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6 Ways Businesses Benefit from Natural Language Processing

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Natural language processing (NLP) is a subset of artificial intelligence (AI) that helps computers understand, interpret, and communicate the way humans do. Because of those abilities, industries worldwide have leveraged NLP to upgrade their operations and customer relationships.

While figuring out the best data science language for NLP can be quite tricky, considering most people are undecided over the R vs Python debate, companies aren’t hindered from pursuing the use of NLP because of its glaring benefits.

If you’re thinking of using NLP, but you doubt if it’s right for your business, check out these six ways you can benefit from the technology.

Six Benefits of Natural Language Processing

1. Businesses can respond to customer requests fast.

NLP chatbots can boost your customer support and customer service efficiency by giving fast, accurate, and round-the-clock replies to your shoppers’ queries and concerns. Chatbots can do that due to its machine learning capabilities, augmented with fundamental meaning.

These abilities empower NLP bots to understand the complexities of human conversations, definitions of terms, and the tone and context within every interaction, plus any technical knowledge needed, to reply sensibly and accurately.

You can best use NLP bots for specific customer requests with large volumes, similar use cases, and predictable and well-known solutions. Examples of these requests include product installation and troubleshooting, assistance in power outages and lost internet connections, finding the best travel packages, checking order status, and more.

Additionally, NLP bots can give human-like, conversational responses to make the interaction sound more natural and resonant with your users. This, together with speedy responsiveness, boosts your customer satisfaction.

2. They can report trends to make smarter business decisions.

Businesses can use NLP to surface performance forecasts and conduct predictive analytics out of relevant historical data. From your previous performance data, ML technologies can identify the likelihood of future trends or outcomes and help you make smarter business decisions on both micro and macro levels. You can use NLP to ask your business intelligence platform questions about these predictions.

For instance, if you’re at a financial institution, chat or voice-powered NLP interfaces can support your assessment of customers’ digital footprints when studying their demographics profiles, social media posts, browsing behaviors, and geolocation details to come up with a good credit score.

In this way, you can quickly ascertain whether or not people qualify for loan or mortgage applications, even if they do not have past banking records. On a macro level, if you have, say, a million banking clients with a mortgage, you can apply analytics to segregate the high-risk group and use NLP to unearth the rate of funds that you can most likely recover in a given timeframe.

Along with NLP-generated synopses of the financial markets, these predictive data can help you foresee risks and strategize accordingly.

3. They can extract value from heavy documentation.

International Data Corporation estimates that, by 2025, 80% of all business data will be disorganized and ineffectual for businesses. Whether it’s policies, reports, contracts, or others, companies frequently wrestle with efficiently categorizing these documents and use them to produce valuable outputs.

However, by maximizing NLP, you can make sense of the volumes of data, glean actionable insight, simplify jargon-filled and technical explanations, and get the gist of the documentation.

NLP also helps you access accurate information and streamline your workflows, especially when you have various fields of expertise involved in your operations. Let’s say you are at an aviation company, and your pilots all file safety reports. They are likely to describe specific repeated issues differently from how mechanic engineers would.

As a result, these engineers can have a longer and harder time processing the reports and their work implications. NLPs can study the documentation for them and make it more easily understandable. Along with supplementary metadata, NLPs can show the engineers exactly where to search the needed information, resulting in higher operational productivity.

4. They can improve HR processes.

You can use NLP to refine your recruitment, employee retention, and other processes related to managing your human resources (HR). For example, for recruitment, your NLP technologies can scan and sift through volumes of application letters and curricula vitae, evaluate applicants’ skills, relevant background, and traits – all while trying to remove human bias.

You can set up your initial selection rules and criteria so your NLP systems can objectively screen through the applicants, narrow down the list to the best prospects, and qualify them for the next stages.

For your personnel, NLPs can gather and analyze their feedback from your survey about their working conditions, relationships with their superiors and subordinates, and other aspects at work. From the responses, NLPs can gauge the level of your employee satisfaction and offer necessary insights.

This helps you provide some overlooked needs and come up with the right strategies to retain your staff.

5. They can initiate and engage in sales conversations effectively.

NLP bots help initiate and engage in customer chats that can yield sales and conversions. NLP chatbots can humanize sales questions and interactions, talking the same way people do, to make your customers more comfortable conversing with your brand.

These bots can ask visitors upon landing on your page how they can assist them, what they are looking to do on your site and others. They can provide the necessary information, invite potential customers to set appointments, and follow up on unresponsive visitors (through a programmed sequence).

Additionally, together with machine learning, NLP chatbots can collect and use stored data to personalize conversations.

They can also ask questions and consider previous interactions to provide your customers’ needs with the most suitable solutions and offers.

6. They can obtain marketing and competitive intelligence.

Obtaining intelligence using NLP is one of the advantages your business can expect from AI. For one, you can collect and consolidate a ton of marketing data from various sources and wield them to build compelling promotional campaigns.

NLP can support your efforts to collect data on your competitors, such as their performance in the industry, their strengths and weaknesses, and reasons customers choose their products over yours.

To assess your market performance, you can employ NLP to conduct sentiment analysis. They can gather your customers’ thoughts and feedback about your products from surveys, polls, customer interviews, and other instruments.

NLPs can even help you determine your competitive gaps, which serve as business opportunities or white space (the discovery of your customers’ unspoken and unmet needs that can stimulate product innovation). From your customers’ sentiments and your white space, you will know how to improve your products, how to sell them, and what offers will be most attractive. You can also find new audiences.

Other marketing data you can get from NLPs include the channels with the most customer touchpoints, ways to keep your buyers, shopping behaviors and attitudes. Armed with this information, you can properly allocate your resources to get the best possible results in terms of sales, conversions, profit, and other performance indicators.

Leverage NLP for your business.

NLP has a far-reaching impact when you use it to enhance your operational efficiency, product development, and shopping experiences.

Leverage NLP to improve your buyer relationships, brand perception, marketing performance across multiple channels, and audience reach. You’ll find it worth your investment as it supports your way toward achieving your business goals in the short and long run.

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