For improved decision-making, the management must consider the available resources to deliver the necessary data before taking up the NLP project. This is because it requires large volumes of data to process. Once all the basics have been sorted, your business can enjoy all the benefits NLP technology offers.
According to Statista, the market size for the Natural Language Processing market is anticipated to reach US$36.42bn in 2024. The market size is projected to show an annual growth rate of 27.55%, resulting in a market volume ofUS$156.80bn by 2030.
Now, what is Natural language processing? It is an integral part of the broad spectrum of Artificial intelligence that many businesses have been using. Read on to know the benefits your company can get by deploying the NLP technology.
NLP: A closer look
Natural language processing is a significant branch of AI, and its concern is to develop machines that understand and respond to text and speech just like humans do. With statistical, machine learning, and deep learning models, NLP uses computational linguistics-rule-based modeling of human language. It enables computers to process human language through voice and data to understand its meaning.
Behind computer programs that translate text from one language to another, the hero is NLP. It helps systems respond to spoken commands, and summarize the text quickly in real time. Examples of NLP applications are GPS systems, speech-to-text dictation software, digital assistants, and customer service chatbots.
What are the Natural language processing tasks?
- Speech recognition
It is also called speech-to-text, converting voice data to text data. Any application that answers spoken questions or responds to voice commands uses speech recognition. For example, Alexa, OK Google.
- Part of speech tagging
Also known as grammatical tagging, it determines which part of speech a word is in a text based on its context. Part of speech identifies ‘book’ as a verb in ‘I can book a flight,’ and as a noun in ‘What book are you reading?’’
- Word sense ambiguation
It is the selection of the meaning of a word that has various other meanings through a process called semantic analysis. This determines the word that makes the most sense in a given context. For example, word sense ambiguation can distinguish the meaning of the verb ‘make’ in ‘make the grade’ (achieve) vs. ‘make a bet’ (place).
- Named entity recognition
It identifies words as self-entities. Let’s say “India” is recognized as a country, and “John” is recognized as somebody’s name.
- Sentiment analysis
The task attempts to extract sentiments such as emotions, confusion, sarcasm, or suspicion in a text. AI tools can help discern the feelings and attitudes expressed in the text, offering valuable insights into customer reactions.
Benefits of natural language processing
NLP can offer many benefits to your business. Here are a few of them:
1. Better data analysis
It’s difficult for computers to process massive unstructured data such as documents, research results, and emails. However, with NLP technology, these data can be analyzed and processed. Repetitive tasks can also be completed in less time when NLP is deployed.
Companies can also deploy NLP to screen candidates for specific characteristics in human resource recruitment. Moreover, it makes the process faster and more effective.
2. Streamlined Processes
Companies such as accounting and law firms can review large amounts of information by deploying NLP technology. Here are some more advantages –
- Reduce the time spent looking at specific data.
- Chatbots can be trained to find specific information from multiple documents
- With automation, human intervention can be avoided
- Allows the staff to concentrate on other issues
- Ensuring overall efficiency in the organization.
3. Improved customer experience
NLP technology can be deployed to understand customer behavior and know about the customer experience of interacting with your business. It recognizes customer sentiments in their messages using specific algorithms to understand the emotions in their text.
As the technology processes big real-time data across multiple sources to produce more comprehensive data, your team can find information quickly. This data can be used to serve customers better and fulfill other duties they have been assigned. In the process, there is employee engagement, which is a plus for any business, as team members are the first brand ambassadors of a company.
4. Reduced Costs
Improved efficiency always translates to one thing: reduced costs. The more effective the internal working systems are, the less time the employees take to perform their roles. More is achieved quickly, resulting in minimum costs in attaining milestones.
For example, when natural language processing is applied in customer service support, you will find that instead of needing five service representatives, two can do their functions assisted by technology. It translates to lower costs as the number of employees reduces.
Natural language process cases
- Spam detection
- Social media sentiment analysis
- Text summarization
- Machine translation
- Virtual agents and chatbots
The bottom line
To get the maximum benefits of NLP technology, companies must ensure that their corporate culture is prepared for the anxiety that comes with change. They need to comprehend natural language elements like AI requirements, neural networks, predictive analysis, machine learning algorithms, semantic analysis, and summarization.
To get the best AI-powered business solutions, connect with Technovate today!
