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Key Business Applications of Natural Language Processing

Aug 30, 2018

What is Natural Language Processing?

Natural language processing (NLP) refers to the ability of computer programs to decipher human language as it is spoken. NLP is a component of artificial intelligence that teaches computers to use language in the same way humans do. This technology relies heavily on machine learning to analyze and use patterns in data to enhance a program’s understanding of speech. Natural language processing is gradually going mainstream now with Siri, Google, and Alexa communicating with users and easily decoding the language spoken by them.

One of the key challenges in developing NLP is that traditionally computers require humans to “communicate” to them in a programming language that is unambiguous, precise, and highly structured, or through a specific and clearly enunciated voice commands. Human speech, on the other hand, is not always precise. It is often ambiguous, and the structure of the language can depend on many complex variables, including regional dialects, slang, and the social context.

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Business Applications of Natural Language Processing

In the business scenario, natural language processing is becoming an integral element of communication. The applications of natural language processing can be leveraged by companies to increase the efficiency of their documentation processes, optimize the accuracy of documentation, and identify the most relevant information from large databases. Here are some of the key business applications of natural language processing.

Chatbots to Optimize HR

Chatbots are the newest form of natural language processing system used by modern companies. Initially, chatbots were used majorly by B2C companies, who have to cater to customer queries and requests directly. Over the years, companies have realized the potential of this technology and have started using it for operations that include optimizing HR. These bots can reply to employee queries such as “How many paid leaves do I have left” or “when does my insurance need renewal”. Some employee-friendly companies are also using bots to take employee polls on workplace satisfaction to the snacks they want in the office pantry.

Sentiment Analysis

Gaining customer insights is one of the key requisites for businesses to know where they stand in the market and the improvements that need to be made. NLP is a great tool for businesses to identify and analyze the responses of customers regarding the messages published to the business on social media. It helps to identify the tone of the message or the emotional state of the writer of the post.  It is implemented through a combination of statistics and NLP. Specific values are assigned to the text (positive, negative, or neutral) and, in turn, efforts are made to identify the underlying mood of the users.

Customer Service

Ensuring customer satisfaction is one of the most challenging tasks for most companies. This is where the applications of natural language processing can be put to use to provide a better user experience. NLP is an effective way for companies to gain deeper insights into audience tastes, preferences, and perceptions. It makes use of speech separation, where artificial intelligence is used to identify each voice to the corresponding speaker and answer each of the callers separately. This will ensure personalized customer care, which consequently results in enhanced customer satisfaction.

Market Intelligence

For businesses to be relevant in the market, they should be up-to-date with the dynamic industry trends and innovations. The application of natural language processing can easily help monitor market intelligence reports and extract the information necessary for businesses to formulate new strategies. This also provides exhaustive insights into critical factors such as tender delays, employment changes and status of the market, and extracting information from large repositories.

Customer Targeting and Advertisement

Identifying customers’ needs is a crucial aspect of serving customers effectively. One of the key applications of natural language processing is that it makes it possible to reach out to the right patron of a company’s product. It matches the right keyword with the text and reaches out to the right prospects. This is a great way of intelligent placement of advertisements at the right time, in the right place, and for the right audience.

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Quanztig is a global advisory firm specializing in leveraging analytics to help businesses in strategic decision-making. Our top clients include several Fortune-500 companies who have relied on our analytics solutions to gain strategic insights on the market dynamics and execute the right tactics to mark a stronger foothold in the market.

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