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Like many other economic and industrial sectors, AI is beginning to transform operations across life sciences. In a 2021 survey of life science organizations published by the International Data Corporation (IDC), respondents cited a 65% average increase in AI spending in their organizations over the next year.

While machine learning might be as close to a household name as any AI capability in 2023, any serious historian will tell you the technology itself is nothing new. The term 'machine learning' was coined in an IBM study on computer gaming and AI dating back to 1959.

A paradigm shift is happening in the manufacturing industry. Advancement in big data and machine learning is changing traditional manufacturing processes into the era of intelligent manufacturing. The concept of what gets called "industry 4.0" encourages the use of smart sensors, devices, and machines – going beyond the motives of collecting data about production. 

This article is sponsored by Arkestro, and was written, edited and published in alignment with our transparent Emerj sponsored content guidelines.

Voice of the customer (VoC) is a term used in modern business practices to describe customers' feedback about their experience with the products and services both inside and outside any official business channels to make their opinions known. Businesses capture the voice of the customer data to provide the best possible customer experiences. The process needs to be proactive and innovative to capture the customers' changing requirements with time. 

As of 2023, AI and machine learning are widespread technologies in various applications and use cases throughout the financial services industry. Both demand factors in profitability needs, competition, and regulations – along with supply factors, such as technological advances and the availability of financial sector data – are primary drivers of adoption for these technologies. 

The manufacturing industry has changed in recent years. Humans on the shop floor have always used their senses and experience to anticipate machine failure before it occurs. Now, AI can be used in conjunction with human expertise.

The concept of customer experience is reaching new heights with technological advancements. Mobile technology and applications are increasingly becoming part of consumers' lives. The impact of technology on customer experience is growing tremendously. Fintech companies are coming up with innovations to serve customers with the best. One such initiative to bring increased value to customers is open banking. 

ExxonMobil is the largest investor-owned company in the world and the largest oil company by revenue in the Western world.

With so much competition in the market, it is easy for customers to switch their banking partners. Data and analysis of customers' financial data help banks reduce churn by channeling insights behind personalized solutions and offerings for their customers. Yet the demand for more personalization in financial services hardly stops there.