Southern Illinois Edwardsville Week 4 Functional Requirements Report

User Generated

NBN3

Computer Science

Southern Illinois University Edwardsville

Description

After reading the attached.

Identify the primary business and functional requirements (2 pages single spaced)

Based on the “gap” between the current state and the future state, describe what is needed from an information system in order to meet the business need. What exactly do the people involved with the process need in an IS solution (i.e. what does the system need to be able to do)? Think of requirements as the “features and functions” that the system should have so that you can fix the problem. Your requirements will most likely be a textual description – a numbered list of statements describing exactly what is needed. Remember the SMART principle (specific, measureable, attainable, relevant, and time-bound).

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Problem Summary Job Title: Marketing Associate Business Problem: Expired marketing documents on the company intranet In the business of wealth management, it is important to provide educational resources which help clients meet their everyday investment needs, based on their individual interests. Some of the primary responsibilities of a Marketing Associate include publishing educational marketing materials through the company intranet for advisors to use in their communications with clients. The following is a synopsis of the processes the Company is currently using to provide financial advisors with material to present to their clients: 1. Marketing materials are written by in-house subject matter experts, and with informational materials shared from other wealth management and investment firms. 2. Once written, documents go through a review process to ensure they are fit for client use. 3. All materials approved for client use must also go through compliance review to be sure the language and disclosures are appropriate. 4. Compliance-reviewed documents are returned to the Marketing Associate with feedback, a compliance code which consists of the year, the number of the document and the expiration date of the piece. So long as the piece is not external commentary, each marketing piece typically has a two-year expiration date. 5. Once compliance review is received and incorporated, the Marketing Associate uploads the pdf document to its respective folder on SharePoint, which is the document library the company uses internally for intranet purposes. 6. The document becomes published once the Associate creates a link to where financial advisors can easily access it and others like it. Lately, there have been complaints about outdated materials and requests to provide the updated version. Although there are no regulatory costs or penalties associated with providing outdated information to clients, it could cause clients to lose out on opportunities, or even lose money, especially as it relates to one or more of their investment portfolios. This could also hurt the business reputation and give clients the impression that the company is outdated and cannot keep up with current events and changes in the stock market. The issue comes in once the documents are set to become expired. With the sheer volume of documents published every year, if the approved materials are inaccurate or outdated, the organization’s financial advisors are potentially providing clients with outdated or incorrect information regarding products and services offered. If it is not a document that needs to be updated quarterly, such as a portfolio model sheet, or yearly, such as tax information documents, then it could become easy for the Marketing Associates to forget to follow the appropriate review process for maintaining the document’s compliance integrity. The Company could greatly benefit from an information system being implemented on the operational level to keep track of what marketing materials are about to expire, as well as all the where the document resides. This would help the Marketing Associates not feel so overwhelmed and behind on requests. By developing an information system which will include a tracking method, the company can help ensure their Marketing Associates have the tools they need to provide a multitude of up-to-date, relevant content to aid financial advisors in their discussions with clients. There are a multitude of options on the market today for document management, and it may simply involve looking closer at SharePoint capabilities currently available but not fully harnessed by the organization. Whatever the case, using current apps and software available to create document flows, reminders and verification strategies can help our team solve this issue given the assumptions at hand. In addition to solving current document management issues, a simple tracking and information system can potentially help streamline materials, reduce workload on Marketing Associates and free up their time to explore other means for content to help financial advisors attract business.
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Explanation & Answer

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Running Head: FUNCTIONAL REQUIREMENTS

Functional Requirements
Student’s Name
Institution Affiliation
Date

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FUNCTIONAL REQUIREMENTS

Functional Requirements
Most business and individual operations rely on data analytics to forecast patterns and
trends, thus informing effective decision-making. In turn, data analytics, business forensics, data
mining, and forecasting have proliferated in recent years. Such computing technologies help
decision-makers acquire the desired informatics to evaluate their position and portfolio versus the
market, and in turn, adopt useful strategies to leverage success based on underlying market
conditions (Nuseibeh & Easterbrook, 2015). Consequently, advisors and consultancy agencies
have come up to carry out the data needs for specific businesses and other operations. With such,
end users have a seamless role of using the given data to coil best decisions.
The proliferation of information technology has enhanced the development of information
systems, which ubiquitously increases the dissemination of information (Oxstrand, 2017).
Decision and policy-makers, who are the clients, rely on such systems for accurate information
about their subject. According to the given scenario, the marketing associates failed to update
timely and accurate information, therefore affecting numerous clients and their decisions. Thus,
the paper seeks to identify the primary business and the functional requirements of the advisor’s
information system. Mainly, the discussion aims at proposing an adequately high level, detailed,
and desirable qualifications for the success of the document management system.
Functional requirements refer to the description of the actual service that the information
system offers. Typically,...


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