Natural language processing is a new technology that will improve your business. Read on to find out more.
Natural language processing is a breakthrough technology that teaches computers how to understand and analyze human language. While the technology has come a long way (and is evolving more every day) this doesn’t mean we’re anywhere close to having conversations with our computers just yet.
Instead, companies of all industries are currently applying NLP to analyze the unstructured data of human speech. This includes evaluating everything from phone recordings taken “for quality and training purposes”, to the text logs of online support chat bots. In turn, this allows companies to reveal hidden operational insights and trends, discover faster product and service solutions, and help maximize their business performance.
As a relatively young technology, NLP does still have its share of hurdles and pitfalls companies must be wary of. But when harnessed correctly, NLP provides an incredible range of business benefits that no enterprise will want to ignore.
Three Ways NLP Can Benefit Your Business
NLP is only really a benefit if it provides more lucrative data and solutions than it costs. After all, around 85% of recent big data projects ended in failure, largely because of misguided A.I. initiatives.
Don’t be frightened away just yet though, because these numbers aren’t so surprising when you think about it. NLP and A.I. both offer big promises, so naturally many people jump-the-gun to try and get ahead and make the most of this tech first. But as we always see with the emergence of popular new technologies, many early investments fail due to overeager hopes and shortsighted attention given to all the wrong places.
This highlights how crucial it for companies to focus on the areas where NLP has the capacity to make real changes in their organization. Areas such as:
1. Reducing Bureaucracy, Administrative Work
Form-filling, data entry, and other mundane administrative tasks require time, manpower, and money. Transferring these responsibilities to an A.I. let’s businesses save themselves from these expenses, and save their employee labor for the work that needs human attention.
NLP software will do this for you.
2. Cutting The Supply Curve, Improving Product Offerings
The management of large supply chains always involves mismanagement to some degree. Allocating materials where they are used best, and making the most logical inventory purchases, is virtually impossible to do all the time with so many moving parts in a supply chain to follow.
Virtually impossible for a human, that is.
It’s often frustrating knowing that things could be done better. But by giving a trained A.I. the reigns on supply-lines, the results naturally become better quality merchandise at cheaper costs—which gives businesses the room to create more sophisticated products for their customers.
3. Optimizing Internal Operations
Many organizations wonder whether they are making the best decisions in terms of sales, product development, customer, service, and such.
However, as mentioned before, with NLP data analysis those suspicions can finally be confirmed or denied as an A.I. system will dig through unstructured data and find the exact areas responsible for operational faults.
Three Examples of NLP Business Implementations
The broad benefits described above should sound enticing for any business, though it is often hard for NLP newcomers to conceptualize what any of these systems look like in action. Here’s a few examples:
1. Support Ticket Analysis
When customers send a support ticket to a website, an A.I. is able to use NLP to instantly analyze and classify what each ticket is about.
However, this goes beyond just determining the differences between issues like ‘damaged order on arrival’ or ‘shopping cart billing concerns’. NLP also allows A.I. to comprehend the severity of a customer’s needs, and even determine their impression of the products.
After assessing a problem’s nature, the A.I. will then send those support tickets to human experts suited for the job.
2. Translate Written Text to Data
Text from articles, reports, and research can be conceptualized through NLP and transformed by A.I. into tabular data for easy understanding.
This process works by extracting important data points from the text, in the correct context, regardless of how its presented or whether its written by number (1) or word (one). Everything from international trade facts, to biomedical research results, to financial report analysis, or any other area where actionable conclusions are needed.
3. Present Relevant Industry News
To stay ahead in any industry of business, one needs to ensure they stay informed.
There are countless reports and articles written and released online every day. Sorting all the valuable information from the useless would require everything to be read—something impossible for any one person to do. But with NLP, A.I. will search for news autonomously and update users on the most important information related to their field just as it comes out.
How CreativeMinds Can Help
CreativeMinds’ team of Data Analysis and Natural Language Processing experts are available to assist any companies wanting to explore the prospects hiding behind their data.
We start by studying a company’s data to analyze opportunities, then design and integrate a tailor-made software solution with included API utilization that meets their A.I. business needs.
Recap: What’s So Special About NLP?
Taking a deeper look, NLP comes as an answer to a problem that’s rapidly grown over the last decade.
As data gathering capabilities have increased through the evolution of data recording technology, typical data warehouses started taking on exponentially more data than they knew what to do with.
While at first many believed more was better, in general, over 80% of the data businesses gather tend to be too unstructured for humans to make sense of. Soon, this abundance of captured data became nosier than it was useful due to oversaturation.
NLP, however, gives machines the capability to pull meaning from unstructured data—like human language. This turns that majority of useless data into usable information, discovering new problem areas and potential solutions which were previously buried beneath the chaos.
Though there have been, and are still, countless challenges in getting A.I. to grasp the context of unstructured data, NLP has demonstrated itself as a truly viable solution that’s getting stronger all the time.