Benefits of Natural Language Processing

Data in all its forms — especially that submitted by customers — is a worthy source of information. But, at the same time, several businesses lack the tools to analyze it correctly.
In order to ace in the race to understand what your customers are looking for; one needs the power to decode the same. This is when Natural language processing comes into picture. NLP helps one to browse through the available customer data online – social media & other social platforms – and decipher customer needs in detail.

Natural language processing (NLP) has always been a technology that science and business have been yearning after for decades. Over years it has become more vital as data became king, but it is a must-have today, as part of a collection of tools known as machine learning, as businesses start to drown in big data.

In fact, the benefits of natural language processing are innumerable. In order to augment the efficiency of documentation processes, heighten the accuracy of documentation & find the most accurate information from large databases, natural language processing can be leveraged by companies quite effectively. For example, a hospital might use natural language processing to pull a specific diagnosis from a physician’s unstructured notes and allocate a billing code.

● NLP gives a company the chance to scan messages, such as tweets, feedback forms, documents or files. Working either historically in batches or live, and look for key phrases or words that can aid the company identify valuable trends or information, from the simple “our customers are asking for this product at this time of day” or response suggests our chatbot is not giving enough specific information.”

● Large companies can hire data scientists to construct apps that aid in crunching the data, but there are several cloud-based automations, machine learning and NLP tools that any company can approach to help them leverage data and create actionable insights. And, if a company like Dunkin’ Donuts can utilize machine learning, we’re pretty sure yours can too.

● Chatbots, today, are crucial to any company’s digital interface. NLP can guide one to develop a chatbot platform that will connect well with the existing & potential customers. If a customer types-in something the bot isn’t expecting, NLP can scan the phrase for keywords and direct the conversation to something relevant. If that keeps happening, data builds up over time and the company can upgrade the chatbot to make sure customers have a better progress path.

● Businesses can also gain the benefit by automating processes utilizing the software such as Smart Processes Automation (SPA) via WorkFusion, with features comprising workflow analysis; aiding a business streamline its valuable processes. Using cognitive AI-based processing SPA can automate judgment decision making around unstructured data, while a team of SMEs can provide quality control within a fast-moving business.

● Beyond these use cases, AI, NLP and automation can aid with translation tasks as businesses increasingly become global players, no matter how small they are. Recruitment and HR are another boom area for the technologies with resumes being sifted for key information or chatbots supplying workers with holiday, sickness and other significant information on demand to help the department in finding out that information.

The future of NLP for business

By getting on-board with NLP in your applications and processes now, you are setting your company up to be increasingly efficient and prepared for this heavy data future.