Why do businesses want to invest more in Natural Language Processing? Here's the justification

Read on to discover the significance of Natural Language Processing and the positives of investing in it.

Poonkuzhale K

Why do businesses want to invest more in Natural Language Processing? Here's the justification

Mining Unstructured Data

With machine learning advancing at a breakneck pace, communication is an area that must be addressed. Natural language processing (NLP) uses Artificial Intelligence (AI) to grasp the language in context and transmit responses according to learning algorithms. NLP aids organizations with fundamental and advanced operations, such as extracting information and data from text-based documents and performing sentiment analysis.

All internet users have used at least one application based on natural language processing (NLP). The search engines, Google and Bing, use NLP to provide relevant suggestions and responses to search queries. However, NLP has applications outside search engines. Voice-activated virtual assistants Alexa and Siri use natural language processing to recognize human voices. Also, chatbots base their answers on NLP.

This technology's ability to mine unstructured data for useful insights is a major benefit for businesses and organizations.

Do you know

Experts say that in the next 12–18 months, 77% of organizations with active natural language processing projects plan to spend more money in this area.

"The 2023 Expert NLP Survey Report" shows that businesses want to use NLP technology more and more to cut costs, boost growth, and set themselves apart from the competition. Expert.ai, which did the survey, says that NLP's rise in popularity is because it can make sense of the huge amounts of unstructured data that companies collect in fields like marketing, finance, and customer service.

Why invest in NLP?

In today's highly digitalized world, businesses need better-organized data. Companies can only process and evaluate this mountain of data with the right tools. 

Hurray! NLP saves the day. 

Here are the justifications for why businesses want to invest in NLP.

Provides Instantaneous Client Support

Chatbots are conversational software for use on websites and mobile apps that is powered by artificial intelligence. Natural Language Processing (NLP) is the AI technology behind chatbots, allowing them to instantly understand, evaluate, and answer client inquiries around the clock. Chatbots and their use in customer service should be well-known even to companies that have never heard of natural language processing.

In the modern era, chatbots replace human customer service representatives by providing automated responses to frequently asked questions. In addition to general assistance, chatbots can provide more targeted services, such as service booking, link sharing to more in-depth instructions, and product discovery. Ultimately, the applications of chatbots are unlimited, as they can be tailored to the specific needs of any business.

Modern chatbots can analyze human emotions, determine their intentions, and provide appropriate responses due to the development of sophisticated machine learning algorithms.

Control user-generated content

There is a tidal wave of information being produced by individuals on digital platforms nowadays. As it's being built on multiple channels, brands can only keep tabs on certain things.

Using Natural Language Processing (NLP) tools, businesses can keep track of a huge amount of user-generated information across all digital channels. Companies can proactively address customers' questions and complaints using natural language processing capabilities. Also, natural language processing techniques help businesses enforce a wide range of content filters, such as blocking inappropriate information or installing spam filters on websites or social media pages.

Businesses also utilize NLP models to monitor message board posts for spam. This way, we can be confident that no harmful links or unwanted ads will appear. The system can also identify "prohibited" words or vulgarisms to filter user-generated content that may be considered hate speech automatically.

Help you save money and time

Making a profit is essential for any organization, and maximizing revenue can be attained through minimizing costs. Natural language processing (NLP) has shown to be an invaluable tool when it comes to streamlining operations and cutting costs.

Let's use chatbots as an example to grasp the concept.

Chatbots driven by natural language processing allow businesses to free up workers' schedules. This frees them to concentrate on more imaginative endeavors, including interacting with potential clients to generate leads and close sales. Businesses can save up to 30% on customer service costs using chatbots instead of humans.

In addition, natural language processing models can learn from their mistakes and improve over time without further work from the developer. The more data NLP models have to work with, the better they perform, and the more accurate their predictions will be.

Enhance the user experience

The above justifications prove to contribute to better user experience (UX). With the help of natural language processing, visitors to your website can:

  • Use semantic search engines to locate the information you need quickly.
  • Quickly assist through the use of chatbots.
  • With the help of UGC moderation technologies, the user will only be shown relevant, high-quality content with no spam or hate speech.

Maintaining happy customers is essential to the growth of any organization. The likelihood that a customer will spread the word about your business is directly related to the abovementioned aspects.

Accelerate your conversion rate

Executives in charge of marketing generally view increasing the percentage of website visitors who become paying customers as their top priority, and they use a wide variety of tactics to achieve this goal. Businesses benefit from higher conversion rates since it increases revenue and decreases the cost per acquisition of new customers.

It has been established that natural language processing models can improve conversion rates. Using natural language processing–powered tools, including chatbots, auto-complete text, and enhanced search capabilities, has a profoundly positive effect on the customer service experience. As a result, businesses can earn clients' confidence and boost their conversion rates.

Improves Employee Performance

NLP can be utilized to avoid numerous repetitive jobs. By automating routine chores, workers would have more time to focus on more interesting and fruitful, high-level work, significantly boosting productivity.

Chatbots might simultaneously query several data sources and extract the core sets of information personnel need to respond to questions and complete tasks. As a result, workers feel more empowered and can take the initiative, leading to increased job satisfaction and improved quality of work that ultimately benefits your company's standing in the marketplace.

Provides Comprehensive Data Analysis

The analysis and processing of unstructured data, such as emails, papers, or research results, is difficult and time-consuming for computers. Natural language processing (NLP) technology greatly simplifies the processing of large volumes of textual data.

When it comes to hiring new staff, NLP also aids recruiters in speeding up the process. Rather than manually sifting through hundreds of resumes, NLP programs can do so in seconds using filters based on keywords that describe desirable traits. Companies may promptly rank applicants for the next phase by quickly and accurately assessing resumes.

Improve Your Search Engine Position

In the modern business world, SEO has become essential. Every business strives to achieve the highest possible position. Of course, NLP can be useful in this situation.

Solutions can examine queries, find relevant keywords, and recommend improvements to your content's optimization while saving you time. Better search engine optimization (SEO) means greater traffic and exposure for your business.

In addition, you'll have a more refined consumer base from which to launch laser-focused marketing efforts.

As a result, a hybrid AI technique that combines ML with symbolic reasoning can provide highly accurate results with limited training data, increase explainability and predictability over ML-only systems, and codify domain and process-specific knowledge by embedding SME feedback directly in the rules. Many companies now believe this hybrid method is superior to computation-intensive ML or neural network strategies in terms of cost and energy efficiency.

NLP for Metaverse

By 2030, the Metaverse, which focuses on customizing user experiences, will present a massive commercial opportunity. Companies from all industries, not only technology and software providers, should examine the Metaverse closely. Secondly, businesses can use the Metaverse to spark new ideas and approaches. They may use artificial intelligence to innovate new products and services that would benefit their customers and give them an edge in the market.

And finally, they should recognize that it is an opportunity for many industries to investigate various use cases to increase their innovation quotient and advance in the future. A Metaverse powered by NLP might provide a worldwide forum where everyone can speak and understand one another. The success of the Metaverse will depend on the precision and quality of its natural language processing, understanding, and creation.

Although the decision to use an NLP solution might have far-reaching positive consequences for a company, it is not to be made hastily. An organization must ensure that it has enough data and computing power to feed its algorithms and that its staff is ready to adapt to the new norm.

Both large and small firms that analyze a lot of speech or text data could benefit from using natural language processing. To compete, organizations must master data analysis and begin investing on it.

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