A number of next-gen technologies are on the rise and would be dominating the near future of web development, natural language processing also predicted to be among the top contenders among others. NLP, which comes under the data science consulting field, enables effectiveness in helping various businesses to receive and interpret spoken as well as written words.
Understanding the Rise of Natural Language Processing
When we talk about the customer’s inputs for searching any service or product, we can see that there exists a mountain of unstructured data for disposal. Since data analytics and artificial intelligence tools have emerged, we have gained the ability to extract valuable insights from these stacks of data and use them. Thus, NLP has been on the rise to improve relations with customers and provide enhanced services to them.
Best Applications of NLP
There are multiple applications looking forward to contributing towards improving and enhancing business companies all around the world. Let us quickly take a look at few of them:
Virtual Assistants (Customer Service)
Whether it is a social media handle or your company’s official website, handling customers’ inquiries is of the utmost importance. For this, virtual assistants have emerged as an affordable and high-quality option to all businesses.
An interesting fact is that most of the customers prefer to inquire via live chat rather than over a phone call or through an email. Hence, NLP proves to be crucial in virtual assistants for improving automated communication.
Sentiment Analysis (Marketing and HR)
For valuable insights into customers’ opinions, conducting surveys has proved to be an outdated and ineffective method, as customers have to take a considerable amount of time to complete such surveys.
With the application of Sentiment analysis, companies can step into the customers’ mindset without any surveys. Integrating sentiment analysis into corporate culture is also important for HR purposes and for improving workspace communications.
Compliance Monitoring is specifically useful for financial and insurance businesses as they are facing continuous changing regulations which need to be kept in accordance with.
For companies servicing multiple regions, updating regulatory changes becomes an uphill task as it's both costly and time-consuming. Compliance monitoring uses intelligent process automation to assure hassle free compliance monitoring which is effective and affordable.