How To Use NLP For The Growth of Your Business?
October 4, 2022
We are living in an era where machines can communicate with humans to solve the endless business problems of an organization.
The increasing adoption of cloud-based technology and IoT is a great opportunity for solution providers to eliminate the concerns of the customers.
Artificial intelligence has become part of our everyday lives – Alexa and Siri, text and email autocorrect, and customer service chatbots use Natural Language Processing (NLP) to process, understand, and respond to human language.
It is estimated that the natural language processing (NLP) market size will grow from 15.7 billion in 2022 to USD 49.4 billion by 2027 with a CAGR of 25.7%.
NLP is important for businesses because it offers valuable insight into the businesses and mitigates the risk of customer persistence.
In this article, we will discuss what is NLP, its use cases, benefits, and use cases in the modern business environment.
What Is NLP?
NLP (natural language processing) is the branch of artificial intelligence AI conversational chatbot that is used by machines/computers to understand, analyze, manipulate, and interpret human languages and respond sensibly.
It helps in performing tasks such as translation, automatic summarization, speech recognition, relationship extraction, and topic segmentation.
NLP uses neural networks and deep learning techniques for sequential data, such as text, time series, financial data, speech, audio, and video to make it suitable for the human language.
Thus, businesses can use NLP in various types of organic and inorganic growth strategies, such as new product launches, product upgrades, partnerships, agreements, etc. to strengthen their brand image.
Read More: Will Chatbots Replace the Mobile Apps Completely?
Benefits of NLP
NLP process improves the way humans and computers communicate with each other. NLP encodes the human language into machine language that is understood by the computer and retrieves useful information that is more intuitive for humans.
- Streamline Processes And Reduce costs
NLP tools help you to connect with customers 24/7. Various SaaS tools working on NPL like- chatbots help you to connect with the customers instantly without the involvement of any employee.
Thus, they get answers to their queries, feedback, and problems right away with your products and services.
- Increase Conversion Rate
Today’s businesses are using advanced technologies like- AI, Chatbots, etc., and features like- auto-complete text and advanced search functionality to boost their sales.
NLP AI chatbot solutions are experts in increasing the conversion rate of site visitors into leads as they deliver a customized user experience based on their demand and search preferences.
- Get Valuable Business Insight
The unstructured data of the survey, responses, online reviews and comments require an extra level of analysis for the business to be successful.
The AI-guided tool makes it easy for you to collect real-time actionable insight to collect the valuable data of the customers.
- Empower Your Business
NLP chatbot software solution provides you with a better understanding of market segmentation, target customers, and competitors through reporting and analytics.
It handles all tasks such as answering repetitive questions and scanning documents which reduces the overall employee’s time.
This builds your business and allows you quickly discover how happy customers are at every stage of their journey.
Disadvantages Of NLP
No doubt, NLP has huge benefits but deep down we all know that everything has some positive and negative aspects. Let’s see some of the specific disadvantages of NLP.
- Error In Speech And Text
Human spoken language, mispronunciations, different accents, stutters, etc., can be difficult for a machine to understand and can create problems for analysis.
Generally, it happens as autocorrect and grammar correction applications don’t understand the intention of the users and can handle common mistakes.
- Low Resource Language
NLP has been built for use with the most common and specific language that is used at a global level.
However, many languages, especially those spoken by people with less access to technology, often get overlooked by the NPL.
- Domain-specific Language
Multiple industries use the same software to manage their businesses. But the NLP processing model will be different for the different industries.
It is developed especially for a particular need and can’t be merged with another domain.
Read More: The Rise of Building Chatbots: Native or Cross Platform?
Application of NLP
- Spam Detection
We always receive unwanted Emails from unknown sources in the inbox. Spam Emails contain overuse of financial terms, characteristics, bad grammar, threatening language, inappropriate urgency, misspelled company names, and more.
Using NLP text classification capabilities, organizations and businesses can scan emails that often indicate spam.
- Speech Recognition And Chatbots
Today, we can write by speaking on computers, smartphones, and tablets. Speech recognition is used in applications, such as mobile, home automation, video recovery, voice biometrics, voice user interface, and so on.
Virtual agents such as Siri and Alexa use speech recognition to recognize patterns in voice commands.
AI conversational chatbots offer the same to the typed text words or letters. It recognizes the contextual clues about human requests and uses them to provide even better responses or options over time.
All of these use natural language processing to generate a response with the appropriate action.
- Sentiment Analysis
NLP is also used to collect data and insight of users from social media platforms. Sentiment Analysis is used on the web to analyze attitude, behavior, and emotional state in response to products, promotions, and events – information companies can use in product designs and advertising campaigns from the target audience.
- Machine Translation
Machine translation tools are used to translate text or speech from one natural language to another natural language and are making good progress in terms of accuracy.
It involves more than replacing words in one language with words from another and keeps the meaning and tone of the input language and translates it to text with the same meaning in the output language.
Conclusion
As the world is moving toward automation, we are expecting NLP to affect more and more aspects of our lives through endless possibilities.
As businesses are focusing on eCommerce with more personalized engagement, discovery, and content. Clavax offers supreme mobility products that cater to various domains.