You probably don’t know it but natural language processing or NLP is more than an emerging technology that business companies can use. It’s a popular form of technology that’s becoming popular with every passing day. Everything from online search to spell-checking that involves language incorporates language processing systems powered by algorithms. Here you will learn about the various uses of natural language processing.
Natural language processing or NLP appeared as a breakthrough technology that makes computers understand and analyze the various dialects of humans. Indeed, this technology covered a massive distance, and it’s continuously evolving too. However, it doesn’t mean that you can converse with your computer.
Instead of communicating with a machine, business companies of all industries are presently applying NLP to analyze unstructured data of human speech. It includes assessing everything from phone recordings that you generally use for quality evaluation and training purposes to the texts of online support chatbots. This feature, in turn, allows companies to unravel hidden operational trends and insights, discover swiffer product and service solutions, and help maximize the performance of the business.
The creators of the best small business billing app remind you that NLP comes with several hurdles and pitfalls. As long as you can bypass these issues and harness this system correctly, you will gain incredible benefits. Here are some ways to use NLP.
Analyzing sentiment:
Natural language processing or NLP is an excellent tool that you can use for monitoring your clients, customers, and prospects over the web and social media. NLP can help you comprehend and scrutinize the responses to the business messages posted on social media channels. NLP aids you in analyzing the attitude and emotional state of the writer. You may also recognize this application as opinion mining. You can implement it through a combo of natural language processing and statistics by assigning specific values to the text and making efforts to identify the underlying mood of the content.
Customer service:
The designers of the best invoice app for small businesses know that ensuring the loyalty of customers by keeping them happy is one of the supreme challenges and responsibilities of every business company. That’s why they suggest business owners use NLP because it can aid in multiple functions of customer service and serve as a perfect tool for gaining insight into the perceptions, tastes, and preferences of the audience. NLP can separate speech with the support of AI to identify each voice to the corresponding speaker and answer every caller separately.
Chatbots:
Chatbots are extremely popular these days. You probably have a chatbot on your website too because it’s the best solution for consumer frustration that’s quite common with customer care call service. Chatbots are a perfect representation of NLP. They provide virtual assistance in today’s modern, digitized world for simple issues of the customer. These problems are of low priority but bring high turnover with it. One doesn’t need to be a skilled individual to handle these problems. Intelligence chatbots can offer personalized assistance to customers in the future.
Market intelligence:
Market knowledge and the information exchanged among organizations, governments, stakeholders, and regulatory bodies influence business markets. The founders of the small business billing app that you use believe that it’s vital for companies to stay up to date with industry trends and the ever-changing standards. NLP can be useful in tracking and monitoring the market intelligence reports for extracting necessary pieces of information. With the same data, businesses can build new strategies.
Advertisement funnel management:
Do you know what your consumers need? Do you know where your consumer can look for things that can satisfy his/her requirement? If you don’t have satisfactory answers to these two questions, then you should consider using NLP. It’s an outstanding system that you can use for intelligent targeting and advertisement placements at the right time, at the right place, and for the right audience. Since reaching the right customer for your product is the ultimate objective of your business, NLP will help you match the appropriate keywords in the text and show you the way to the right customer.
Recruitment and hiring:
The experts that created the best invoice app for small business say that NLP will be beneficial to the HR department of your business. It can increase the speed at which your HR personnel search for and filter relevant resumes to choose the right candidates. NLP-based software programs and systems have semantic analysis features that can sift through the right synonyms to help recruiters detect the candidates that meet the requirements of the job.
Neural machine translation:
Back in the day, it seemed like an awkward attempt to replicate professional translation services. However, after the arrival of neural machine translation or NMT systems, it’s possible to do so. It was in 2016 when Microsoft Bing launched the neural machine translation technology, but today, Google and Amazon are competing to bring forward the best machine translation tools. When applied to neural machine translation, NLP can help educate the neural machine networks.
Healthcare business:
NLP can also prove advantageous to the healthcare industry. In mainstay cases, NLP can aid speech recognition, clinical documentation improvement, computer-assisted coding, data mining research, and automated registry reporting. Similarly, in emerging cases, NLP will be useful in clinical trial matching, risk adjustment, clinical decision support, and hierarchical condition categories. Finally, for next-gen cases, NLP will provide ambient virtual scribe, biomarker discovery, computational phenotyping, and population surveillance.
Final words
The system that powers natural language processing is a statistical concept. For NLP to move to NLU or natural language understanding systems, people associated with the world of technological enhancements need to work harder. Natural language understanding or NLU will allow consumers to see, establish, and experience an emotional connection with machines. Numerous business companies all over the world found, tested, and executed some of the most favorable applications of NLP. You too can do the same.
