Requirements need ongoing care and attention
Taking the time to go through a serious requirements definition process is not only critical to the success of new technology projects, but will also reduce risk and increase efficiency in most fund office operations. It is also important to understand that requirements are not static and requirements management cannot be considered a one-time event. Real, actionable requirements follow the lead of the fund office itself and evolve every day.
Fund office operations do not pause in time just because the business processes have been documented. Things change as discoveries are made, rules are created, exceptions are uncovered, amendments are approved and inevitably, processes need to be renovated. It is critical to keep the requirements documentation in mind when these things happen and allow them to morph and flex along with the fund office.
Requirements that sit on the shelf get stale (and irrelevant) quickly. If you’ve made the effort to capture detailed requirements and system documentation, then take the time to keep them top of mind as an integral part of the standard process whenever a change is contemplated. This is a discipline that requires time and attention in the moment but has long-lasting payback.
Great requirements are living documents that will keep a fund office operating smoothly, shed light on opportunities for improvement and can reduce the risk of knowledge walking out the door every night. Requirements are in it for the long haul and will continue to take care of you, as long as you take care of them.