10 Benefits of AI to Help Business in 2024

The benefits of AI (artificial intelligence) for business in 2024 are predicted to be very large. 

According to Gartner, the AI-based software market will grow from 14.4% in 2021, to 31.1% in 2025.

The growth of AI for business will grow to around $135 billion in 2025.

AI technology will change various industries, such as: business operations, health services, transportation, and entertainment.

AI can help your business operations. AI technology can increase productivity, simplify operations, and improve business operations. 

According to Forbes, AI technology is most widely used in customer service. Most large companies use AI technology to improve customer satisfaction and cybersecurity.

Another benefit of AI for businesses is to provide the most appropriate service to consumers. You can provide product recommendations that best suit customers. 

Meanwhile, AI can be used to optimize emails to customers. Artificial intelligence technology that continues to develop will provide many benefits for businesses in 2024, as follows:

1. The Role of AI in Making Decisions

Artificial intelligence technology is designed to support decision making. A predictive-based analysis system helps your business to make data-based decisions. 

AI can analyze data more deeply so that company management predicts market trends and customer needs. Artificial intelligence can predict outcomes based on historical data. For example, using past sales data and forecasting future demand.

2. Benefits of AI for More Interactive Chatbots

Thanks to artificial intelligence technology, chatbots are becoming smarter and more sophisticated. This technology will continue to be used to serve and interact with customers virtually. 

NLP (natural language processing) technology improves chatbots’ understanding of human language. This way, the chatbot’s response will look more natural according to consumer questions.

The benefit of AI for chatbots is that it analyzes user data and then provides responses that are more personal and according to individual preferences. Chatbots can also remember the context of previous conversations so they can provide more relevant responses to new questions. 

Interestingly, in the future AI will enable chatbots to process images and videos so they can be interactive when dealing with consumers.

3. Managing the Supply Chain

Implementing AI-enhanced ERP can increase supply chain management efficiency. You can make demand planning, inventory management, and risk management easier.

AI predictive analytics can make demand forecasting more accurate by analyzing historical data, market trends, and other factors. AI for the retail industry can be used to monitor customer demand, identify purchasing patterns, and predict when is the right time to reorder stock.

4. Personalize Content for Marketing

The next benefit of AI is to analyze user data and purchase history. Based on this data, artificial intelligence technology will provide marketing content that is more relevant to consumer interests. 

Marketing targets will be more precise because the identification of user groups and their characteristics have been clearly mapped. This allows marketing efforts to run more targeted.

5. Benefits of AI in the Health Sector

In the health sector, AI can analyze medical records such as x-ray results and laboratory tests to provide faster and more accurate diagnoses.

The benefits of AI for health services are enormous because it can alert patients more quickly so they can take various preventative steps.

Then, by analyzing genetic data and patient history, AI can design more personalized treatment according to the patient’s needs.

In the pharmaceutical industry, AI can speed up the research process by analyzing molecular and genomic data. 

This will really help researchers in identifying drugs and designing the development of more effective health therapies for new diseases. 

AI-based healthcare systems can analyze huge amounts of health data so that healthcare providers can make quick decisions based on the data.

6. Improve Company Information Security

Artificial intelligence or AI can detect, prevent and respond to cyber threats more effectively. AI can analyze traffic and activity data to detect anomalies that are characteristic of cyber attacks. 

Your IT team can deal with potential threats faster. Then, potential future security risks including security gaps can be addressed more quickly before they occur.

The AI ​​used in Intrusion Detection Systems (IDS) can identify cyberattack patterns. If you currently use an AI-based security system, you can certainly monitor network, user and application activity in real-time. 

This is of course very good because you can identify threats and minimize risks that will occur in the future. AI-based Blockchain technology can also be used to increase security and transparency in managing company data and transactions.

7. Process Automation in the Manufacturing Industry

Artificial intelligence technology for the manufacturing industry can control production machines to increase efficiency and productivity. 

This automation system can be adjusted in real-time based on market conditions and demand. The AI ​​system can carry out quality inspections automatically by analyzing sensor data. 

This ensures products are made to meet quality standards without human assistance.

Plus, AI technology can be used to control industrial robots to complete jobs, such as: welding, assembling, and moving goods.

 Robotics with AI technology can adapt to changes and perform tasks with high accuracy. 

Artificial intelligence is also integrated with IoT so that various devices and sensors can communicate and collaborate with each other.

8. Benefits of AI for Product Development

The benefits of AI for business development can help you find new design ideas and simplify the product design process. 

By using AI, your company can create virtual prototypes to test product concepts and functions. This step will save development time and costs before a physical prototype is created. 

Then, product testing can also be accelerated through Machine Learning and helped identify problems with product defects.

9. Big Data Analysis

The benefits of AI for business can recognize complex patterns and relationships in large amounts of data that are difficult to detect by conventional methods. 

Machine Learning algorithms in AI can group data automatically based on certain data patterns. 

Amazingly, artificial intelligence can analyze sentiment in text, reviews, and online content to understand customer preferences for your products and brand.

10. Edge Computing is More Efficient

Edge Computing is a computing step that processes and stores data locally. This technology utilizes the Internet of Things (IoT) network and local servers to process and store company applications where the company is located. Edge Computing can reduce latency and unnecessary bandwidth usage.

Artificial intelligence technology is able to analyze data more quickly and accurately. AI-enhanced Edge Computing can interpret data in real-time because it does not need to be connected to other people. 

Local data processing can be more efficient with the help of AI. AI technology can improve data security, real-time data interpretation, evaluate company interactions with customers, and predict operational needs by involving customer data.

The benefits of AI for business in 2024 cannot be underestimated. You can get greater efficiency because all business processes can be run automatically. 

No more manual work is done. So, you can minimize the occurrence of human error. Data is presented and processed in real-time. Company management can make decisions more quickly and precisely, because everything is based on the latest data.