As a software development company with decades of experience building innovative digital banking solutions, we know about the importance of business analysis services firsthand.

Acting as a bridge between the technology and business domains, a business analyst ensures the fulfilment of functional specifications while making certain that the project delivers value from a business perspective.

What is business analysis in software development?

Business analysis is the process of identifying business needs and finding the best possible solutions to business requirements. In software development projects, the primary goal of business analysis services is to ensure that the future product aligns with business goals and user needs with minimal risks and costs involved.

What does business analyst do in the software development process?

A business analyst performs the role of a mediator between the development team and the client, bridging the gap between business needs and technical requirements and ensuring a consistent project vision across the entire team.

The role of business analyst in software development spans all development stages, from project discovery to closure. Let’s explore how a business analyst’s responsibilities are distributed across various phases of the software development life cycle:

Discovery

During the discovery phase, a business analyst works closely with the software development team and the product owner to come up with a prototype for the future product. Here are the key responsibilities of a BA at this very initial stage of the project:

• identifying business objectives to ensure the future product meets them
• analysing the target audience, laying a foundation for the UI/UX designers to develop effective user journeys and product maps
• functional requirements gathering (i.e., features of the future product to meet user needs)
• preparing non-functional requirements (usability, security, performance, availability, scalability, etc.)
• prioritising project requirements based on business value and feasibility

Initiation & planning

The pivotal role of a business analyst at this phase consists in strategic planning and ensuring minimal gaps between the business vision and technical implementation at later stages. Here, a BA’s tasks include:

• defining the project scope
• effectively transferring the knowledge from the discovery team
• document analysis and gathering detailed requirements from project stakeholders using interviews, surveys, workshops, etc.
• analysing requirements for clarity and feasibility
• creating detailed requirement documents (BRDs, FRDs, or user stories)
• prioritising project requirements based on business value and feasibility
• making necessary revisions based on feedback from stakeholders
• establishing the communication plan with the project manager to prevent communication gaps and efficiently share valuable information with the project team

Design

During the design phase, a business analyst ensures that the future product can successfully meet user requirements while aligning with business goals. The primary responsibilities of a BA during this stage include:

• assisting the product manager, UX designers, and other key stakeholders with user story mapping and ensuring that the user flow diagram aligns with project goals
• establishing acceptance criteria (i.e., conditions determining whether a feature satisfies both a stakeholder and the end-user)
• working with the development team to deliver solutions that meet project specifications
• ensuring that the design provides smooth user interactions and aligns with business objectives

Development & testing

A business analyst’s main goal during the application development process is monitoring the fulfilment of requirements and business objectives. This is where effective communication is critical: without a product vision clearly communicated to the engineering team, software projects become feature factories, resulting in functional software that fails to meet user expectations, resulting in zero value to the business owner. The key responsibilities of a BA at the active software development and testing phases include:

• monitoring the pre-development preparations to make sure that each sprint adheres to the documented technical requirements and project objectives
• acting as a bridge between non-technical stakeholders and the software development team to clarify product requirements and provide additional information
• facilitating continuous feedback loops between non-technical stakeholders and engineers to ensure alignment with business needs
• assisting in developing test cases and scenarios based on the requirements
• ensuring the developed solution meets the specified requirements
• helping manage and prioritise issues identified during testing
• preparing documentation when the software product is deployed

Maintenance

The roles of business analyst in software development don’t run out once the product is launched. A BA actively participates in the maintenance phase, contributing to the continuous improvement of software products and fulfilling the following tasks:

• assessing whether the delivered solution meets the initial business objectives and requirements
• collecting and analysing customer feedback to identify areas for post-launch improvements

How does the software development process benefit from business analysis?

As you can see, the roles of business analyst in software development go beyond requirements gathering and monitoring the implementation progress. An analytical thinker with good communication skills, technical proficiency, and business expertise can benefit the development process in several ways:

Enhanced quality of deliverables

The involvement of business analysts in software development results in delivering a high-quality product. Business analysts accurately document software requirements and control their fulfilment throughout the entire development process, reducing the chances of errors and maximising the chances of success. Regular feedback sessions with project stakeholders also help ensure project’s alignment with business objectives.

Reduced costs

While the business analyst role doesn’t assume responsibility for a project’s finances, they substantially contribute to reducing project costs. Clear and concise requirements defined by a business analyst guide the development team in focusing their efforts on what truly matters. Avoiding unnecessary features and functionalities reduces rework and ensures that no penny is wasted.

Improved collaboration

Business analysts act as facilitators, translating complex technical terms into a language understandable to business users and vice versa, resulting in more effective communication between business stakeholders and technical teams. Transparent communication reduces misunderstandings and ensures that each project stakeholder is on the same page, ultimately leading to more effective project management.

Minimal risks

Business analysts help identify potential risks early into the project. By analysing requirements and conducting feasibility studies, BAs can anticipate possible challenges and develop mitigation strategies. Moreover, continuous feedback gathering facilitated by BAs contributes to early detection of issues before they escalate.

A well-informed business strategy

Comprehensive market analysis and close examination of competitors provide BAs with in-depth business insights that help them identify opportunities for innovation and improvement. What is more, BAs’ insights guide strategic decision-making, ensuring that the business invests in initiatives that align with market demands and business goals.

Conclusion

It’s safe to say that business analysts play a crucial role in software development. Detailed business analysis provides valuable insights for designing effective solutions that meet business objectives and deliver high-quality user experiences.

DeepInspire has extensive experience in fintech and banking software development. We offer software business analysis and consulting services to help you bring your business idea to life.

Our experienced business analyst will work closely with you to get a profound understanding of your business processes and objectives as well as gather and document detailed requirements to lay a solid foundation for project planning.

The expert will collaborate with the entire project team throughout all project stages to ensure that your software perfectly aligns with your business vision, taking advantage of all opportunities for process improvement.