Today, almost every company wants to embrace AI and benefit from its various components by implementing an intelligence-driven system that collects, processes, and synthesizes data to produce automated data analysis and content management.
Research indicates that just 20% of employees who have access to Business Intelligence tools have the literacy or subject knowledge necessary to use them, despite the enormous success and adoption of Big Data. Contrarily, data displayed in charts and graphs do not look appealing to the eye and frequently result in misunderstandings and subpar judgment.
The subset of Artificial Intelligence (AI) technologies known as Natural Language Processing, Natural Language Understanding, and Natural Language Generation, as well as related analytical algorithms, enter the scene at this point.
The Evolution Of NLP
Earlier, companies needed a certain number of staff and ongoing supervision to ensure that semi-smart machines could comprehend and adhere to a pre-programmed algorithm.
But over time, Artificial Intelligence, Machine Learning, Deep Learning, Artificial Neural Networks, Natural Language Processing, and Natural Language Generation enabled robots to develop the intelligence necessary to handle particular corporate needs and objectives.
These AI-based technologies can comprehend enormous datasets to produce significant insights that eventually assist create unique and effective solutions when optimized and strategically used. Such algorithms are used by IT behemoths like Google, Apple, Microsoft, and Amazon to enhance services like voice-activated mobile services, product suggestions, and online searches.
NLP’s Function in Business Domains
Data is king when it comes to business intelligence. Businesses gather volumes of information about their clients, including their spending patterns, age range, geography, and other details. But a sizable portion of this information needs to be more structured and helpful. Companies are literally sitting on a gold mine without the proper technology to handle this information and make it valuable.
Sophisticated natural language application development and deployment is a crucial aspect of a business. Natural Language Processing (NLP) is applied in this situation. Let’s examine the value and necessity of NLP in the corporate world, along with the numerous benefits that NLP provides.
The Value of NLP in Business
Using natural language processing, a computer can comprehend spoken words from humans. Although computers have long been able to understand commands and instructions, NLP differs from other forms of computer language in that it can decipher the meanings of underlying words.
Brands are more than just a good or services in today’s society. A brand is a customer’s impression of a business, its goods, or its services.
NLP is crucial for organizations because it gives them information into the effectiveness of their brands and client happiness. Businesses can also use NLP software to filter out unnecessary data and find important information that they can use to improve customer experiences with their brands.
How NLP Is Beneficial For Businesses?
Natural Language Processing (NLP) provides the following benefits for businesses:
- Conduct Large-Scale Analysis
Various documents, internal systems, emails, social media data, online reviews, and more can be analyzed using NLP technology, and enormous amounts of data can be processed quickly and efficiently. Manual analysis might take days or weeks.
Additionally, NLP tools may scale up or down instantly based on your requirements, allowing you to use as much or as little processing power as you require.
- Gain a More Objective And Precise Analysis
Humans are prone to errors or may have biases that can skew the results while conducting repeated (and frankly tedious) jobs like reading and analyzing open-ended survey replies and other text data.
The language and standards of your business can be trained into NLP-powered products frequently in just a few steps. Therefore, once they are operational, they execute considerably more precisely than humans ever could. Additionally, you can make adjustments and keep training your models as your industry or business’s terminology changes.
- Streamline Processes And Reduce Expenses
NLP tools operate in real-time, 24 hours a day, at any size you require, whereas manual data analysis would need at least a few full-time personnel. NLP SaaS technologies allow you to reduce staffing levels. When you link NLP tools to your data, you can examine consumer feedback instantly, allowing you to spot problems with your product or service as soon as they arise.
Utilize NLP solutions like MonkeyLearn to automate ticket labeling and route to speed up procedures and relieve your staff of tedious duties. And keep up with new trends as soon as they appear.
- Boost Customer Satisfaction
The use of NLP tools allows you to automatically evaluate and filter customer care issues based on topics, intent, urgency, sentiment, etc. and route them to the right department or individual.
Integrations between MonkeyLearn and CRM platforms like Zendesk, Freshdesk, Service Cloud, and HelpScout make it easy to monitor, route, and even reply to customer support tickets. You can quickly understand how satisfied your customers are at every point of their journey by performing NLP analysis on customer satisfaction surveys.
- Empower Your Employees
Thanks to automated procedures and data analysis, your staff will have more time to devote to what matters and on their actual tasks. Additionally, eliminating boring, repetitive jobs, NLP will help your staff members focus better and experience less boredom and exhaustion.
- Obtain Accurate & Actionable Insights
Few unstructured data types such as open-ended survey replies, online reviews, and comments demand deeper analysis. AI-driven NLP technologies makes it simple to deconstruct the content so that computers can comprehend it.
No more speculating or quick, superficial analyses. Using Natural Language Processing, you can uncover data-driven, practical insights that can be applied immediately by analyzing unstructured material.
For years to come, NLP tools will continue to give professionals an advantage at work. Natural language processing solutions have many applications, so it’s simple to understand how they could benefit you in your line of work.
The demand for Natural Language Processing solutions will increase as AI grows more sophisticated, whether you’re a financial analyst seeking effective ways to handle information or a marketer looking for novel and improved ways to target particular demographics.