What is Domain Knowledge :
Let us observe what is domain knowledge, when you are reading the job description of Business Analyst, most of the companies will mention as domain knowledge is mandatory. We may think what domain knowledge is and how it is relevant for Business Analyst.
Once we had gone though the Job description of the Business Analyst, below questions may come in our mind.
What is Domain knowledge?
- How to get Domain knowledge and from where I can get domain Knowledge?
- Why Domain knowledge is needed for Business Analyst?
- What happens if I am not a Domain expert?
- If I do not know about domain – can I get a Business Analyst Job?
Usually these types of questions will be there in fresher business analyst aspirants. Need not to worry about this? Before we speak more about domains and acquiring domain knowledge let us know about domain and its importance.
Domain – In simple words we can say, particular area of work or specific area to be worked upon. For Example: Healthcare, Banking, Investment Banking, Telecom, Payments,E-Commerce, finance, insurance, CRM, supply chain, logistics etc…
Domains for Business Analyst will be like Healthcare, Banking, Investment Banking, Telecom, Payments, E-Commerce, finance, insurance, CRM, supply chain, logistics etc…
Here we need to understand one important thing that Domain can be understood in 2 ways, one is technical guys Domain and another is general domain (which is for business analysts/functional guys).
For Developers and tech persons domain will be software which they worked on. For Example: Java, J2ee, JS, Oracle,.net etc.,
Why domain knowledge is important?
Most of software companies will not work on all domains. Companies will work on only selected domains. Very rarely companies work on many domains. Very few companies will work on all the domains.
However, the important point is if a company is hiring business analysts and if candidate knows about domain which that company works then it will be added advantage because training program will be of short duration and Business Analyst can understand the product functionality quickly.
And as he has experience in domain he can convince and explain easily product functionality to internal and external stakeholders. BUT usually companies will not expect domain expertise from freshers but if candidate is having expertise then obviously that candidate will have advantage over other candidates and can be picked by employer.
How to get domain Knowledge?
I know now you are thinking about how to get domain knowledge?
Now let us see how to get domain knowledge? As you completed your graduation or post graduation recently and as you are a fresher you may not have any experience and you may think “no one explained about domain knowledge during college”, this may be your first question in your mind.
Not a problem, now a day you can get domain knowledge by browsing internet without attending any classes and you need not go anywhere. What you need to do is, you should have some patience and ready to read and learn. Just read some articles related to domains and discuss with your friends and who are working on some domains. Always note down what you feel is important. This is very important to gain domain knowledge.
The very important thing you should keep in mind is – every piece of information about domain is valuable. Domain knowledge just means “knowing more” that’s all. For example, lets take example of Health Care.
We think health care is about hospital and to build software for hospital. The common requirements we think are… patient & doctor but it involves many things like Lab, Insurance, in insurance there are different insurance like cashless, pay & reimburse, other services like MRI, scanning, Pharma (drugs), inventory (inventory of medicines, surgical equipments), government rules and regulations pertaining to insurance, drug control board, reports, rooms availability(General Rooms, Special Rooms), doctor availability, maintain appointments, bill payments, administrator to manage software etc… so all needed is to know bit more. That itself is domain knowledge.
In the same way you can think about other domains also, like Banking, E-Commerce and Telecom. I will try to explain one or two domains in coming articles.
Please keep in mind, companies may not expect domain knowledge from freshers but it is always good if you have some knowledge on which you are going to work. And at least you should know what is domain knowledge.
I feel it helps you to understand what is domain knowledge and how domain knowledge is important for Business Analyst.
Now we discussed about what is domain knowledge, will discuss what domains are having high demand now.
Still you want to know what is domain knowledge , we can get some free materials and videos to know what is domain knowledge and how domain knowledge is good to have.
FAQ’s: Domain Knowledge
What is domain knowledge / Expeience?
Domain experience‘ means hands on experience as a direct or indirect user on the business process. A domain user may or may not be familiar with the software that the consultant needs to implement but should possess end to end knowledge on the business process.
What are the domain in IT industry?
Software industry as such does not have a specific domain. Rather, this industry would provide services or enable other services by applying the right technologies. When you say domain, it means vertical that is Retail domain, Banking domain, Financial domain, Health care domain, Manufacturing domain.
What is financial domain knowledge?
Overview of Finance Domain. … Then we have a term that refers to all financial institutions like Banking, Brokerage Houses, and Insurance etc. The knowledge of finance domain enables possible career paths within the financial services industry or with financial institutions
What is banking domain and explain briefly?
Banking Domain: A bank is a business; banks sell financial services such as Vehicle loans, home mortgage loans, business loans, checking accounts, credit card services, certificates of deposit, and individual retirement accounts etc… … They get it from people who open accounts
What is insurance domain?
Insurance Domain. Insurance is a contract between two parties, the insurer or the insurance company and the insured or the person seeking insurance, whereby the insurer agrees to hedge the risk of the insured against some specified future events or losses, in return for a regular payment from the insured as premium.