AI-Driven Self-Service analytics: How AI Impacts Industries and Businesses in 2024

Find out the impact of using artificial intelligence, its benefits and how to use AI to analyze data to carry out business improvements

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The artificial intelligence market is rapidly evolving. By the end of 2024, the AI market size is estimated to reach 305.90 billion dollars, according to data provided by Statista . Companies globally are using AI to analyze data more and more often. Especially with the apparition of new performant AI chats, like ChatGPT.

Further in our article, we will discuss more in depth about the top industries dominated by AI-driven self-service analytics tools, the impact of using artificial intelligence, its benefits and how to use AI to analyze data to carry out business improvements.

Top Industries That Will be Most Impacted by AI in 2024

From finance to healthcare, using AI to analyze data has progressively leaked into various aspects of our usual lives. In current days, among the top industries most affected by AI are finance, healthcare, marketing, education and tech.

AI is set to revolutionize various sectors, including healthcare, finance, and entertainment. In finance, AI will help combat fraud by identifying suspicious patterns and vulnerabilities. Trading will become easier with new AI algorithms that consider market dynamics. In entertainment, AI will redefine game landscapes, characters, and stories, adapting to individual preferences and styles.

The marketing industry can be considered the most affected one. Generative AI tools will continue to be on top of trends in 2024. Marketing employees will use AI to predict trends in fashion, for example, or to generate content ideas. With the evolution of generative AI, we've all heard about artificial intelligence generated materials (photos, videos, and texts) and even seen them on our screens without acknowledging them.

The impact of AI is already seen across various industries. From healthcare to marketing, companies around the world are looking for ways to optimize their workloads and are turning to AI integrations for help.

What Industries are Already Implementing AI in 2024?

AI is a powerful machinery that is currently emerging and revolutionizing industries. As technology is constantly evolving and newer innovations appear nearly on a daily basis, how to use AI to analyze data has become a widely spread concern across merely every industry.

For example, using AI to analyze data in the healthcare industry improves patient care, faster diagnosis and disease treatment, or the discovery of new drugs.

AI-driven self service analytics provide personalized recommendations for students and teachers, improving the educational industry in that way. AI is increasing teacher efficiency by eliminating mundane tasks so that teachers can focus more on new curricula or interactions with students. Students can benefit from AI-driven conversational analytics chatbots and tools for efficient study methods, gaining ideas and references, or tailored recommendations for courses and learning materials.

In the financial and e-commerce industries, AI has the ability to ensure higher quality security. By integrating AI-driven self-service analytics, employees are able to detect errors faster and read company data. Which, in consequence, is leading to faster fraud detection and improved decision making.

What are the Consequences of AI Integration?

AI is transforming industries by transforming daily work processes and enhancing service quality. With 42% of globally-spread companies and employees recognizing AI's fundamental role and adopting it in their work, it has the potential to improve our quality of life and optimize services in various industries.

The transformative touch of AI is set to dominate a lot more businesses in the feature. However, along with the immense benefits, there are a lot of questions rising about how using AI to analyze data affects employment rates and general safety worries. Whether you're worried that AI can take your place or not, check out our blog post on the possibilities of AI replacing certain types of employees .

Also, low quality content, data leaks and news about deep fakes are serious concerns that need to be addressed. But those are topics for another discussion and a more detailed examination. Continuing our article, our main focus will be on how companies and industries can benefit from the daily use of AI data analysis tools and AI-driven conversational analytics.

More Big Companies are Starting to Use AI

Tech giants like Microsoft and Google spend hundreds of millions of dollars on AI start-ups. Mark Zuckenberg, the founder of META Corporation (which includes Facebook, Instagram and TikTok), considers that: “In terms of investment priorities, AI will be our biggest investment area in 2024, both in engineering and computer resources.”.

So far, META is planning on spending between 94 billion and 99 billion dollars on AI-driven self-service analytics and AI-driven conversational analytics developments in 2024, according to CNBC . All this leads us to the conclusion that AI is slowly but confidently being embraced by businesses in the search of cutting costs and gaining a competitive advantage.

How to Use AI to Analyze Data: 5 Benefits of the AI Impact on Businesses

From replacing human labor to processing large amounts of data, solving difficult problems, and even customer satisfaction, businesses of all sizes can benefit from the impact of using AI to analyze data. Let's take a look at the five main benefits of AI's impact on businesses:

  1. More automated processes . AI can speed up the automation of time-consuming, repetitive tasks or operational processes. Amazon, for example, found an interesting approach on how to use AI to analyze data and implement AI-driven self-service analytics to track order deliveries, maintain stock, predict demand, and even make product recommendations.
  2. Better and faster decision making . AI-driven self-service analytics and predictive models can spot patterns in business functioning that are not readily apparent, so owners can focus on decision making rather than collecting data.
  3. Quickly processing and analyzing large data amounts . That's probably the main benefit of AI business implementation. Businesses that know how to use AI to analyze data are krafting automated processes with lower expenses and higher gains.
  4. It is easier to stay updated on latest trends.
  5. Smoother 24/7 customer service . AI chatbots are the new minions that help businesses develop a more customer-centered approach. Users can chat with the bots to find products or to resolve order issues. AI-driven conversational analytics can give companies insights on user behavior and how to increase customer satisfaction.

How Can AI be Integrated Into Business Operations for a Higher Impact?

It seems like big tech businesses know something about using AI to analyze data that we don't yet know. Or maybe we do? It is easy to catch on to the idea that knowing how to use AI to analyze data opens a lot of new opportunities. Especially, since global-size companies are relocating their resources to AI-driven self-service analytics and AI-driven conversational analytics.

If you are determined to not fall behind, our AI business intelligence suite will help you integrate AI-driven conversational analytics and AI-driven self-service analytics to achieve a higher financial impact.

By just chatting with your database, Insightbase can help you get rid of an oversaturated amount of information. We help businesses by integrating AI-driven self-service analytics tools to collect, analyze, manage and clear databases. There is no need for advanced technical or analytical skills! Our AI-driven conversational analytics metrics are easy to operate, even for non-tech people.

Staying competitive is crucial for businesses in any industry, and integrating AI emerges as an impactful method for companies to faster achieve their goals.