NLP – A Boon for Business Intelligence
World is evolving faster, we have reached the peak of discovery and evolution. Nowadays, business organizations are using different strategies to sustain and stay at the top of the market. Natural Language Processing or NLP is the field of artificial intelligence which is widely used in the market, irrespective of the industry and domains. The goal of NLP is to program computers to automatically understand human languages, and to automatically write/speak in human languages.
NLP has multiple business applications, few of them are listed below:
- Sentiment Analysis
- Customer Service
- Managing the Advertisement Funnel
A business use case of NLP:
One real-world business example which I recently experienced was while ordering food using SWIGGY – an Online food Ordering Application. Earlier, whenever we required any assistance, we had to call customer care. This used to consume a lot of time, and in most cases does not yield an instant solution for the problem. Now, SWIGGY has come up with a solution for consumer frustrations by deploying a chatbot in their application which provides virtual assistance for simple problems of the customer like rating the food, feedback of the service, filing a complaint, getting status of your order etc. And, one of the best parts about this chatbot is to get instant refund if your food quality is bad.
SWIGGY has now become one of the most popular food ordering applications and this shows us how vastly NLP can impact the business.
Over the last decade, the IT industry has taken its leap of faith and dug deep into the various aspects of NLP. Business organizations have found, tested and executed most favorable applications of NLP to advance the progress of Business Intelligence. Yet, the technology needs lots of data and processes in place to understand, analyze and respond to the needs of the human mind.
By: Sumit Ranjan