What Is Natural Language Processing
Natural Language Processing (NLP) is a subset of AI in which computers can analyze and interpret human language in an efficient and useful way. It is a way to get a human-level understanding of the language for machines. Considering the nuances of language, NLP is an interesting development in the field of AI. While tools such as content analytics platforms can understand the context of language, a computer is yet to “read between the lines” or intuit language the way a human does.
NLP In Business
As technology advances and humans leverage data for everyday life, the field of NLP becomes more sophisticated. NLP is used to improve the quality of life for humans. It is being integrated into daily lives with intelligent virtual assistants such as Siri and Alexa. These virtual assistants are responsive to human needs and become more intelligent with every interaction with a human. Soon, intelligent automation will enhance human intelligence enabling humans to pursue higher value-added projects requiring ingenuity and creativity.
Businesses can tap into data they did not even know they had to make actionable data-driven decisions. Enterprises benefit from insights, analytics, and decision-making from analyzing 80-90% of hidden data. Unstructured data has many formats from text, voice, audio, images, and videos that can be processed to yield new marketing, sales, and operations initiatives for businesses. By extracting value from unstructured data, a business learns more about its customers and their preferences. For example, a lot of social media channels are full of unstructured data where NLP can be applied to do sentiment analysis. Conducting sentiment analysis on social media, a business gains insights into customer mood and feelings over a product or service. Now, the decisions the business makes surrounding that product or service are not based on guesswork but data.
At Scion Analytics, we focus on delivering AI & NLP consulting services with the Content Analytics Platform (CAP). The CAP has NLP capabilities to liberate value from unstructured data that automate processes, scale business, and leverage data to transform the enterprise. By using the CAP, the enterprise can automatically extract value out of content to reduce the sales cycle. It can also use NLP technology to understand the contextual relationship between large data sets which enable the enterprise to execute on opportunities. By leveraging real-time analytics, the enterprise can capitalize on data-driven decisions much faster and gain a competitive advantage. The CAP uses AI & NLP technologies to analyze and process unstructured data by configuring customized microservices for clients. Scion Analytics use cases have found that each time a client uses 1 microservice for every use it saves the client 8 hours of time. For example, a microservice designed for business requirements could parse business documents for predefined keywords and create a dictionary. Therefore, a process that would take hours manually for an employee to go through business documents is automated in minutes.
For the enterprise, the benefits of using a content analytics platform are saving time, increasing revenues, and efficiency. It makes sense that a business that is shaping the future would embrace NLP technology and leverage NLP consulting services to succeed.