Organizations face change at an incredible pace. Within the banking environment change must be orchestrated correctly on a first shot especially when dealing with regulatory projects where governmental bodies allow no second chances on meeting tight deadlines. At requirement level, Business Analysts (BAs) ensure change is accepted and understood by all project stakeholders.
Cost reduction programs have hit the banking sector heavily following the financial crisis of 2008. Banks today aim at getting things right in the first instance instead of doing things over and over involving additional costs, resources and time.
Cost of failures in a nutshell:
- 71% of failed projects are traced to poor requirements
- $250 Billion of annual waste is traced to poor requirements
Relative cost to correct a requirement error:
- Requirements development 1x
- Design 2-3x
- Construction 5-10x
- Acceptance test 8-20x
- Operation 68x-110x
The BA role is to understand, describe and explain change at requirement level. Usually BAs are the link between two or multiple departments and aim at best satisfying Sponsor’s needs by driving investments towards the right solutions so to attain customer and sponsor’s satisfaction.
Us BA’s we’re not impacted by complex organizational structures, hostile business environments, project leader’s seniority, political sensitivities and system complexities. The BA is and remains independent.