Critical Business Requirement (CBR) is a term used to refer to the requirements or needs of a business that are essential for its success and survival. CBRs are typically high-priority and non-negotiable, and they must be met in order for the business to function effectively.
CBRs can vary depending on the nature of the business and its goals. Some common examples of CBRs include:
- Financial stability: A business must have a stable financial foundation in order to survive. This may include a healthy cash flow, a solid credit score, and a strong financial reserve.
- Customer satisfaction: A business must be able to meet the needs and expectations of its customers in order to retain their loyalty and trust. This may include providing high-quality products or services, delivering on time, and responding promptly to customer inquiries or complaints.
- Operational efficiency: A business must be able to operate efficiently in order to be profitable. This may include streamlining processes, minimizing waste, and utilizing technology to automate tasks.
- Regulatory compliance: A business must comply with all relevant laws and regulations in order to avoid penalties and maintain its reputation. This may include obtaining necessary licenses and permits, following safety guidelines, and protecting sensitive data.
CBRs are typically identified and prioritized as part of the business planning process. They should be regularly reviewed and updated to ensure that they align with the changing needs and goals of the business.
Why are Critical Business Requirement important?
Critical Business Requirements (CBRs) are important because they represent the fundamental needs and goals of a business. Failing to meet CBRs can have serious consequences for the business, including financial loss, decreased customer satisfaction, and operational inefficiency.
They represent the essential needs and goals of a business, and failing to meet them can have severe consequences for the business’s financial stability, customer satisfaction, operational efficiency, and reputation.