NLP in Enterprises: Transforming Text Into Data & Insights
Ever wondered how Amazon Alexa or Apple Siri works? How is a machine able to understand the human language? Artificial intelligence innovation in enterprises is steadfastly progressing, and one of its key impact areas is in improving human-computer or human-machine interactions. Powered by Natural Language Processing (NLP), text analytics and speech recognition systems are fast becoming tools for businesses to translate human language into data and process it to extract emotion and gather insights.
NLP applications in enterprises vary from supporting document management to assisting customer support through chatbots or conversational bots by generating automated responses to the most common questions. Some of the promising NLP use cases for enterprises are –
- Text Classification- It is the process of categorizing or tagging text based on its content. Companies are collecting a lot of data in text and analyzing text data is hard due to its unstructured nature. Text classification can help businesses in making sense and extract intelligence from their text. Enterprises are leveraging text classification for organizing their text, in a quick and cost-efficient way, to automate processes and enhance decision-making. For example, organizing customer support tickets based on language and urgency, customer reviews based on their sentiment (also called sentiment analysis), and understanding the sentiments of the employees, and so on.
- Text Extraction- It is the process of extracting specific information from documents. Businesses can use text extraction to further organize their data. For example, emails from customers can be organized based on their location, service category, etc., to route it to the concerned team. Further, automation can be applied to automatically enter data in the database saving man-hours and utilizing employees in tasks that required critical thinking and advanced skill sets.
- Language Translation- One of the early applications of NLP was in language translation. However, there was much to be desired. Machines failed in the understanding of the context in the language. But today, machine translation has become highly sophisticated, especially in popular languages, and can be used meaningfully by businesses operating in multiple countries. This can help customer-facing teams communicate with the customers in the language of their choice.
- Voice To Text- Converting conversations like telephonic calls, recorded interviews, etc., into structured data can help businesses in driving more value from data. NLP is powering speech-to-text capabilities in businesses helping them in building voice-driven machines and software, transcribing customer care calls, and understanding customers better.
How NLP is transforming text into business intelligence?
NLP is helping businesses drive value from their unstructured or textual data. While the early stage applications of NLP are in data organization, language translation, and speech recognition, etc., there are much broader and deeper applications of the technology in extracting business intelligence from it. For example, sentiment analysis by analyzing customer conversations is helping businesses in creating detailed buyer profiles, check the effectiveness of marketing campaigns, get feedback for product development, and in decision-making, etc. Similarly, text extraction and text classification are used heavily by healthcare and pharmaceutical companies in clinical research, treatment practices, precision medicine, and pandemic treatments, etc. And as we move ahead, we’ll see more innovative applications of NLP in enterprises.
Leverage NLP in your business
Natural Language Processing has many exciting applications across industries. It can help your business in not only automating mundane tasks but also in building new products, marketing strategy, decision making, employee engagement, and customer support, etc.
AI platforms are the most cost-effective, quick, and easy way to adopt NLP in an enterprise environment. Qualetics, our AI platform, can help you build data capabilities and leverage NLP and other AI technologies in your business processes and operations rapidly without the barriers of infrastructure and costs. To get a customized demo addressing your specific business needs, book a demo here.