Looking back to 2022
It is widely acknowledged that the year 2022 has been marked by a series of global challenges. The Russian invasion of Ukraine in February, for instance, has resulted in energy shortages throughout Europe and disruptions to food supplies worldwide. The consequent increase in energy costs has also contributed to inflation in various sectors, excluding wages. This dynamic has given rise to industrial actions and strikes among frontline service workers in industries such as transportation, postal services, border control, and healthcare in the United Kingdom.
Inflation has also placed additional burdens on business owners, including increased costs for procurement and general overhead expenses. Organisations need to re-think how they operate in order to sustain their business. During 2022, there was a number of very high-profile big tech redundancies (not just in America but globally) from Meta (Facebook), Amazon, Twitter, Tesla, Microsoft, Salesforce, Netflix.
Challenges and Opportunities to Business Analysts in 2023
While many countries have been able to make progress in recovering from the economic effects of the Covid-19 pandemic, China, the world’s largest exporter and second-largest economy, has only recently begun to implement herd immunity following nearly three years of strict lockdown measures. With a population of over 1.4 billion, it will take some time to achieve herd immunity. This could result in ongoing manufacturing and logistics issues throughout much of 2023.
Additionally, the ongoing Russian invasion of Ukraine may continue to cause energy and food shortages, leading to persistent inflation and economic downturn. In response, organisations are increasingly seeking to implement automation and adopt advanced emerging technologies, such as the Internet of Things (IoT), artificial intelligence (AI), machine learning (ML), robotics, Digital Twin, Metaverse, quantum computing, and blockchain, in an effort to reduce costs and reliance on manual labour. This shift presents both challenges and opportunities for Business Analysts (BA’s) in 2023, including the need to acquire new skills in order to take advantage of the opportunities that will arise from working on projects aimed at addressing the political and economic challenges.
From Business Analysis to Business Advisory
BA’s need to reskill and upskill themselves to expand the skill from business analysis to business advisory in an effort to assist customers in maximising growth, streamlining operations, minimising expenses, mitigating risks, enhancing cyber security, complying with regulations and advancing sustainability, I have suggested the following six steps for BA’s to consider when delivering advisory services to customers and stakeholders:
Step #1 – Efficiency
It is crucial to consistently align project initiatives with opportunities for optimisation, cost reduction, and improved performance. Do not hesitate to question the scope and requirements of a project if you believe they are not cost-effective and present alternative options
Step #2 – Cost Savings
Utilisation of cloud-based solutions can effectively minimise hardware and IT expenses. Exploring the opportunities for technology-based solutions to decrease energy consumption can also be considered as potential cost savings.
Step #3 – Agile Mindset
Adopting an Agile mindset can not only enhance the likelihood of success, but also mitigate risks, ultimately resulting in a reduction of time and financial resources needed for rework.
Step #4 – Automation
Identifying opportunities for automating repetitive tasks and processes, thereby increasing efficiency and freeing up resources for more strategy endeavours.
Step #5 – Data-Driven Decision-Making
Utilising data-driven technology to inform decision-making can assist customers in making more informed and astute choices.
Step #6 – Sustainability
In the long term, implementing sustainable practices can not only benefit the environment, but also have a positive impact on a business’s bottom line by reducing costs and increasing efficiency. Opportunities for adopting renewable energy sources, reducing waste and resource consumption, and implementing environmentally-friendly technology solutions should be carefully considered in order to achieve these benefits.
Opportunities to Business Analysts in Emerging Technology projects
The incorporation of automation strategies, often involving the incorporation of emerging technologies, can be a solution to various challenges faced by business owners, including skill shortages and industry actions. As such, BA’s tasked with implementing automation projects utilising these technologies must have a proficient understanding of the functionality and potential use cases for the business. To effectively tackle the challenges at hand, it is essential for the BA’s to possess knowledge in the following areas:
AI & ML
BA’s working on AI/ML projects should be skilled in understanding and applying machine learning algorithms, including both supervised and unsupervised learning. They should also understand data management and analytics, and be able to identify opportunities for the business to benefit from more advanced AI/ML technology such as deep learning. It is also important for BA’s to consider ethical, legal, transparency, privacy, and bias issues in AI/ML decision making.
IoT
BA’s working on the Internet of Things (IoT) projects should have a strong understanding of the technologies and protocols used in the IoT devices, including sensors, communications, gateways, and cloud platforms, as well as expertise in data management for data transmission and exchange. They should also be able to help customers utilise data to grow their business and maximise the value of data exploitation. In addition to the need for cybersecurity, it is crucial for the physical security of IoT devices such as drones, robots, and autonomous vehicles, which may be remotely operated and located at a distance from human controllers, to be safeguarded. For more information, please refer to my thought leadership article on IoT and Analytics
Metaverse
BA’s working on Metaverse projects should have a strong understanding of Virtual Reality (VR) and Augmented Reality (AR) technologies, as well as expertise in Metaverse user experience (UX) design principles in order to create intuitive and immersive experience for users. They should also be mindful of ensuring that the projects are designed to drive business value, avoiding unnecessary costs and time incurred through over-designing. For more information, please refer my thought leadership article on Business Analysis in the Metaverse.
Blockchain
BA’s working on Blockchain projects should have a strong understanding of the fundamental concepts behind blockchain technology, including decentralisation, distributed ledgers, consensus algorithms, smart contracts, cryptography, and data transparency and auditability. They should also be aware that the cryptocurrency industry, which utilises blockchain technology, is largely unregulated and may require them to make decision based on their own morality and integrity.
Robotics
BA’s working on Robotics projects should have a strong understanding of the sensors and actuators used to enable communication between robotic devices and their operators, as well as the application of AI & ML to enable the performance of more complex tasks. They should also have knowledge of how to securely connect multiple robots together to facilitate self-governance and self-autonomy. For more information, please refer to my thought leadership article on Swarm Intelligence.
Digital Twin
BA’s working on Digital Twin projects should be proficient in the use of computer simulation to replicate physical objects in the real world. They should also be able to accurately model Digital Twins to represent real-world systems or processes, and possess the ability to test the behaviour of Digital Twins and compare the results to their real-world counterparts. For more information, please refer to my thought leadership article on Business Analysis in the Brave New World.
Quantum Computing
BA’s working on Quantum Computing projects should possess a thorough understanding of the technologies and platforms used in Quantum Computing, including qubits, superposition, quantum algorithms, and error correction. They should also be familiar with the potential applications of quantum computing technology in various industries, including financial modelling, drug discovery, supply chain and traffic optimisation, and climate modelling etc. It is important for the BA’s to carefully evaluate the appropriateness of implementing Quantum Computing for a particular business, as such projects can be very costly.