Reflections and predictions on how technology trends will drive the role of Business Analysis in 2024, by Dmitri Maklakov, Head of BA at Godel Technologies.

What trends did you notice over the past year in Business Analysis?

We noticed several trends concerning BA’s side throughout the past year, and I will stop on the biggest ones.

Firstly, I will talk about data-driven decision-making. Businesses are increasingly relying on data and data-driven insights for their decision-making. BAs play a crucial role in interpreting and analysing data to provide recommendations for strategic planning. Another thing that we noticed is a customer-centric approach being the key to product development, understanding customers’ needs and their preferences is a top priority. BAs are focusing on customer-centric analysis to enhance products and services, improve customer experience and drive customer satisfaction.

Also, this is probably not from last year because it has been with us for a while, but the importance of this is probably bigger than it was before. I am talking about the usage of remote collaboration tools. The shift in remote work has accelerated the adoption of collaboration tools. BAs are utilising them to facilitate communication and collaboration among distributed teams.

Finally, there is the growth of expectations from the clients and the team members – both in the number of skills and in their depth. For example, BAs are expected to have deep knowledge of business analysis, system analysis, data analysis and product ownership. It’s not simple enough to be a good BA – you need to have a good understanding of them. That probably is with regards to the trends which we faced and maybe conquered last year.

How do you feel new technologies will drive the role of Business Analysis in 2024?

Firstly, let’s talk about the elephant in the room which is the integration of AI. Here in the BA area, we could have several directions:

Automated decision making

AI could assist BA in automating routine decision-making processes allowing them to focus on more complex and strategic analysis.

Advanced analytics

BAs may leverage AI in machine learning algorithms for more sophisticated data analysis, modelling and identification.

Businesses usual staff

BAs may use AI to simply speed up their work, improve the quality of some outputs and automate a part of their routine.

The second technology that could have an impact is RPA which is robotic process automation. Specifically, in the area of process optimisation. BAs can increasingly collaborate with RPA specialists to identify areas for process automation, streamlining repetitive tasks and approving overall operational efficiency.

One thing that I have mentioned in the previous question is remote collaboration tools. While it accelerates technology, it’s very important to mention that any piece of software that enables closer collaboration is essential for BAs.

If we are talking about the wider world not only like Godel reality at the moment, we can also mention such things as blockchain in business processes where BAs are involved in implementing and analysing blockchain applications, particularly in supplying chain management.

We can also talk about extended reality where BAs may explore applications of extended reality in training, simulations and product design enhancing the understanding of complex processes. This is also the Internet of Things where BAs play a vital role in analysing vast amounts of data generated by devices, integrating this data into business processes and identifying opportunities for optimization. It’s very important to know that the successful integration of any technologies into business processes will require BAs to continually update their skillsets, stay informed about emerging trends and adapt their methodologies to harness the benefits of these innovations effectively.  

What are your 2024 predictions for Business Analysis?

1. First, we need to have agility in response to market changes. Given the dynamic nature of markets and external factors, BAs might find themselves increasingly involved in adapting business strategies and processes to respond quickly to changes in the business environment.

2. We will have an increased emphasis on data analytics. BAs are likely to see a continued focus on leveraging data and analytics for decision-making. This includes advanced analytics and even AI-driven insights.

3. We will be part of digital transformation and innovation in 2024. BAs are expected to play a key role in this process, helping organisations innovate their processes, services and products to stay competitive and be rapidly involved in the business landscape. Additionally, the role of BA may evolve to become even more strategic as they continue to contribute to shaping the digital transformation strategies within several organisations.

4. Customer-centric approaches will still be the key part of a general approach to work, BA’s will likely continue to adopt these approaches, utilising techniques, for example, design thinking to enhance the user experience.

5. The crucial part of the work of BA as maybe any other specialist in 2024 will be the skill development and professional growth, continuous learning, and skill development to remain crucial for anyone staying updated to the latest tools, methodologies and industry trends will be essential for our professional growth.

6. The final prediction is that we need to consider sustainability and social impact as considerations. BAs may increasingly factor in sustainability and social impact considerations in our analysis. Organisations are likely to focus on aligning business strategies with environmental and social responsibility.