Business Requirement
Question:
Discuss about the Online Investment Portfolio for The Cornerstone Securities.
The purpose of this project is to develop an online investment portfolio for the cornerstone securities. The project should be designed and implemented at the end of March 2019.
The cornerstone security is the company which deals with financial services from 2008. In 2011, the company expanded its financial services in Australia, South Pacific Island, and New Zealand. 3 million happy customers get bonded with the organization at the end of year 2017. The company decided to transform their business operation with the online service providers on the raising demand of the customers. It is required to develop an innovative online investment portfolio for the company to provide quality of financial services to their bonded or new customers.
The new innovative online investment portfolio should be capable of:
- Providing better financial services to the customers
- Increasing the satisfaction level of the customers by providing quality financial product according to the requirement raised by them
- Minimizing operational cost invested by the company in giving best services and product
- Increasing the productivity level of the staff members
- Providing instant financial services and data
- Increasing the efficiency of financial management operational processes of the enterprise
- Expanding the market share of the cornerstone security in Australia, South pacific Island, and New Zealand
- Measurable
The efficiency of the proposed project can be measured on fulfilling all the business technical, and software requirement of the company which are stated in the table below:
|
Business Requirement |
Technical Requirement |
Software Requirement |
|
Determining the new policies and processes for the business plan of the company |
The old hardware and software techniques should be replaced by new ones. |
The software should be capable of establishing functional demand of the business analysts |
|
Developing a functional system which satisfy the operational functionality of the customers and employees |
New IT infrastructure support to the application |
Functional Modules for satisfying customers requirement |
|
Information regarding financial services should be updated periodically |
The pilot testing and evaluation of the working efficiency of the proposed system |
The experience of the customers can be improved by indulging meeting with Subject Matter Expert |
|
Providing security to the confidential information of the customers |
Development of the customer database. Backup support should also be developed to restore the data at the time of disaster or crashing of memory |
Flexibility in the software for adding new features to the existing application according to the business requirement |
|
The information regarding the financial product, services, and wealth creation should be provided to the customers instantaneously |
The database has the capability to store the data of 6 million customers. |
Inclusion of graphic icons for supporting easy interaction with customers |
|
Developing a feedback system for the customers to put their suggestion and compliments |
The data should be stored on online investment portfolio system |
Providing efficient financial services and product to the customers |
|
24 hours service facility to the customers |
The system is capable of reducing the 75% of customers complaint. |
Graphical icons should be used for managing interaction between application and the customers. |
|
Graphical icons should be used for managing interaction between application and the customers. |
99% of the operation can be improved |
|
|
Determining the network infrastructure |
- Value
The value of the project can be measured on satisfying the business requirement, technical requirement, and software requirement according to the increasing demand of the employees and the customers (Kumar and Anbouli, 2013). The experience of the customers can be improved by getting advice from the subject matter expert on their investment.
- Agreed on
The staff members and project manager should agree on the proposal of the information system for the online investment portal of the company which is capable of satisfying the operational and technical feasibility (Adoluju, Olowokudejo, and Obalola, 2014).
- Verification of the time frame
The proposed project should be completed and come into execution before the March , 2019. The on-time delivery of the project helps in increasing the functional requirement of the enterprise (Passenheim, 2014).
|
Role |
Name |
Responsibilities |
|
Project Owner |
K.R. Thomson |
He is responsible for placing the demand of developing the online project for the business requirement |
|
Project Manager |
W. T. Williams |
He is responsible for generating a portfolio mentioning the business, technical, and software requirement of the project |
|
Project Sponsor |
W.M. Rose |
She is responsible for providing efficient funding of the proposed project to complete it within the time limit |
|
Designer |
T. Liang |
He is responsible for developing a software which is capable of satisfying all the business, technical, and software requirement of the project |
|
IT operation head |
S. T. Radhaswami |
He will work on testing the efficiency of the proposed project by planning the pilot testing for the software application |
|
Subject Matter Expert |
R.D. Burman |
He is responsible for managing healthy relationship with the customers by providing online guidance for investment. The new proposal should be provided to the customers for making investment in the organization. |
|
Financial Manager |
D. Browne |
He is responsible for developing new policies and framework to provide good quality financial services to the customers |
|
Wealth creation manager |
R. George |
He works on developing the financial product and policies which helps in generating revenues for the company to provide sustainability for the enterprise |
|
Marketing and sales officer |
W. Zhang |
The core responsibility of the marketing and sales officer is to conduct awareness program and campaign for the customers. In the world of digitization, development of social media platform and support is an important tool of conducting marketing plan and advertisement for guiding customers to invest in the Cornerstone Security Company. |
- Dissatisfaction of the employees with the proposed project: The employees are not willing to change their traditional working platform with the online application (Morris, 2013)
- The employees does not have capability to work on E-commerce website of the enterprise
- Insufficient funding for the proposed project
- Changing requirement of the customers (Halls, 2012)
- Completion of the project within the proposed time limit
The financial services and products which are provided by the company to their customers in order to raise their interest and satisfaction which helps in the prosperity of the company are highlighted below:
- Protection cost provided to the customer on the Overdraft policies
- Services of refund application loan for refunding the tax paid by the payer on his hard earnings
- Collection of Debts from the industries
- Services and function provided to modify the mortgage loan
- Facility of colleting cash
- Services related to the settlement of Debts (Carcano, Suarez, and Ibarra, 2015)
- Providing facilities of car loan and house loan
- Facilities of providing short term loans to their customer
- Facilities of providing long term loans to the customers
- Providing loans for business operations
The success criteria of the project can be measured in terms of:
- Measuring satisfaction level of the customers
- Increasing working efficiency of the employees (Riyad bank, 2013)
- Storing information of about 6 million customers in the database
- On-time retrieval of financial information required by the customers
- 24 hours online facility
- Managing backup support of the database (Grossman, McCarthy, and Aronson, 2014)
- Applicability in protecting the confidential information of the customers from leaking
It is recommended that the system should be capable of fulfilling all the desired requirement of the customers as they have put in the feedback system of the enterprise.
The above credentials of the project should be approved from the stakeholders.
|
Role |
Name |
Sign Off |
|
Project Owner |
K.R. Thomson |
|
|
Project Manager |
W. T. Williams |
|
|
Project Sponsor |
W.M. Rose |
|
|
Designer |
T. Liang |
|
|
IT operation head |
S. T. Radhaswami |
|
|
Subject Matter Expert |
R.D. Burman |
|
|
Financial Manager |
D. Browne |
|
|
Wealth creation manager |
R. George |
|
|
Marketing and sales officer |
W. Zhang |
References:
Adoluju, K., Olowokudejo, F., and Obalola, M. (2014). Information technology and customer service performance among insurance companies. 1st ed. [ebook]. Available at: https://citeseerx.ist.psu.edu/viewdoc/download;jsessionid=DA0E67DDCE6FF716F0AFE54E526A7DF6?doi=10.1.1.687.34&rep=rep1&type=pdf [Accessed 14 Apr. 2018].
Carcano, R., Suarez, G., and Ibarra, A. (2015). The use of project time management processes and the schedule performance of the project. 1st ed. [ebook]. Available at: file:///C:/Users/acer/Downloads/868479.pdf [Accessed 14 Apr. 2018].
Grossman, M., McCarthy, R., and Aronson, J. (2014). E-COMMERCE adoption in the insurance company. 1st ed. [ebook]. Available at: https://www.researchgate.net/publication/228545831_E-COMMERCE_ADOPTION_IN_THE_INSURANCE_INDUSTRY [Accessed 14 Apr. 2018].
Halls, N. (2012). Project management: Recent development and research opportunities. 1st ed. [ebook]. Available at: https://link.springer.com/article/10.1007%2Fs11518-012-5190-5 [Accessed 14 Apr. 2018].
Kumar, M., and Anbouli, P. (2013). Impact of information technology in the service delivery of indian insurance sector. 1st ed. [ebook]. Available at: https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.679.9595&rep=rep1&type=pdf [Accessed 14 Apr. 2018].
Morris, P. (2013). Research and the future of project management. 1st ed. [ebook]. Available at: https://www.emeraldinsight.com/doi/abs/10.1108/17538371011014080 [Accessed 14 Apr. 2018].
Passenheim, O. (2014). Project Management. 1st ed. [ebook]. Available at: https://home.hit.no/~hansha/documents/theses/projectmanagement.pdf [Accessed 14 Apr. 2018].
Riyad bank. (2013). Creating financial Proposal. 1st ed. [ebook]. Available at: https://www.riyadbank.com/en/business-banking/resources/financial-proposal [Accessed 14 Apr. 2018].
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