The inverting logic and independent output-enable controls per nibble make it a natural fit for address decoding, memory-bank selection, or any bus where an active-low assertion is the convention.
24 mA output — what the number means for fan-out and noise margin
The 24 mA drive is the same for both high and low states, which simplifies DC fan-out calculations: at 5 V you can drive about ten LSTTL loads or twenty 74ACT loads before the VOL/VOH margins shrink below 0.4 V. In a noisy industrial environment the symmetric drive also keeps the rising and falling edge rates matched, reducing the common-mode component of crosstalk on a parallel bus. If your load pulls more than 24 mA per output, you need a discrete buffer stage — this part is sized for logic-level fan-out, not power switching.
If your system lives in a conditioned server room, the commercial-grade sibling (CD74ACT240E) would also work, but the industrial grade gives you margin if the enclosure gets warm.