Business analysts play an important role throughout the software development life cycle (SDLC) by eliciting requirements, assisting with design, testing solutions, and ensuring requirements are met. The SDLC includes phases like planning, analysis, design, development, testing, implementation, and maintenance. Business analysts contribute in each phase, such as assisting with business cases, requirements gathering, reviewing designs, testing solutions, and managing requirements tracking. They help maximize business value by delivering solutions that meet requirements while mitigating risks and costs.