Replace Character Without Using Looped REPLACE Function
Create a mapping between the old value and the new value in a table value constructor and use stuff to replace the character.

declare @T table(Value varchar(10));

insert into @T values
('Q234567888'),
('R264747848'),
('B264712481');

select stuff(T.Value, 1, 1, (
                            select V.NewValue
                            from (values('Q', 'I'),
                                        ('R', 'I'),
                                        ('B', 'U')) as V(OldValue, NewValue)
                            where V.OldValue = left(T.Value, 1)
                            ))
from @T as T;