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Almost 70 percent of companies surveyed set themselves up for both project failure and significantly higher IT cost due to poor requirements practices, survey finds.
Poor requirements and lack of business analysis capabilities are costing companies millions of dollars per project when they pursue larger, strategic projects that add new functionality to the organization, according to a new survey of more than 100 organizations by IAG Consulting. The Business Analysis Benchmark found that companies with poor requirements, on average, spend $2.24 million more per project on strategic projects than those that employ requirements best practices. The report other findings include:
> Companies with poor requirements and business analysis capability have three project failures for every one successful project.
> Only 32 percent of companies employ practices that make the likelihood of project success "probable." The remaining 68 percent enter every project with an "improbable" likelihood of success, even before they begin the project.
> More than 40 percent of the IT development budget for software, staff and external professional services will be consumed by poor requirements at the average company using average analysts.
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