Understanding NLP: Will It Reign Supreme In The Next Decade?
“The human language, as precise as it is with its thousands of words, can still be so wonderfully vague.” – Garth Stein, American author.
Human language is unique and complex. Encoding human language is considered a difficult task. For starters, you can arrange words in infinite ways to form a sentence. Also, each word can have several meanings. Training machines to communicate as humans do is a gigantic task. In recent years, Natural Language Processing (NLP) enabled computers to understand human language and respond sensibly. It is the intersection of computer science, linguistics, and machine learning.
NLP is the driving force behind technologies, like virtual assistants, speech recognition, machine translation, and much more. This blog discusses the importance and top benefits of NLP. It will also explain how businesses can foster the power of NLP.
Importance of NLP
Machine translation is the most widely used NLP application. NLP methods enable the machines to understand the significance of sentences, thus improving the effectiveness of machine translation.
NLP is important for businesses as it can detect and process massive volumes of data across the digital world, including social media platforms, online reviews, and others. Also, NLP technology is able to offer businesses valuable insights into brand performance. It can also detect any persisting issues and take necessary risk mitigation measures to improve performance.
NLP can achieve all of this by training machines to understand human language faster, more accurately, and in a reliable way. Because NLP can monitor and process data consistently, brands can remain updated with their online presence.
NLP is a valuable asset for sentiment analysis as it helps businesses recognize the sentiment of their customers from different online posts and comments.
Top Benefits of NLP and How Businesses Can Foster the Power Of NLP
1. 24/7 Go-To Customer Support
AI-based chatbots use NLP to help customers get immediate answers to any query 24/7. What if the queries focus on the same themes? Chatbots can play the role of a customer service executive by using predefined answers. They can even provide specific support like booking a service or finding a product. Thanks to NLP techniques that analyze specific words, chatbots can now detect a user’s intention.
We live in an era where a person looks for an immediate answer to his question. If not, he switches to a competitor. Chatbots are the perfect solution! They can even convert prospects into a customer by providing ultra-attentive service.
Read more: 5 Leading NLP Platforms that Support Chatbot Development
2. Save Resources
A business is successful when it begins making a profit. It was predicted that NLP-powered chatbots will save businesses over $8 billion per year. It can free up employee time, allowing them to focus on the creative tasks that engage customers and boost your bottom line. What’s more, NLP-based software can be improved automatically, often without investment.
3. Moderate Content on Websites
Businesses can use NLP technology to enforce spam filters and block unwanted content on websites and in email. It enables you to maintain your forum’s quality while avoiding unsolicited advertising, controversies, or backlinks to malicious sites.
Furthermore, the NLP model can even detect hate speech. How is that possible? Advanced NLP models can learn to read the context of a sentence and classify it into the appropriate group. By using the appropriate token, the NLP model can read a user’s emotions. This unique technology allows you to tailor the solution to a specific audience or place, as the language may differ from place to place.
4. Boosts Conversion Rate
Converting site visitors to customers is the key for businesses and NLP solutions are experts in conversion optimization. Along with the chatbots, features like auto-complete text and more advanced search functionality aid in conversion optimization.
5. Enhances End-User Experience
As you may have already noticed from the above points, NLP technology improves the end-user experience. The growth of your business depends on your users having positive experiences throughout their customer journey. And all these factors have an impact on whether they will talk to others about your products or services.
6. Empower Your Employees
NLP solutions are AI-based. So, NLP software can handle the most time-consuming, routine tasks like answering repetitive questions, scanning documents for keywords and filtering them, spell checks, and many more. When these tasks are automated, you will see employee satisfaction shoot up, job engagement improve.
7. Search Engine Optimization
Every business wants to rank high. NLP solutions can analyze search queries to identify and suggest related keywords. Doing so saves time spent on research, and you will be able to better target customers and create more focused campaigns. As a result, your company will become more visible.
How NLP Is Transforming The Future
NLP regulations are advancing speedily like never before. Experiments are conducted to help the bots remember details associated with an individual discussion. We are likely to reach the developing level shortly. Though NLP technology is far from perfect, it is definitely getting harder to tell whether we are talking to a human or a machine.
We are living in an era where machines can communicate with humans. Hence, NLP utilization possibilities are endless. Businesses are expected to reap are staggering future benefits. NLP market size is anticipated to reach 35.1 billion by 2026 at a CAGR of 20.3% during the forecast period. As seen above, NLP improves the quality of life by a significant margin. As the world revolves around automation, we can expect NLP to affect more and more aspects of our lives.
Read more: Using Technology to Build Customer Trust: Your Business Plan for 2022!
How Can Fingent Help Deploy NLP?
As businesses increasingly talk to their customers in their own language, the demand for NLP modules is steeply rising. In a world filled with time-pressed shoppers, businesses are expected to get things right the first time. NLP can get you there.
Fingent helps businesses master e-commerce personalization with content, discovery, and engagement. We can help businesses with their use of chatbots or automation for sales, customer support, brand engagement, and human resources. Fingent can also provide a host of apps and analytics dashboards for the holistic management of multilingual customer interactions. As you can see, the possibilities are endless.
Let’s talk and identify which powerful features of NLP your business will benefit most from!