Natural Language Processing (NLP) is technology used to help computers understand, interpret, and manipulate human languages. It is a subfield of computer science, linguistics, information engineering, and artificial intelligence that focuses on programming computers to process and analyze huge datasets of natural language.
Besides implementing machine learning approaches, such as deep learning, to model human languages, there is a need for technology that provides an understanding of language syntax, semantics, and domain-specific expertise. This is where NLP comes in – it helps to address these ambiguous aspects of language by providing order and numeric structure to the data for use in some core applications, such as speech recognition and text analytics.
One great way businesses can implement NLP for their benefit is using text analytics, which is a technique used to extract important trends from customer feedback. The data from emails, surveys, and call center conversations can be analyzed to generate key insights on customers’ pain points and frustrations. This information can be used to make targeted improvements to your product to increase user satisfaction and establish trusted relationships with customers.
NLP can not only help businesses manage and analyze large volumes of textual data but can also help optimize systems that use speech recognition, such as virtual assistants or smart home devices. Some examples include Microsoft’s Cortana, Apple’s Siri, and Amazon’s Alexa. According to Gartner, by 2020, 84% of enterprises believe investing in AI will lead to greater competitive advantages.
With NLP, many of your organizations’ routine activities that involve handling large amounts of text files and data can be optimized to save time, manpower, and other resources. From improving the hiring process by helping recruiters to sort through resumes faster to making customer resource calls shorter with integrated resource tools, the opportunities for NLP within organizations are countless.
According to Statista, the global market for NLP in 2017 was approximately $3.2 billion and is expected to grow to $43 billion in 2025. Over the past few years companies are increasingly adopting the capabilities of NLP to improve processes efficiencies, customer interactions and enhance experience.
iLink’s Digital Transformation experts can help you identify the right processes and the operating model that will yield the best results and highest ROI through Natural Language Processing. In fact, iLink created an NLP solution for a leading veterinary hospital that helped them reduced the time to enter medical records by 45%. This saved time meant doctors could attend to 20% more patients every day, resulting in a 22% increase in annual revenue for the client. You can read the full case study here.
To learn more about how we can help you automate and streamline processes talk to an expert now.