Domain Knowledge - BFSI

Domain Knowledge

The collaborative development of shared understanding is crucial to the success of software development projects. It is also a challenging and volatile process in practice. Organizations may be especially vulnerable due to reliance on key individuals and insufficient resource to employ several domain specialists. There is, however, minimal empirical research on sharing domain understanding in the context of small software organizations.

Domain expertise is hands-on business skills or domain knowledge acquired by working in a specialized industry such as automotive, banking, insurance, telecom, and utilities or in a specialized business operation such as customer relationship management, finance, sales and marketing. It is a very important asset for an individual working as Business Analyst, PMP ,BPM, Quality Analyst, on specialized IT projects.

In the current scenario as the IT organizations are looking for a source with a better understanding and working knowledge in Banking Financial Services and Insurance, Health Care. Our results show that organizations place particular emphasis on the use of prototypes or existing products to refine and verify domain understanding. Furthermore they perceive the biggest challenge to developing shared understanding as the quality of the client representative(s).
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