The Year Ahead - Predictions for Business Analysis in 2023
2023 is set to be an exciting year for business analysis, with a wide range of trends emerging that will have a major impact on the way businesses operate. From the rise of artificial intelligence (AI) and machine learning (ML) to increasing scrutiny around data privacy, there are a number of key trends shaping the future of business analysis.
AI and ML are becoming commonplace in business analysis, allowing companies to gain insight quicker than ever before. By leveraging AI and ML tools, companies can better understand their customers’ needs and make decisions more quickly and accurately - provided leadership embraces data-driven decision making. Additionally, automation technologies such as robotic process automation (RPA) are beginning to play an important role in streamlining processes related to business analysis activities.
Agile roles and responsibilities between the Business Analyst, Product Owner, and Product Management will continue to be refined in the upcoming year. Companies are forming their own unique perspectives on the roles and will continue to create defined roles that are specific to their organization and industry. The global standards on these roles don’t equate to specific job titles, as many practitioners of these disciplines find themselves performing dual roles due to staffing challenges and downsizing. Many practitioners are branching out and learning multiple disciplines in Business Analysis, Product Owner, and Product Management.
Strategy is key, and Business Analysis is at the forefront. Organizations are struggling to turn the strategy they carefully created into reality. Organizations will continue to struggle with enterprise-wide large-scale changes to organizational wide systems and processes. The challenge will be to break down work and requirements into smaller manageable pieces while still keeping them aligned with the overall strategy and then bring those smaller pieces back together again into the larger context. When something is broken down into hundreds of pieces, someone has to remember how all the pieces fit together.
Data privacy is quickly becoming one of the most pressing concerns facing organizations today. As a result, stringent protocols and regulations around how personal data is collected, stored, and used are becoming increasingly important. Business analysts must be prepared to navigate complex data security laws in order to ensure compliance with these new standards.
Finally, cloud-based systems are gaining traction as more businesses embrace digital transformation initiatives. Cloud computing enables faster analysis of large datasets by eliminating the need for onsite computing infrastructure. This allows analytics teams to run simulations more efficiently by accessing data from anywhere in the world without costly hardware investments or long setup times.
Overall, 2023 looks like it will be an interesting year for business analysis with many new trends emerging that have the potential to revolutionize how businesses use analytics technology. Companies that are able to take advantage of these advances will likely find themselves enjoying a competitive edge over those who do not adapt.