Whether you take it as the next level evolution or as a challenge, the reality is Artificial Intelligence (AI) today is able to listen, understand, speak, respond, and write the human language. And if you feel that’s not enough for a sci-fi scenario, wait till you know about Natural Language Processing (NLP); which is basically a sub-branch of artificial intelligence.
What makes Natural Language Processing or simply NLP amazing is that it is able to extract the most sense from human language. It mimics the human brain by understanding the language, analyzing the context, and processing it to give back a definite response or complying with an order. While the technology is still in its initial stages, it is already being used across various industries; enabling businesses to optimize their workflow processes and achieve higher efficiency and productivity. Now, in this blog, we will specifically be looking at various applications of NLP that make it an important tech for businesses of all sizes. But first, let’s look at how NLP actually works.
How natural language processing works?
As mentioned above, natural language processing or NLP is a sub-branch of artificial intelligence (AI). Now just to be more precise, the NLP utilizes machine learning (ML) technology, which is another offshoot of artificial intelligence. Machine Learning technology is concerned with the storage of words in form of data. The ML technology is able to store phrases, sentences, and even books before these are processed based on various filters like grammatical rules, linguistics, and others. During the processing, the ML algorithms find out the intricate patterns within the text and extrapolate what comes next.
Now, NLP using this inherent capability of machine learning and takes it to the next step by understanding the context of the sentences or phrases, processing it, and then completing a job (whatever is expected of it).
Natural language processing applications
There are various everyday applications of NLP. In fact, most of us don’t even realize just how many times we are using the NLP technology in completing our day-to-day tasks. Take chatbots for example, which have emerged as a great savior for businesses, enabling them to optimize their customer support services by offering 24/7 support to customers. Chatbots primarily work using NLP and machine learning technology. These are essentially machine learning algorithms that take the commands, sentences, and phrases that are fed into them by users before actually processing those commence. Voice assistants like Alexa or Siri are also prime examples of NLP applications, which are able to listen and reach the human language. For instance, as soon as you say “Hey, Alexa” the assistant is activated and ready to respond to your commands. And as blamed by many that these systems are always listening to our voices; these assistants do listen to our voices otherwise how would they know when you want them to activate? So, unless you speak those magical words “activation words”, the NLP programs work passively in the background; waiting for you to utter the activation words.
Also, we believe that NLP does more good for the human race than bad. I mean even though they act as Big Brother, imagine your world without the technology. Imagine a world void of Google, or spellcheck or voice assistants; wouldn’t it be a boring and too complex of a world for our liking?
So, yes, natural language processing is an important technology, not just for businesses, but for the users as well.
Now, let’s move on to our main topics and see how NLP is playing an important role in the success of startups, SMEs, and enterprises.
Why is natural language processing important for startups
For startups, nothing is more important than saving time and money to survive and expand. Also, startups need dedicated and competent customer service to be able to actually differentiate themselves from the rest and attract customer loyalty. Here’s how NLP is helping startups achieving sustainability and business continuity;
- Offer real-time customer service
When it comes to startups, there’s are various challenges that the entrepreneurs need to deal with. From cash limitations to lack of resources and others, which puts them at a disadvantage as compared to more established businesses.
Now to be able to attract and retain customers, startups need to differentiate themselves from the other big players in the industry. And while big businesses may have a larger range of products and more customers, startups can really make a head start by implying dedicated and real-time customer support services through the use of NLP.
Above, we have already discussed how chatbots are changing the way companies offer customer support services, and startups can gain significant traction by integrating these chatbots, to offer customers real-time and credible support services. Today, the advancement of NLP technology means that chatbots aren’t just able to respond to queries with predefined answers, rather they are able to learn and improvise. Also, Chatbots are able to share useful links to help customers get more detailed answers to their queries. Not to forget, the advances in machine learning technology mean that chatbots are even able to understand the context, and intentions of customers, thereby are able to respond with valid, and relevant answers.
With all these fascinating features, startups may surely benefit greatly by offering their customers dedicated, and real-time support services, thereby, gaining customer loyalty and improving the brand image in the market.
- 2. Save time and money
Apart significant challenge for startups is the limited resources to handle various business aspects. Startups always seem to look out for ways to save money and time to be able to keep up with business continuity plans and NLP has just the right tools to help them.
Again, even chatbots are a great tool for startups to save much costs by implying automated bots for customer support, instead of hiring multiple sales representatives. According to one study, chatbots are able to reduce the cost of customer service by as much as 30% (that’s a valuable amount of saving for any startup, right?). Also, it’s not only the monetary saving, but rather these automated bots free up employee time, so they are able to keep focused on core business activities to achieve the business bottom line.
This is just one example, and there are various other NLP-based solutions including comments moderating systems for websites and others that can significantly improve the bottom line for startups and make them more competitive.
Why is natural language processing important for SMEs
Ok, startups aren’t just alone that can benefit from natural language processing technology. Rather, SMEs can equally benefit from various features and functionalities offered by NLP. Here are some NLP applications that makes it important for SMEs;
- Moderation for user-generated content
For SMEs, the key challenge is to remain attentive to their reputation. Again, since they will be competing with large enterprises with much bigger budgets and larger product ranges, SMEs need to be extra considerate about their online reputation and customer services.
That’s where NLP comes to their rescue…
SMEs can leverage NLP-based solutions to identify, spam, and block unwanted content over the internet. As mentioned earlier, SMEs need to pay extra attention to manage their online reputation, and one single negative comment can destroy the reputation in no time. In this regard, NLP-based solutions enable SMEs to keep a vigilant check on all the comments, reviews, and other user-generated content that mention their name.
The NLP solution helps SMEs to immediately identify any user-generated content that mentions the business name of specific words like “spam” “forbidden” etc., thereby, they can timely respond, or take other necessary actions to avoid being victim to online spam.
Modern-day NLP solutions are even capable to identify hate speech even if there are no offensive words used in the content. That’s possible due to the massive amount of data that is fed into the system and their capacity to read the context of the sentence and alert businesses.
- Boost your conversion rate
Another key challenge for SMEs is to improve their conversion rates to sustain and expand. While various marketing methods are aimed to optimize the conversion rates for SMEs, none works better than NLP-based solutions.
With NLP solutions, businesses are able to masterfully optimize the conversion rate, while keeping the cost of acquisition to a bare minimum. Chatbots, auto-complete text, and advanced navigation & search functionalities are some of the features that help SMEs to design an attractive website to lure more customers and improve conversion rates.
Why is natural language processing important for Enterprises?
Enterprises are surely one of the biggest beneficiaries of natural language processing technology, as it helps them to automate various business processes and streamline customer experience for even higher conversion and increased revenues. Here are some ways NLP help enterprises to optimize their business functions;
- Improve end-user experience
Do you know what makes Amazon the biggest online store? Yes, it’s the ability of the platform to streamline the entire user experience. The online retailer leverage advance techniques like NLP, machine learning, and others to create a seamless purchasing experience for users; from the moment they land on the website to the checkout and even fulfillment process.
Here’s how large enterprise utilize NLP to optimize end-user experience;
- Semantic search engines – assist users to find everything they want conveniently
- Chatbots – offering instant, reliable, and consistent customer support
- Content Moderation Tools – To keep up with their online reputation and take necessary timely measures
- Increase employee satisfaction
As the saying goes, if you keep your employees happy, they will keep your customers happy.
Again, NLP-based solutions enable enterprises to maximize employee satisfaction by automating various redundant tasks. This leaves employees with more free time to concentrate on innovative, or core business aspects, thereby improving the overall performance of businesses. Some of the tasks that can be automated through NLP based solutions include;
- Moderating comments
- Customer servicing
- Answering repetitive questions
- Classifying emails
- Scanning and filtering documents for keywords
- Data entry
- Spell checks; and
Why Folio3 natural language processing is your next big thing?
Folio3 is a leading tech solution company with a strong focus on research & development of practical applications using futuristic technologies.
Folio3 has been offering robust NLP applications using advanced algorithms to help businesses optimize business functions and improve their efficiency. The company works in close collaboration with its clients to understand their core technological needs and come up with customized solutions that help them get the most value from their data.
The advanced convenient speech-to-text analytics solution from Folio3 establishes the authority and expertise of the company as a premium solution provider for natural language processing applications. The proprietary NLP application leverage advanced linguistic and statistical algorithms to offer higher accuracy and fast speech-to-text analytics solutions to businesses. To make it even better, the speech-to-text analytics solution from Folio3 can be integrated with the sentiment analysis technique to further improvise the sophistication, and accuracy of the application.
If you are looking for a reliable and consistent NLP application partner, Folio3 can definitely help you with its abundant industry experience and robust expertise in the technique.