Language has been acknowledged as the most crucial invention of humanity. Communication using spoken words or natural language has been an important reason behind making us 'wiser.' Now, when machines have become an inseparable part of human lives, teaching them our way of talking becomes obvious. That's what NLP or Natural Language Processing is about.
What is Natural Language Processing?
NLP is a branch of Artificial Intelligence that enables computers to understand spoken words and text just as humans do. It involves linguistic calculations, machine learning, deep learning, and statistics to understand human speech, including their emotional facet. NLP is programmed to respond to queries, condense huge volumes of words, and analyze enormous data dumps, to list a few of its ongoing uses.
We are presently leveraging the benefits of NLP with voice assistants like Siri and Alexa, voice-operated GPS systems in our vehicles, speech-recognizing TV remotes, and many more. NLP technology is also helping enterprises by streamlining operations, enhancing productivity, and simplifying critical business processes. An important application of NLP in business is leveraging massive unstructured data available online or on-prem, stored in natural language.
Here, are 5 important practical Applications of Natural Language Processing that are currently used:
1) Sentimental Analysis
Understanding the emotional intent of the speaker is the core use of NLP. A good example would be the stock market, where investors can use technology to understand market sentiments. NLP technology can process the available chat and audio data and convert the unstructured data into a structured format. Accurate and organized data can generate stock trading insights, modify investment strategies, and make more informed decisions.
2) Market Analysis
Knowing your client better is another key implementation of NLP. Enterprise can better understand their clients and requirements by analyzing unstructured natural language data used during verbal communications. Crucial information like the prospective client's pain points, expectations, and goals can all be used precisely using NLP technology.
3) Text Analytics
As NLP leverages spoken words and unexpressed emotions, it can also analyze text data. Enterprises have an enormous volume of data scattered at various locations. Data in the form of news, social media, and online surveys is also wealth for organizations. NLP converts this unstructured data into documents that a machine-learning program can analyze and use for marketing and sales purposes.
4) Predictive Text
Predictive text is one of the common applications of NLP. Smartphones or computers have the feature of predictive text depending on their input tools. Fintech, AI, Banking, and Augmented Reality are the key industries that leverage Predictive text.
5) Digital Marketing
NLP can be an effective tool in creating a successful online brand for you. It can be used to design personalized campaigns using customer feedback, optimized keywords, and engaging content. NLP helps leverage data and digital marketing tools effectively.
Natural Language Processing has transformed the business arena by interpreting verbal interactions, data dumps, and sentiments to acknowledge the needs of the remotest client.
Just like natural language is a boundless database of words, sentiments, and thoughts, so is the world of Natural Language Processing with its limitless applications. As the most intuitive facets of human emotions unfold with NLP, we will witness a new era of technological innovations and customer bonding across all industries.
V2Solutions has leveraged NLP innovatively, giving clients an amazing experience and the most required support. The NLP solution designed by our experts has helped pet parents get online health support for their fur babies. Read more about this unique solution.
V2Solutions has been providing holistic digital transformation solutions for its clients across the globe for various industries. Contact Us to for the best-fit solutions to sharpen your competitive edge in the ever-evolving digital world.
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