In the fast-paced world of SaaS, Business Analysis and the role of a Business Analyst is often regarded as a vital component in driving successful product development and growth.
Sometimes, finding the exact role of a Business Analyst in the vertical SaaS industry may not be straightforward. However, that doesn’t mean you can’t discover other positions that perfectly match your skills and drive in numerous different positions.
Understanding Vertical SaaS: Solutions for Specific Industries
Let’s explain the SaaS model first. Software-as-a-Service (SaaS) is a software licensing and delivery model on a subscription basis. With SaaS, users can access the software from any device with an internet connection, providing flexibility and mobility in their work. It offers a cost-effective solution for businesses as it eliminates the need for upfront software licensing fees and reduces the burden of hardware infrastructure and maintenance costs.
Vertical SaaS refers to software-as-a-service solutions tailored to meet specific industries or niche markets’ unique needs. Unlike horizontal SaaS, which offers software solutions applicable across various industries, vertical SaaS goes deeper and provides industry-specific functionalities, workflows, and features. This approach allows businesses within a particular vertical to leverage software that caters specifically to their requirements, enabling them to streamline processes, enhance productivity, and achieve better outcomes.
Lemax is an example of a vertical SaaS company, developing and maintaining a solution specifically designed for the unique needs of tour operators in the multi-day tours segment.
Beyond the Job Title: Diverse Opportunities for Business Analysts in Vertical SaaS
The business analysis function plays a critical role in understanding customer needs, gathering requirements, and translating them into actionable insights for product development and optimization. While vertical SaaS companies tend to focus on serving specific industries or niche markets, they rely on professionals who possess keen analytical abilities, problem-solving processes, and a deep understanding of the domain they serve. This deep understanding allows the companies like Lemax to provide solutions to complex organizations with domain-specific, reputationally, and financially significant processes.
Although Lemax may not have a dedicated position with the title Business Analyst, our company employs skilled business analysts across different departments. A diverse range of possibilities exists in the market and within Lemax, where the job title is aligned with the department’s main responsibility. Still, one of the core skills is business analysis.
The Fusion of Sales and Business Analysis: Solution Consultants in Action
The realm of sales may not be the first place we typically associate with business analysis. However, as part of our strategic decision, we have incorporated the initial layer of business analysis into our sales process.
We scan during the sales process to assess the customer’s fitness for our services. The primary objective is to align our solutions with client needs and our product vision. This involves analyzing the business processes, defining requirements, and prioritizing them using the MoSCoW method. Leveraging this analysis, our sales business analysts, known as Solution Consultants in the Sales department, promptly define solutions and effectively demonstrate their value to clients through engaging demos and presentations.
We have written a separate blog post about that position and the processes involved, so read more here.
Project Consultants: Enabling Smooth Transitions in Vertical SaaS Implementations
When it comes to business analysis, the implementation phase naturally comes to mind.
At Lemax, we define the project scope and solutions during the sales stage, which is then handed over to our dedicated Implementation team for efficient execution with the client. This is where our in-depth business analysis comes into play, ensuring that the client’s needs are not only clearly understood but also precisely aligned with the capabilities of our software. Our goal is to delve into all segments of their business and accurately map their processes within our existing modules, minimizing the need for custom development.
Business analyst also serves as business authority, possessing domain and product knowledge. By understanding processes comprehensively, they can recommend effective change management strategies to achieve significant business impact. Although the approach may differ from the current practices, the proposed changes are designed to bring improvements and ultimately enhance operations. This is the responsibility of the Project Consultants in the Implementation department.
Product Managers: Ensuring User-Centric Development in Vertical SaaS
When it comes to gathering requirements, we cannot overlook the Product department and the role of Product Managers. Product Managers collect information about user needs and requirements, creating product requirements and functional specifications. Collaborating with the IT team, they translate these requirements into technical specifications. Without a deep understanding of user needs, which lies at the core of effective business analysis, it is possible to develop functionalities and features that may not resonate with users, leaving them confused or dissatisfied with the outcome.
Find Your Direction to Make a Meaningful Impact within the Vertical SaaS Industry
In conclusion, your career path in business analysis within the vertical SaaS industry can lead you to various departments. Some analysts aspire to gain exposure and actively participate in sales and business aspects. Others are motivated to leverage their domain knowledge and market insights to create new features, assisting clients in achieving their goals through development.
Regardless of which path you choose, there are ample opportunities to explore. Find the direction that aligns with your interests and leverage your skills to make a meaningful impact in the world of vertical SaaS!