AI in business management is a very common catchphrase now. Every day, you see many articles on this topic. However, the role of AI and machine learning is changing every day.  

So, you must know the latest use of AI in Business Management. Experts say machine learning is only a tool for implementing AI in business.  

AI is mostly used to make new and innovative strategies for a business. However, you can use Machine Learning to make office work easier.   

IMD stated that 35% of the companies already use AI in Business Management. Another 42% of companies are searching for crucial areas to use AI.   

This means many more companies will soon use AI and machine learning. That’s why you should know about other benefits and important challenges of implementing AI in Business Management.   

You must be thinking about how AI can help your business. Well, Deloitte says that 82% of the companies found that AI increased productivity.   

Accenture did another detailed study. The results show that 16 industries can increase their profits by 25% using AI in Business Management.   

What is AI  

AI is a disruptive technology. It uses human-like intelligence. You can use its intelligence in business to make accurate decisions. For example, AI can guess if it’s right for you to open another store in New York.   

It will consider factors like competition, market conditions, and your business potential to decide.   

In technical terms, AI uses reasoning by using the data it gets from its surroundings.   

The existing AL tools for business can assess large volumes of data. The data can be analyzed in minutes to create new insights.   

Maybe you needed much more time to track so much data and make decisions manually. Sometimes, it is practically impossible to consider so much data when making decisions.   

What is ML  

Machine learning is a component of AI. It does not involve much decision-making. However, you can create any algorithm using ML. These algorithms can do the rigorous and repetitive tasks for your company flawlessly.   

As a result, your employees can focus more on the creative tasks in the company.   

Some Common Uses Of AI and Machine Learning In Business in 2024  

Many companies have used AI in Business Management throughout 2024. Research shows that there are numerous use cases. Some companies use AI in Business Management to solve day-to-day problems.   

However, many successful companies have used these tools to detect underlying patterns at work. Then they used these tools to automate the work, based on those patterns. As a result, the error rate has been reduced. Average profits also increased.   

Statista reports that the market of AI in business was worth $15.84 billion in 2021. By 2028, the market worth will be $107.5 billion.   

Some reputed companies have used AI in Business Management successfully. I have created a list of those companies. I also discussed how they are using AI in Business Management.  

Netflix  

Netflix is using AI and machine learning to improve customer experience. They created an advanced algorithm. It can detect what you search for on Netflix. It also observes what kind of content you mostly watch.   

Ultimately, it recommends shows or series you would like the most.   

Experts say the algorithm can accurately suggest 80% of the shows you will like.   

Many other companies also use similar algorithms to send customized suggestions to people. For example, Amazon uses similar technology to improve sales.   

The Netflix algorithm is mainly based on machine learning. However, Netflix also uses more models that are designed with AI.  

One of those is customized thumbnail making. AI can make the content of those thumbnails using information from the internet and your usage preference data.   

However, certain areas helped Netflix go ahead of its competitors. I’m sorry if you are a HBO or Amazon Prime fan, but Netflix is simply brilliant.  

Its algorithm can optimize your video streaming quality according to internet strength. So you have less buffering and a more seamless viewing experience.   

Your app loading time will be faster if you have logged in to your app after some time. The algorithm knows that you have reduced the use of the app. So, there is a chance that you might cancel your subscription, too.   

That’s when the app reduces the load times. As a result, your app-using experience is of the highest quality. It makes you change your mind, too.   

YouTube  

YouTube has disrupted the field of visual content in 2024. They are launching some AI tools they have been making since 2008.   

YouTube uses a machine learning method called deep learning. It can scan chunks of each user’s viewing history.   

Experts say every AI and machine learning algorithm is based on fuzzy logic. These tools map a range of probable behaviors you will show in each situation.   

For example, when you sign up, YouTube asks you about your areas of interest. The algorithm checks the kinds of content people with similar interests are viewing.   

If you dislike watching those, it starts tracking your behavior.   

In 2008, YouTube did not have AI. You would simply get suggestions for the shows that most people liked or shared back then.   

But YouTube uses almost 80 billion bits of data about you in 2024 to suggest content.   

PayPal  

PayPal uses AI and machine learning for other purposes. It needs these tools to save you from fraud.   

PayPal’s algorithm can track different kinds of data. When you make a transaction, you only consider securing your delicate personal details. But PayPal tracks many related information. Some of these are:  

• Location of the transaction  
• What did you purchase using PayPal  
• The IP address of the merchant   

AI and machine learning tools can track these data to ensure that it is not a fraud case.   

Facebook  

Facebook is no longer a chat site. You use Facebook every day to watch content. Facebook mostly uses AI in business management to modify users’ content.   

In 2024, Facebook will also use AI to track more data. It will help in improving the performance of their search engine.   

Facebook previously had employees scan and run algorithms to filter spam or hate speech. Now, AI-powered search engines are used to constantly search content like the ones that you viewed recently.   

So, your Facebook news feed runs on an AI-powered search engine. This is how AI and ML will make business operations easier and more efficient in 2024.   

How will these AI tools deliver value to business in 2024?  

AI in Business Management is shaping how businesses work in 2024. There are many new ways in which AI will benefit businesses.  

Improving customer service  

Better customer service allows a company to rope in new customers. In 2024, about 85% of the customer relationships are managed by AI. Almost all front-end service providers have chatbots to communicate with users.   

Customers do not have to wait for an executive to attend to their queries manually. Chatbots can detect keywords to understand what you want to know or report. Accordingly, it creates replies for you.   

There are many technical sides to this technology. But we can discuss that some other day. The bottom line is that AI registers and answers customers’ queries and reports in no time.   

As a result, customers are more satisfied. They will recommend your business to others if they are satisfied.  

Making operations simpler  

AI can work on the daily common deliverables in your office. For example, it can send replies to your vendors. It can check inventory levels and send requisitions to the vendors, too.   

AI can also track current market conditions to suggest how you should optimize your business.  

Better decision making  

2024 is the year of data analytics. You will perform better if your company has a better data analytics algorithm. Certainly, you can predict the latest business trends faster than your competitors.   

You do not need to sit with your leaders to brainstorm market situations when you launch a product or think of expanding. Your AI tool does that for you. Rather, you can focus on creating a unique product or marketing strategy.   

Final thoughts…….  

You cannot deny that AI and machine learning do most of your difficult work. Research shows you need to learn more unique use cases of AI in Business Management. Like Netflix or YouTube, you can use AI and machine learning to attract new customers, retain current customers, and launch new product ideas.   

Managing workload is easier than ever, using AI and machine learning too. However, the efficiency of AI and ML is upgrading every day. To stay competitive, you must brainstorm new ways of using this technology for your business.