Natural language processing that is NLP is one of the highly popular terms in the modern landscape of business. The concept of Natural Language Processing can be considered as a subdivision of AI which involves dealing with the interface and functionality between humans and computer systems with the use of natural language. The eventual motive of NLP is to understand, read, decipher and comprehend finding sense of the human language in a way that makes it valuable. Let’s take a more in-depth look.
So how natural language processing works in business?
This procedure is not a new entirely new one and is considered to be around in the industry for quite a while now. However, there are new findings about its advantages and uses as a technology, with most of it boons working mostly and excellently for the contemporary business world. It is considered to be really helpful for language-relevant tasks that are required for dynamic applications in business. It is designed in such a way so that it can make the interface and collaboration between humans and machines much easier, quick and simple to work out intricate projects. Some of the chores that it makes quite easy include reading of texts, hearing of speech, and interpretation of language, determining parts and measuring of sentiments.
The different methods of application of NLP in business chores
Whenever you may call a toll free number of to talk to a brand to discuss a technical glitch, you may often hear the phrase ‘this might be recorded for training and quality purposes.’ Some of these calls are definitely used for checking quality purposes; however, there are calls that are even utilized to enhance the Natural Language Processing systems and algorithms. Right from daily to onsite consumer behavior, the usual warehouse of data consists of a dynamic amalgamation of data. The information acquired from the data his driving trading platforms into an entirely new dimension of consumer understanding, however preventing the analytics to the category of significantly formats of structures eliminating a substantial amount of data that is being generated at present. Nearly 80% of the information generated is unstructured. This is precisely where the sheer significance of Natural Language Processing comes into the picture. Now take a look at some of the different methods in which NLP is applied practically in business.
Unstructured information and data are almost everywhere that are created from customer service representatives, chats from social media sites, conversations and many more. Organizations are thus settling for Natural Language Processing system to attain understanding of the limitless unstructured information made accessible online as well in call logs. Speech recognition and machine learning together boost human language breakdown and understanding of machines reducing challenges and obstacles in the way of communication and collaboration in business.
Several eminent business decisions are gradually shifting away from human control and oversight. Important trading decisions for instance in the industry of finance are often driven by sentiments impacted by the media and news. A substantial of the content of news that is present in the form of infographics, text as well as images. A significant task, of Natural Language Processing, is taking this text, extract and analyze and the relevant data in a format that can be utilized in decision-making capacities. For instance, the big merger news can influence trading decisions and combined into business algorithms that have income implications in literally millions of dollars.
There exists another mechanism that are tools advanced with the aid of Natural Language Processing. These allow enterprises to generate smart voice-based interfaces for any system. In this part, enterprises usually rely on a custom insight graph that is generated for each of the applications and perform a far advanced career identifying theories that are relevant in the consumer domain.
Email filters are another popular use in the system of Natural Language Processing. By evaluating the texts in emails that run via servers, email providers can discontinue spam based on email contents from getting access to the mailbox.
Siri – One of the blazing examples of natural language processing
There are several applications that are significantly in use today and are based on the mechanism of natural language processing. Siri is one of the greatest examples of the mechanism or system of speech recognition. This mechanism is also based on machine learning algorithms other than speech recognition which makes it even more advanced. Not only Siri but even the famous automated speech recognition application ‘Cortana’ is based on the same. Artificial intelligence is taking up a huge space not only in business but also in other aspects of human life and the world of entertainment. It is predicted to widen even more in the upcoming years setting new paradigms and saving some amazement for the next generations.
Is NPL landing as the future of Business intelligence (BI)?
The current stand of business intelligence is progressing by leaps and bounds. However, as per sources and expert predictions, NPL shall hold the power to enhance and accelerate business intelligence in several ways, especially when it is about the analysis of texts. It is nothing new that a substantial percentage of business-relevant data is in unstructured versions. It is NPL is significantly helping in disclosing more and more patterns with the rolling of time giving a deeper understanding of human-based languages which is making complex data and information suitable for future analysis and usage.
Not only that, NPL is also helping companies tap into customer psyches by providing them with an idea of consumer preferences, sentiments and more. Nowadays language processing is also used for opinion mining and summarizing data in the best possible ways to make communication smooth and transparent.
As said and done, NPL offers a briefer and easily readable version of data. One does not have to go through a lengthy piece of data to attain an understanding and implement it. NPL is a lucrative avenue that is significantly helping companies save time; manual labor cost and boosts productivity.