Ensuring Business Needs are Met for Large-Scale Systems Projects
New system implementations are a large investment for institutions, from both a resource and time perspective. To ensure effective deployment, organizations need to carefully define and prioritize business needs and impacts prior to selecting a platform. This leads to creation of a master inventory of business needs, which is prioritized based on each need’s impact to desired business outcomes. The business must then stay involved in the project to ensure those needs are not lost in translation as the project progresses. In this paper, Bridgeforce uses experience consulting in the financial services industry to explore best practices and key considerations for selecting and implementing new core loan servicing and risk management systems.
While the paper leans towards the waterfall project methodology, similar principles can be applied to the agile methodology. The key is ensuring that business needs and objectives are held front and center through the entire process.