms of monetary and reputational loss for both the client and the vendor. To mitigate this risk, we offer our expertise in analyzing gaps between business requirements and functional specifications. Our domain knowledge allows us to ensure a meticulous coverage of all your business requirements in the FSD which saves a good amount of time to go to production.