Even though there have been numerous developments in technology during the past few years, one of the biggest developments is the growth of natural language processing.
Businesses that are able to take advantage of natural language processing will be in the best positions, particularly in hyper-competitive economic environments.
What is natural language processing, and what are the benefits that it provides? There are several important points that all business professionals should keep in mind.
An overview of Natural Language Processing (NLP)
So, what is natural language processing? NLP uses something called machine learning systems to learn words, analyze phrases, and produce syntax — the order of the words and phrases.
The words, phrases and syntax are processed together, based on linguistic habits, grammatical rules, and standardized algorithms to create computer-based natural language. This technology can be used not only for language translation but also for contextual analysis.
This is important because NLP can automate a lot of the processes that businesses used to have to do by hand. There are several benefits that natural language processing programs can provide.
NLP benefit: Improve data analysis capabilities
First, NLP is a program that has the potential to significantly improve data analysis capabilities. There are lots of unstructured data including emails, research results, and standardized word documents.
Thanks to the growth of technology in this field, it is possible to process a lot of this information in the blink of an eye. Even repetitive tasks, such as surveys, can be completed more quickly with NLP.
This is also a program that can play an important role during the recruiting process. Instead of having hiring managers review countless resumes by hand, companies can use applications to screen them based on certain characteristics. This can save time, reduce human error, and help companies find the right people for the job.
NLP streamlines daily business operations
Numerous professional firms, such as accounting offices, medical practices, and law firms, have to review a significant amount of contractual information and technical documents.
Using an advanced NLP solution, it is possible to expedite these operations. Because a lot of contracts use similar language, a natural language processing program automates this process, finding specific clauses that are located in various documents along the way.
Improve the experience of the customer with Natural Language Processing
Customers have higher expectations than ever, and businesses that are successful will rise to meet them. Using algorithms that are specific to an industry, it is possible for NLP programs to identify elements that suggest certain emotions or sentiments.
That way, businesses can improve the customer experience by answering questions and addressing concerns quickly.
Businesses do not have to hire customer service representatives to answer simple questions that can be answered by chatbots employing NLP and customers get faster answers to their questions.
Therefore, NLP benefits not only the customer but businesses as well.
NLP empowers employees
It is possible for businesses to empower employees by eliminating repetitive functions. A lot of employees are simply tired of doing repetitive tasks that do not require any brainpower.
These are tasks that can now be handled by automation technology. Thanks to NLP programs, businesses are able to free up the time of their employees, allowing them to focus on more important areas.
If employees are given the freedom and independence to work autonomously, employee satisfaction can increase significantly. This will make it easier for companies to not only identify talented employees but also retain them.
Looking to the future of Natural Language Processing
These are just a few of the many benefits that natural language processing can provide. As NLP continues to grow, it is only going to become more important in the future.
This has already changed the way business intelligence platforms operate. For example, WhizAI already uses artificial intelligence technology to produce conversational analytics for its users, which are largely field sales professionals in life sciences.
A sales rep walks into a medical clinic, opens the WhizAI app, asks the app what it needs and the app uses NLP to deliver market data and customer data, so the sales rep can better serve the healthcare provider.
It’s real-world applications like this that show us how NLP will change the way we do business.