Business development analysts find new markets.
Many companies maintain business development and research and development teams. These departments are likely to work independently of each other to initiate new projects, whether for internal or external use. The business development analyst is likely to strategize with these departments, conducting market research to identify areas for improvement or new business sectors. This professional often develops project proposals that reflect his or her findings and also correspond to the views of stakeholders. The analyst is likely to guide projects from start to finish, making sure the originally intended goals are met.
A business development analyst may conduct market research to identify areas for improvement.
Business Development Analysts often conduct market-based research and build analytical models based on their findings. This investigation is likely to involve a large number of people who interact with the company, including customers, competitors, and team members. Analytical models, in turn, are often used to identify areas for improvement and develop project proposals. In particular, the business development analyst often aligns the needs of the business units with the resources (capital and labor) that are available.
Business Development Analysts help develop project proposals.
New market opportunities are often identified through the analytical models created by the development specialist. In a pharmaceutical company, for example, the business development and research and development departments may each initiate projects. The business analyst can provide analytical support to both teams when developing business and market forecasts. In turn, these calculations can inform business negotiation, lead to a new product launch, or build closer relationships with customers. The analyst can also facilitate communication between these teams to ensure project goals remain consistent.
Traditional activities of a Business Development Analyst may include project management and translation of business needs. In the project manager role, the analyst may work with key supervisors to formulate the business vision. The analyst is then likely to shape projects around that vision, making sure goals are realistic and possibly redesigning the underlying business process. A healthcare business development specialist, for example, might meet with doctors and nurses to determine a streamlined way to document patient information. From an analyst’s perspective, this project is likely to take into account new technology, practice goals, and the current configuration of team roles.
When translating business needs, analysts often take the messages of individual stakeholders and develop them into a single, consistent view. This task often requires significant political maneuvering and negotiations for each project undertaken. As such, the Business Development Analyst is likely to act as a liaison for the business, sharing stakeholder messages with other team members and vice versa. The project can be developed after taking into account the opinions of various employees. A business development analyst often communicates with stakeholders to obtain input and verify decisions before proceeding with the various stages of a project.
As a result of their analysis, business development experts are often involved in the project stages from inception to completion. During the initial phase of an internal software project, for example, the analyst often identifies a business problem or opportunity and maps out a solution or path. The map is then used as a proposal to determine how much the software will cost and what benefits the business can expect upon completion. This stage is usually followed by a discussion, during which the project is clearly defined and other team members are included to collaborate. Design changes can occur during this phase to eliminate unnecessary expense and reduce the probability of error.
Project development is usually that stage where plans are consolidated. The business development analyst can also look for deviations in course that might otherwise go unnoticed and damage the project’s bottom line. Usually follows the testing phase, during which the business development analyst can identify software bugs and prioritize defect fixes.
Implementation will likely be the final stage of the project, and the business development analyst can use this time to ensure that users see the anticipated benefits of the proposal. He can review training materials, assess employee responses to the software, and host a company-wide briefing. Throughout the project lifecycle, it is a common theme of discovery, validation, and verification for the business analyst. Ultimately, he or she will be responsible for knowing the goal of a project, how to achieve it, managing implementation changes, and ensuring all deliverables align with the goal.