The digitalization drive in recent years has led to the deployment of technologies such as artificial intelligence (AI) and machine learning (ML), ushering in a new era of Industry 4.0. According to Gartner, 37% of organizations have implemented AI in some form with the percentage of use cases growing by over 270% in the past four years. AI helps enhance customer experience and supports smart decision-making by drawing on data insights, and its potential to deliver predictive insights and significantly curtail capital expenditure is being explored by many industries. AI/ML uses data-learning algorithms to analyze hidden patterns and accurately predict outcomes, allowing for the careful selection of critical instruments and reducing capital expenditure.
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