While assisting a client with the IT hiring process, I came across this article on the importance of business analysts. While a variety of topics are covered in the article, the most important is recognizing how business analysts can help your organization and especially software projects.
Software developers do not usually possess the "soft skills" necessary to tailor their communications to specific audience. By this I mean, they must be able to communicate to front line workers or executive committees or both simultaneously. A business analyst understands both the technical side and business itself. A business analyst can facilitate discussions between the two camps.
Business analysts really must specialize in requirements. The strategic requirements of the business must be understood. The techniques for achieving the requirements must be documented. A process map can then be developed and communicated to all stakeholders (and yes, I consider IT a stakeholder).
If your business or software project would benefit from documentation, improved efficiency and communication, consider hiring a business analyst.