The biggest and most costly mistake from a time and financial perspective is the tendency within many companies to dramatically alter the strategic business, information architecture, and interaction design requirements in the middle of a project.
This is comparable a builder wanting to replace the foundation of a 2 story house after he/she has just made the finishing touches to the roof.
An analysis of existing middle tier and back end systems is highly recommended prior to agreeing on the final business requirements.
Leveraging your current middle tier and back end systems can propel you to another level in terms of your marketing and customer care capabilities. Read: ERM infrastructure fictional case study.
The process:
develop and validate business plan
explore the technical limitations and possibilities
interview potential users to understand their expectations and priorities