Tag: NLP Platforms
“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 top custom software development company 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!
A Comparison of Top 5 NLP Platforms: Select Your Chatbot Development Platform Wisely
The surge of artificial intelligence-based applications and conversational AI have heightened the use of NLP (Natural Language Processing). Each day, businesses collect an enormous amount of structured and unstructured data from their customers and users. Such information is collected through chatbots, intelligent assistants, and so on. Analyzing these data offers businesses insights into crucial operations and enhances their decision-making. However, manually inferring insights from tons of data is a challenging endeavor. This is where NLP platforms plays a vital role. This article will help you evaluate five different NLP platforms you can consider while developing a chatbot for your business support functions.
How Does NLP Platforms Help Businesses
Gartner and IDC report that more than 80% of the enterprise data generated today is unstructured. Natural Language Processing (NLP) technology helps us derive meaning from the vast labyrinth of online data. NLP refers to applying several computational techniques that enable us to do analysis and synthesis of natural language and speech. According to a report by Intrado GlobeNewswire, the NLP market is expected to be work USD 42.04 billion by 2026.
Chatbots are software applications that help us conduct conversations online via text or text-to-speech instead of directly communicating with a human agent.
Chatbots provide a better service experience to customers by responding to customer queries promptly, accurately, and most importantly, like humans. AI-powered chatbots can be trained to learn from data to respond in different and diverse scenarios.
However, picking the right chatbot platform can be a gigantic task. Here’s an analysis of five NLP platforms. Choose your chatbot development platform wisely.
Read more: Capitalizing on AI Chatbots Will Redefine Your Business: Here’s How
1. IBM Watson Assistant
A pioneer in the chatbot market, IBM’s Watson Assistant has evolved into a holistic customer care product. As the pandemic weighed heavily on businesses, customers and employee services were challenged in unimaginable ways. IBM Watson Assistant is designed to solve customer and employee challenges, so its relevance became even more significant during this time. Using IBM Watson Assistant to create your chatbot helps in the following ways:
First contact resolution
Resolving questions quickly and successfully is one of the biggest priorities of Watson Assistant. One of the critical challenges of first contact is user engagement. If that is your concern, here is how Watson contact can help:
- Allows integration with the phone, SMS, and WhatsApp: As it can integrate with phone and SMS, you can deploy speech services with natural sounding voices created with the help of advanced AI.
- Best intent recognition accuracy: Watson Assistant helps you understand your customers’ questions without always requesting them to rephrase the question.
Open ecosystem
Watson Assistant is designed as an open ecosystem. It, therefore, allows you to connect with your existing tools, systems, and applications. Besides, it gives you the ability to orchestrate the end-to-end experience.
Scale your assistant to increase complex use cases
Watson Assistant allows you to scale your virtual assistant beyond simplistic FAQ bots. It can be customized easily to fit the specific needs of your business.
Use cases: Companies such as Botanalytics, Ebix, and SnapEngage use Watson Assistant.
2. Amazon Lex
Amazon Lex allows you to create and embed engaging chatbots into your applications, shielding you from the complexities of NLU (Natural Language Understanding) and speech recognition. Here are some of the top features of Amazon Lex.
Quicker integration
The capabilities of Amazon Lex are simple and easy to use, allowing you to scale up from ground zero to a fully operational chatbot within a matter of minutes. Using a combination of aliases and versioning, you can roll out your conversational interfaces into multiple environments.
Cost-effective solution
Amazon Lex has no upfront costs. You can pay-as-you-go.
Fully managed service
It provides all the necessary features to build, deploy, scale, and monitor your chatbot.
Business use cases
- Commerce chatbot: Allows you to order food
- Support chatbot: Provides automated customer support
- Enterprise chatbot: This allows you to connect to enterprise data resources
- Use cases of Companies: Lumeneo.com, Paralect, and CommonBond use Amazon Lex.
3. Rasa
Rasa platform is an open-source framework. It is leading in ML toolkits that help developers create better chatbots with minimal training data. The two major components of the Rasa stack are Rasa NLU and Rasa Core. Rasa core helps create intelligent, conversational chatbots.
It is best for businesses that are looking to increase subscriber engagement and for those who are interested in marketing automation and personalization.
The benefits of Rasa are:
- You can deploy into your own server by keeping the components in-house
- Highly customizable
- Allows for multiple environments necessary for development, staging, and production
- It helps you send individualized newsletters to each of your subscribers
- It continues to self-learn when it interacts with people
- It allows you to understand your customers better
- It can be integrated with Facebook Messenger, Twilio, Telegram, and more
4. SpaCy
Spacy is an open-source NLP library that is designed for production usage. It helps you build real-world projects and handle large amounts of text data. It is a one-stop operation for most heavy-hitting functions for NLP.
It is best for companies that are bootstrapping a vast production or for vendors in charge of enterprise solutions. It has proven highly useful for companies that require industry-level solutions and need enhanced language support.
Some of the benefits of SpaCy are:
- It easily allows deep data mining
- It does not weigh down the user with obscure formulas
- It can analyze text quicker than its competitors
- Enables businesses to implement strategies to interact with customers and leads
- It is capable of working with over twenty languages
- Allows you to handle NLP solutions across an international suite of languages.
- It is a powerhouse for every deep learning algorithm with the tools you need to teach your programs human language.
5. Microsoft Azure
Microsoft Azure bot service helps you develop, deploy and host a chatbot in an uncomplicated manner. It is a managed bot-building platform with an integrated environment. It is purpose-built for bot development.
Microsoft Azure bot services are best for enterprises and IT companies.
- It helps run FQAs speedily and consistently reducing customer management issues
- Easy to integrate with various Azure services
- You can build, connect, test, deploy and manage intelligent bots from one place
- Easy to integrate with other chatbot software such as Jabber or Skype
Read more: How to Choose the Right Chatbot for Your Business
Why choose Fingent as your chatbot development partner?
Acquire estimates that nearly 1.4 billion people are willing to talk to chatbots. Did you know that chatbots can handle 80% of routine customer questions? These figures prove that the chatbot platform is the present and future of your business.
However, it is important to choose a chatbot development partner carefully. We at Fingent software development experts ensure your chatbot platform is easy-to-use even for non-tech employees. A customized and fine-tuned chatbot frees people up from low value, boring, repetitive, and transactional tasks. It enables your employees to focus on high-value, strategic, engaging, and creative work. The business value also lies in that the chatbot provides consistency and coherence to your communication, reduces/ eliminates confusion for the end-user while giving an instant response. It helps your employees get things done fast as they need not worry about the low value, boring, repetitive, and transactional tasks. Thanks to chatbot development!
We will work with you through all the stages, from requirements identification, technology selection to planning and implementation. We will continue to support you in managing the chatbot after deployment. While you zero down on the chatbot platform, choosing the right partner to help you develop the chatbot according to your specific requirements is essential. Give us a call, and let us get talking.