Challenges and Opportunities: How Business Analytics Will Change in 2023

AI For Business

2022 has been marked by a series of global challenges. The COVID-19 pandemic still casts a long shadow over the global economy. Russia’s invasion of Ukraine in February created energy shortages across Europe and disrupted the global food supply. The resulting rise in energy costs contributed to widespread inflation even as wages stagnated. In the UK, this dynamic has led to industrial action among workers in frontline services, from transport to postal services, border control and healthcare.

Inflation has also imposed additional burdens on business owners, increasing overhead and procurement costs, and has forced organizations to rethink how they operate in order to keep them afloat.In 2022, Meta, We’ve seen a number of high-profile, large-scale tech layoffs around the world, including Amazon, Twitter, Tesla, Microsoft, Salesforce, and Netflix.

Business Analyst Challenges and Opportunities in 2023

While many economies are making progress toward recovering from the COVID-19 pandemic, China, the world’s largest exporter and second-largest economy, has been in a strict lockdown for nearly three years. After taking down measures, we have only recently started working towards herd immunity. With a population of over 1.4 billion people, it will take some time to achieve as manufacturing and logistics issues that will affect us globally linger through much of 2023. In addition, the effects of Russia’s invasion of Ukraine have caused persistent inflation and economic stagnation.

In response, organizations are looking to cut costs and reduce reliance on manual work by embracing automation and new technologies such as:

  • Internet of Things (IoT)
  • Artificial intelligence (AI)
  • Machine learning (ML)
  • robotics
  • digital twinning
  • metaverse
  • quantum computing
  • blockchain

This shift presents both challenges and opportunities for business analysts (BAs) in 2023. namely, the need to upskill to confidently address the political and economic challenges that some projects inevitably face.

From business analysis to business advisory

To meet the challenges and opportunities of 2023, BAs must expand their skill sets from mere business analysis to business advisory. Acting in an advisory capacity, BA helps clients maximize growth, streamline operations, minimize costs and risks, enhance cybersecurity and advance sustainability. can do.

There are six key functions that BAs should consider when providing advisory services.

  • Increased efficiency
    Project initiatives must always be aligned with opportunities for optimization, cost reduction, and performance improvement. If the project scope and requirements are not cost effective, question them and offer alternative options. Project performance must be tracked against KPIs, and plans and processes are routinely optimized by business advisors.
  • Improved cost savings
    Exploring opportunities to incorporate cloud and technology-based solutions can effectively minimize hardware and IT expenses while reducing energy consumption and increasing savings.
  • Adopt an Agile mindset
    Adopting an agile mindset not only increases the likelihood of business success by fostering innovation and resilience, but also reduces risk and ultimately reduces the time and financial resources required for rework. The active participation of all stakeholders is essential to the success of any Agile project.
  • Employing automation
    Increase productivity and reduce costs by identifying opportunities to automate repetitive tasks and processes to increase efficiency. For example, basic tasks can be delegated to AI technologies such as his ChatGPT and Midjourney, while a human business analyst is more focused on quality assurance and how clients can get the most out of her AI-generated materials. Emphasis on evaluation.
  • data-driven decision making
    Use of data-driven technologies such as:
    • Artificial intelligence (AI) and machine learning (ML)
    • big data analysis
    • Data visualization
    • Infographic
    • Predictive analytics
      Informing decision-making helps clients make more informed and wise choices.
  • Promoting sustainability
    Implementing sustainable practices not only benefits the environment, but also positively impacts the bottom line of a business by reducing costs and increasing efficiency. Opportunities to adopt renewable energy sources, reduce waste and resource consumption, and adopt environmentally friendly technology solutions should be carefully considered.

Opportunities for Business Analysts in Emerging Technology Projects

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