Business Analysis Service

Very often, business analysis services are underestimated, despite the fact that they correspond to strategic planning and project analysis. BA services can help you avoid costly mistakes and inefficient disposal of your budget for consequent phases during software development. The business requirements collected and finalized initially are transformed into technical aspects, listing the functionality that should be developed. Aside from a vivid benefit of cost reduction, you receive a clear solution to your business problem or request. Only through business analysis services can you and your IT vendor take the right actions regarding further product design and implementation in order to achieve the desired outcome and project success. Furthermore, these services allow software development teams to plan their work and keep up with project timelines and deadlines accordingly. As well, business analysis services increase the ROI of your business through the necessary digital transformation that correlates between matching business ideas, goals, capabilities with business process optimization. This part of business analysis services also relates to the correct reflection of the project into documentation and always keeps it up to date.

The main activities of business analysis services include understanding the business environment and problem identification. As an extra service, market and competitor analysis can be performed. All these conducted analyses, polls, workshops with the client, etc., help produce the best possible solution according to market and business needs. Generally, the essentials of business analysis services relate to providing reliable information from a solid analysis of the market, business, and product environments for the right decisions for software implementation, design, and further scalability. Thus, it is important to analyze the current state of the business and form strategies that improve operations, increase ROI, form new directions, and so on. As well, as a part of business analysis services, potential risks are assessed, further controlled, and mitigated.

Business analysts, professionals who perform business analysis services, are responsible for delivering a solution to the client’s problem related to their business. They provide detailed analysis, and once their business analysis services are complete, the client will receive a finalized project concept and product mind map, product backlog, and functional specifications listing all the features, user roles, acceptance criteria, priority, and similar aspects of the future digital product. Alternatively, if necessary, detailed market analysis and competitor analysis can also be delivered. In order to conduct business analysis services, specialists use software like Microsoft Products (Excel, PowerPoint, Docs), Google Analytics, Tableau, Trello for data gathering and sorting as well as preparing the necessary project documentation. Distinct tools like Coogle, Figma, Balsamiq can be used to create visualizations and project mind maps to explain things. As well, there are different techniques used for business analysis services such as PESTLE, SWOT, MoSCoW, Porter’s 5 Forces, MOST, etc. - all of which are used to define missions, set objectives, and form strategies.

Given the information about average hourly rates in Eastern Europe (e.g., Ukraine) - $30-$40 an hour - business analysis services may cost anywhere from $2,500 to $12,000+ depending on the business requirements,product scope, and complexity, as well as the number of platforms. According to IT research teams like Clutch and ITFirms, the cost of business analysis services varies from $60 to $120 per hour in the USA and Western Europe, which makes it a rather expensive service. On the other hand, you can outsource business analysis services to Eastern Europe and Ukraine specifically. Hourly rates for business analysis services in Ukraine are around $30 - $40 an hour.