This post explains how to use scdbg to analyse one type of shellcode generated by Metasploit framework or CobaltStrike to get the C2 domain/IP address so that the incident responder can able to identify and block the further adversary activity. FYI this post doesn't cover the initial infection vector (like phishing thorough office maldoc) or how the shellcode will get generated (like from Metasploit framework or Cobaltstrike).
The previous post Decoding Metasploit and CobaltStrike shells explains how to leverage CyberChef to fully decode and get the shellcode from an encoded powershell command and further it will be fed into scdbg emulator to get the IP address of C2 or an adversary
scdbg is a shellcode analysis application built around the libemu emulation library. When run it will display to the user all of the windows APIs the shellcode attempts to call
Finally, there are other ways to analyse shellcode in various platforms. This is just an explanatory post to leverage a gui based emulator (it has cli version too) to quickly understand the API calls of shellcode.