If you have not heard of Amazon’s Alexa or Apple’s Siri, you are definitely living under a rock. Siri and Alexa don’t require users to change accents or language. They understand the context and respond in a relevant fashion. Alexa and Siri are just two examples of Natural Language Processing technology. Natural language processing takes plain, simple language and derives insights. NLP is helpful to businesses as it ensures the emotions, feelings, and moods of the user are understood. Based on these actions, companies can understand their business next steps and form a strategy.
The NLP market, by 2025, is predicted to be worth over USD 43 billion.
Natural language processing is a field that shows how humans can interact with machines naturally - in their own natural language, written or spoken. Humans can communicate with machines in a way they normally talk. NLP is a blend of business intelligence, linguistics, and machine learning.
The history of NLP began with recognizing the importance of language and translation. NLP cuts a sentence into crisp notes called tokens to conduct various tests such as topic discovery, sentiment analysis, conversions, and modeling.
NLP has multiple benefits for businesses. The top benefits of NLP include-
NLP processes your natural language and allows you to uncover new information. With powerful business intelligence, the process is enhanced and more personalized. The overall experience is interactive and interesting as new avenues open up for exploration. When you combine the benefits of NLP with Powerful BI, you get an extensive web search that is highly intuitive. While NLP simplifies that data to get deep insights. And, Powerful BI Lumenore lets you make augmented decisions out of it.
The impact of NLP and BI can be explained further with an example. If you ask, “Show tech companies in the United States,” you will get a response. Your follow-up question can be “How about in Arizona?” to get the answer. You don’t need to mention tech companies or the country again. This information is already stored, making it easy for users to explore multiple queries with less effort.
NLP and conversational intelligence can work together for overall business success. Natural language query and conversational intelligence create immersive experiences. This is possible with digital technologies like algorithms, data sets, and language. Conversational intelligence uses complex techniques to understand interactions better. This connects multiple data points and leads to an improved customer journey. Conversational AI tools can suggest personalized responses, reduce call center volumes, and save revenue and resources. According to Gartner, conversational platforms will change the way people respond to the digital world.
Natural language processing helps simplify customer conversations. This can identify customer segments and match patterns and decisions accordingly. Segmenting customers manually is a time-consuming and labor-intensive task. NLP breaks the customer base into definite segments. This makes it easier for marketing and sales teams to target accordingly. This leads to better scalability and flexibility by dividing customers based on geographic, demographic, and psychological aspects. This leads to businesses improving customer experience and customer satisfaction.
While most natural language queries are leaned toward English, it is possible for non-English languages to adapt and find opportunities. This is because of two reasons- the prevalence of the English language in academic and business communication and the presence of adequate textual data digitally in English. This is why language models form the basis of any NLP task. The various facets of a language like semantics, rules, grammatical structure, etc., need to be involved in the modeling to improve NLQ outcomes.
With the impact and implications of NLP being addressed, it is important for businesses to choose a solution that breaks the barriers of data bottlenecks and improves insights.
Ask Me is a natural language query module that delivers business answers instantly. Lumenore’s Ask Me feature improves the outcomes of data intelligence and gives businesses complete control over their data. It ensures there are no data silos and tracks all questions asked and provides relevant responses.
Ask Me can be integrated with IoT devices like Alexa and Google Home. Get answers to your business queries quickly ensuring greater insights, inputs, and transparency.
To sum up, every smart business needs to leverage the power of business intelligence to provide the best to customers. This is possible when the business embraces artificial intelligence and business intelligence to get the best outcomes. When NLQ and NLP tools are deployed, they make the query resolution and engagement process hassle-free and accessible. This is crucial to business success in the long run.
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