BRD is a document created to serve a company's business analysis and used to exchange information with business partners or stakeholders in enterprise projects.
Do you know what BRD stands for? If not, read this Navigos Search article right away. The information shared below not only helps you understand the meaning of BRD but also helps you grasp critical aspects related to BRD in business fields. Let's find it out.
1. What is a BRD?
BRD (Business Requirement Document) is an important document in business, playing a role in describing and defining business requirements and ones of stakeholders.
BRD is the first and significant document in a business's development process, helping to understand the strategy a business is pursuing for a specific product and service.
In addition, BRD also includes analyzing and recording the concerns and needs of stakeholders in the products and services production process of the enterprise. Establishing a BRD requires close interaction between business managers and the business's clients. This is considered a vital step in the business process.
What is a BRD?
2. Content in a BRD
A BRd will include the following parts:
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A business overview includes information about the business's mission, vision, products, and services.
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Project scope to determine specific business goals and results the project needs to achieve.
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The project's business objectives need to be documented in writing, thereby engaging stakeholders and promoting the project's high performance.
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Functional and non-functional requirements describe the necessary features that the project must satisfy to meet stakeholder needs.
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Project roadmap includes milestones, stakeholder meetings, and expected timeframes.
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Consulting with project stakeholders and vendors to discuss solutions once the project is successfully implemented.
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The project risk section refers to the strategic and tactical risks that senior managers will be responsible for during project implementation.
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Infrastructure requirements for information technology and digital transformation projects are discussed in the technical section.
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The budget includes information about the payment schedule by stage, timeline, and budgeted amount.
3. The role of BRD in business analysis
What is the role of BRD in business? Creating a BRD brings many benefits to enterprises in the business process. Below are some specific benefits that Business Requirement Document brings:
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Helps businesses understand business requirements: BRD records specific requirements between project implementation parties, helping to reduce uncertainty during implementation.
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Enhance agility and reliability: BRD helps reduce project risk, increase project reliability and adaptability, and achieve better results.
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Saving costs: By clearly defining requirements, BRD allows suppliers and project implementers to offer specific solutions to help businesses save costs and negotiate prices more easily.
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Ensuring transparency and clarity: Business Requirement Document promotes transparency and improves communication between collaborators and project stakeholders. From there, all project-related issues become evident and unified.
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Minimize mistakes during implementation: With requirements documented in advance, BRD reduces mistakes during project implementation.
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Reduce dependency: Business Requirement Document reduces dependency on external and internal stakeholders during project implementation.
The necessity of BRD in business projects
4. Steps to create a BRD
How to build a BRD? To create a complete BRD, you should follow the basic steps below:
Identify business needs
A BRD needs to clearly and concisely explain the problem and situation the business is trying to solve to ensure understanding and consensus from all stakeholders.
View more: Developing Business Growth Strategy through the SWOT
Define required goals
The next step is defining the goals for the business requirements document. When grasping the required goals, businesses will:
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Provide input for the next phase of the project.
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Create a foundation to identify solutions appropriate to the needs and requirements of businesses and customers.
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Obtain consensus from project stakeholders.
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Describe in detail the content, items that need to be implemented and how to achieve the set goals.
Ensure the information is sufficient and accurate
Businesses should consider input from all stakeholders to ensure the sufficiency and accuracy of information in a BRD. Then, synthesize those opinions and consider the project from many different perspectives. From there, businesses can get new ideas and find effective solutions to ongoing projects.
Determine steps in the project
Enterprises specify project implementation steps. Each project will have separate implementation phases and each phase needs to define the requirements and specific results to be achieved.
Set certain standards
Since each phase of the project will require specific tasks to complete, it is vital to create precise criteria for each phase. These standards will specify the quality and quantity of work that needs to be performed to ensure the project progresses on schedule and meet business requirements.
Develop measurement schedules and procedures
Creating a plan and measuring procedure is a critical step in the project implementation process. Businesses should set key milestones and a comprehensive work schedule before developing a BRD. The implementation procedure must adhere to the timeline and accomplish each milestone. This ensures that the project is in the proper direction and that the product is completed on time and to the required standard.
Use appropriate templates
Once you have gathered enough information, use an appropriate template to present your request. Businesses should use simple and easy-to-read templates that ensure the information is presented as completely and clearly as possible.
Steps to build a BRD for business projects
With the information shared above, we hope you have a close view of what a BRD is and see the critical role of BRD in the business field. Keep following us to get more handy information.
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