At times AI will challenge, scare, and delight you. And it’s going to make you a smarter business owner.

To find out how AI will impact your business in 2024, business owners and experts generously shared their predictions.

AI predictions for 2024

AI will bring new opportunities—and challenges—to the financial world

“A little more than a year after LLMs [large language models—a type of artificial intelligence] burst onto the scene, one of the most exciting future applications of generative AI is in fighting fraud—specifically, in the opportunity to analyze and learn from an unprecedented amount of data compared to traditional predictive models. The next generation of AI has the potential to take insights from multiple domains and generate new insights, helping to train fraud tools to make more informed and accurate decisions to differentiate fraudulent transactions from legitimate purchases.

“AI also brings new challenges to payments. Generative AI tools will help fraudsters create more realistic phishing scams, making it harder for consumers to spot the once-characteristic spelling and grammar errors. All of this raises the bar for businesses and consumers, who will need to adapt to an evolving threat landscape.”

—Matt Baker, Head of Small Business, Visa Commercial Solutions

Hesitancy with AI will continue for small business owners; meeting customers where they are will help bridge the technology gap

“According to a recent EverCommerce customer pulse survey, 38% of small business owners feel comfortable with AI tools, although 75% have never used AI tools within their businesses. There is a polarizing technology gap between small business owners and the customers they service. SMBs need to build confidence around new tech to leverage the tools their customers are now accustomed to.”

—Matt Feierstein, President, EverCommerce

A sharper focus on the development of trusted technology solving for real customer challenges

“Large language models (LLMs) and digital assistants will fundamentally reshape the way people interact with software in their personal and professional lives. However, this is only true if humans can trust the technology to do the job safely and competently. That’s why, now more than ever, the people developing AI and the people using it need to work hand in hand to make sure AI lives up to its potential.”

—Aaron Harris, Chief Technology Officer, Sage

Unexpected industries will champion the adoption of AI and emerging tech

“Traditional sectors—including automotive, hospitality, healthcare, legal services, education, and government—are swiftly adopting novel technologies like AI and associated modules. In 2024, we’ll see some of these traditional laggards morph into leaders, with some even outpacing early adopter categories like beauty, fashion, consumer electronics, gaming, or grocery retail.

“These more ‘conventional’ industries will leverage new technologies often associated with retail e-commerce, like AI/AI-generated content, video clienteling, digital showrooms, and connected video commerce networks faster and with greater effectiveness than anyone.”

—Jason Holland, Chief Business Officer, Firework

AI will become an integral business tool

“In 2024, businesses will explore how to use AI as more than a one-off facilitator of efficiency and productivity. AI will become an integral tool in daily workflows and become a true operational partner. For example, in customer service, AI’s ability to ‘understand’ and quickly answer customers’ questions will help [companies] place orders faster. At businesses of every size, the opportunities are enormous.”

—Ashley Hubka, Senior Vice President/General Manager, Walmart Business

AI will not just be for marketers at major brands

“We’re seeing small business owners unlocking the power of AI. In a recent survey about generative AI, GoDaddy Venture Forward found that small business owners are eager to grow and save time doing it. Nearly one in four surveyed indicated a willingness to leverage outside help for tasks like creating content. As a result, we’ve announced several AI products to help entrepreneurs generate content, such as online store product descriptions, to save time and ultimately attract new customers.

“As we move into 2024, I encourage more small business owners to experiment with AI and see how it might benefit their businesses in the long term.”

—Amy Jennette, Senior Director of Brand Marketing, GoDaddy

AI will continue to make a big impact

“Look for these five AI trends to grow in 2024:

1. Increasing computing power needs: AI’s growth and intricacy necessitate unprecedented computational power. As models become more complex, cutting-edge hardware advancements will become imperative. The emphasis is shifting to infrastructure capabilities that can support the ever-expanding AI models.

2. AI-enhanced creativity: The confluence of AI and human collaboration is ushering in a new age of creativity. AI ‘hallucinations’ are not just anomalies but potential catalysts for innovation, presenting fresh perspectives. Yet, balancing this potential with ethical considerations will be a focal point.

3. AI’s revolutionary impact on work dynamics: AI’s influence is reshaping the workplace, augmenting rather than replacing roles. Traditional job descriptions are evolving, blending AI insights with human intuition. This transformation underscores the importance of adaptability and continuous learning in the workplace.

4. AI legislation and regulation: The rapid proliferation of AI has made it a focal point for global governments. Striking a balance between fostering AI innovation and ensuring public safety remains a challenge. The regulatory landscape in 2024 will be pivotal in shaping AI’s global trajectory.

5. Harnessing the power of synthetic data for AI training: The quality and quantity of training data determine an AI model’s efficacy. Synthetic data’s potential as a substitute for real-world data is a topic of fervent discussion, examining its viability across various applications.”

—Nick Baca Storni, Chief Revenue Officer, Inclusion Cloud

SMBs will continue to embrace AI as barriers to entry lower and more knowledge of AI’s effect on small businesses emerges

“SMBs need to realize that the way AI works for large enterprises might not be the same way it will work for their companies. By implementing AI in ways that integrate with their already existing business processes, SMBs will have a much easier time with this adoption.

“This can be a small step, like utilizing AI to help choose a new icon for the company, personalizing customer experiences, bettering supply chain operations, or even using AI-powered accounting tools to help better manage financial systems.

“As small businesses begin to implement AI, they can’t lose focus on data privacy. With the high number of data breaches that have occurred this past year, along with the number of policies coming out globally around consumer privacy, SMBs must tread carefully. By adopting their own privacy practices around AI, SMBs can ensure the protection of customer data.

“To do both of these things, SMBs should find a strong software provider that focuses on the long game of technology rather than chasing after the newest trends. With the right software and the right privacy practices, SMBs can thrive as enterprises do when it comes to utilizing AI in 2024.”

—Raju Vegesna, Chief Evangelist, Zoho

In the rapidly evolving landscape of technological advancement, AI stands at the forefront of innovation, especially in its role in aiding digital transformation

“As we look toward the future, AI is poised to play an increasingly integral role in reshaping industries, optimizing operations, and redefining the way we interact with technology.

“Digital transformation, at its core, is about leveraging technology to fundamentally change how businesses operate and deliver value to customers. AI, with its ability to learn, analyze, and make decisions, is becoming a pivotal tool in this transformation. The synergy between AI and digital transformation lies in AI’s capacity to process vast amounts of data, learn from patterns, and automate complex processes.

“One of the primary ways AI will influence digital transformation is through the enhancement of customer experiences. Personalization, driven by AI algorithms, can tailor services and products to individual customer preferences, leading to more engaging and satisfying interactions. Additionally, AI-powered chatbots and virtual assistants are set to become more sophisticated, providing real-time, efficient customer service.

“AI’s role in automating routine tasks will significantly impact operational efficiency. By taking over repetitive and time-consuming tasks, AI allows employees to focus on more strategic and creative aspects of their work. This shift not only boosts productivity, but also fosters a more innovative work environment. Furthermore, AI-driven predictive maintenance in industries can foresee equipment failures before they occur, reducing downtime and maintenance costs.

“As businesses generate and accumulate vast datasets, AI’s ability to analyze and extract meaningful insights from this data is invaluable. AI algorithms can identify trends, predict outcomes, and suggest actions, enhancing decision-making processes. This data-driven approach ensures that decisions are based on empirical evidence, leading to more effective strategies and outcomes.

“However, the integration of AI in digital transformation is not without challenges. Concerns regarding privacy, security, and ethical implications of AI decisions are paramount. Ensuring transparency in AI algorithms and maintaining human oversight are crucial steps in addressing these concerns. Moreover, as AI becomes more prevalent, the need for skilled professionals capable of working with AI technologies will grow, necessitating significant investment in education and training.

“The role of AI in supporting and driving digital transformation is set to expand significantly in the coming years. Its impact will be felt across customer experience enhancement, operational efficiency, and data-driven decision-making. However, for AI to truly fulfill its potential in aiding digital transformation, it is essential to address the accompanying challenges and ethical considerations. Embracing AI’s capabilities while being mindful of its implications will be key to harnessing its power in the digital era.”

—Alexandre Wentzo, CEO, iGrafx

AI will impact small businesses differently

“As the usage of AI continues to accelerate, it will increase efficiency and productivity for many businesses, but also increase the likelihood of risk in others. Speaking with a trusted advisor while navigating the use of AI in your business helps mitigate risks and identifies potential areas for use to maximize success.”

—Bridget Weston, President, SCORE

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