Based on our experiences, we have the following recommendations in managing requirements:

• A business transformation initiative is not a destination; it is rather a journey that must constantly evolve. Hence, one must always keep the requirements up to date. This includes key decisions made in a process/requirement, and it should be easily available in RTM.
• Always capture the requirements in a SMART format. It should not have abstract details.
• Never assume any requirement; always get it validated. Validation is the best when documented and signed off.
• Requirements change over time and how you handle such changes decides the fate of the project. Scope management and change request should be the key levers for a project manager/CRP lead.
• Requirement collection and documentation is a zero-sum game; both the parties (on the business and solution sides) should participate well and the RTM should be a living document that is easily accessible, simple to understand, and that can be leveraged throughout the lifespan of project.