Step 2: Requirements & Plan

📊 Progress: Step 2 of 4 ⏱️ Estimated Time: 1 hour

Executive Summary

This step translates strategic objectives into structured requirements that will guide your technical implementation. By documenting business, regulatory, and technical constraints, you’ll create a comprehensive framework that ensures IFS’s AI platform meets all necessary compliance and performance standards.

Home > AI Ready Challenge > Step 2 - Requirements & Plan

This section is part of the IFS AI Ready Challenge. Here, you’ll capture and categorize all requirements—business outcomes, constraints, compliance, responsible AI guardrails, and operational needs—and map them to Azure Well-Architected Framework pillars.

flowchart LR
    A[🚀 Start] --> B[📝 Step 1 Strategy & Plan]
    B --> C[📋 Step 2 Requirements]
    C -->|Current| D[🏗️ Step 3 Foundations]
    D --> E[📊 Step 4 Presentation]
    style C fill:#90EE90,stroke:#333,stroke-width:2px

📋 Why Clear Requirements Matter

Well-defined requirements are the key to successful AI projects. Teams with structured requirements experience:

  • 60% faster implementation with clear scope and goals
  • 40% reduction in rework by addressing issues upfront
  • Better stakeholder alignment through shared understanding
  • Reduced scope creep with documented boundaries
  • Higher success rates by focusing on achievable outcomes

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📈 Benefits of Structured Requirements

Benefit With Clear Requirements Without Clear Requirements
Project Timeline Predictable delivery with fewer surprises Extended timelines due to changing scope
Budget Management Controlled costs within planned budget Cost overruns from unclear expectations
Team Alignment Everyone understands the goal Confusion and conflicting priorities
Quality Outcomes Focused solutions that meet needs Misaligned solutions requiring rework

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Prerequisites

What you need before starting:

  • Outputs from Step 1 (business outcomes and use cases)
  • 45-60 minute team discussion
  • Basic understanding of current challenges
  • One person to capture notes
  • Key stakeholders available for quick questions

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Objective

Capture what you need AI to do for IFS by documenting:

  • Business outcomes and success measures
  • Any constraints or limitations
  • Security, compliance, and safety requirements
  • Basic operational needs

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Activities (Simple 3-Step Process)

Step A: Quick Requirements Brainstorm (20 minutes)

Review findings from Step 1: AI Strategy & Plan and discuss:

Business Needs Checklist:

  • What specific business value must AI deliver?
  • What are realistic timelines and budget constraints?
  • What does success look like and how will we measure it?

Technical & Operational Checklist:

  • Any performance expectations (speed, accuracy)?
  • Security and compliance requirements?
  • Integration needs with existing systems?
  • Responsible AI and safety controls needed?

Step B: Document Requirements (15 minutes)

Use the template below to capture your most important requirements (focus on top 5-10):

Step C: Simple Prioritization (10 minutes)

Mark each requirement as:

  • Must Have - Critical for success
  • Should Have - Important but not blocking
  • Nice to Have - Beneficial if time/budget allows

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Guidance

References:

Pro Tips:

  • Focus on the most important 5-10 requirements first
  • Use simple language everyone can understand
  • Ask “why” for each requirement to ensure it’s necessary
  • Map requirements to simple categories: Security, Performance, Cost, Operations

Example Requirements Table:

Requirement Description Priority Category Notes
Business Outcome 10% reduction in fraudulent transactions Must Have Cost/Performance Baseline: current fraud rate
Performance Response time under 2 seconds Must Have Performance User experience requirement
Security All data encrypted Must Have Security Regulatory compliance
Responsible AI Bias testing for model outputs Should Have Security/Quality Fairness requirement
Operations 99.9% uptime monitoring Nice to Have Operations Business hours initially

Common Requirement Categories (Simplified)

Instead of complex WAF mapping, use these simple categories:

  • Security & Compliance - Data protection, regulatory requirements
  • Performance & Reliability - Speed, accuracy, availability
  • Cost & Operations - Budget, monitoring, support

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Success Criteria ✅

By the end of this step, you should have:

  • ✓ 5-10 key requirements documented in simple language
  • ✓ Clear priorities (Must/Should/Nice to Have)
  • ✓ Basic categorization for each requirement
  • ✓ Team agreement on what matters most

To successfully complete this step, ensure your requirements document captures all business, technical, and regulatory constraints in a structured format with clear prioritization.

Validation Questions

  • Does this make sense for our business?
  • Is this realistic given our timeline and budget?
  • Have we covered the essential requirements?
  • Can we explain these requirements to leadership?

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References & Supporting Evidence

The statistics and claims used in this document are based on the following industry research and reports:

Requirements and Project Success

Business Alignment and Planning

Best Practices Framework

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