A language is a medium through which humans communicate. There are different languages spoken across the world. And each language uses an alphabet and words to represent its meaning. When people hear these words, they understand what the other person is trying to communicate. In this way, language expresses people’s thoughts and makes them communicate with one another. So, language is a form of expression. Today, computers need to understand this language to communicate better. It is called human language, and they need to comprehend it well to give better solutions. However, it is not easy to comprehend any language. Therefore, a new concept called Natural language processing (NLP) is introduced. NLP is a subset of Artificial intelligence. It helps a computer to understand human speech. For many years, commands and instructions were given to systems to do tasks. However, NLP takes the technology further as it helps systems to understand the meaning behind the words. So, NLP solutions are extensively used in businesses and brand promotions. Some of the key benefits of NLP in industries are
1. Immediate customer service
Customers come up with a lot of queries each time regarding products, processes, and services. And each of these queries has to be responded to with a good answer within a minimum amount of time. However, responding to thousands of customer requests in a short duration is almost humanely impossible. Therefore, businesses have developed Chatbots as an alternative solution. Today, chatbots provide immediate answers to customers’ questions at any time. Here, these chatbots are AI-based software that uses NLP solutions to understand and respond to customer queries. Chatbots are very helpful to companies, especially when there is a seasonal spike in demand and the firm has to engage with a larger audience.
2. Perform large scale analysis
NLP allows for sentiment analysis on all text documents, online reviews, social media data, and emails. This analysis could be done simply within minutes or some hours, usually taking some days when performed manually. So, Natural language processing provides immediate results for analytical needs.
3. Save time and money
Cost containment is a key factor in reducing expenses in any business. When costs are reduced and efficiency increases, businesses will see profit margins. NLP tools reduce customer service costs. For example, consider chatbot technology. Chatbots are actively used to engage in conversations with customers, which the firm’s employees once handled. When employees sit down at the desk, they have to be paid every day. On the other hand, the chatbot solutions will not need any expenses except for software maintenance. Also, chatbots provide 24/7 instant support. Therefore, by automating the regular and repetitive tasks, NLP helps companies to save money and time. NLP-based solutions also help free up employee time and allows them to focus on the more creative tasks that boost the company’s bottom line.
4. Understand the market
NLP helps firms understand the language of targeted customers. It provides insights into the market segmentation. When firms know their customers better, they can do things in a better manner. So, with the help of NLP, a firm can identify customer needs and understand the market.
5. Boost conversion rate
Conversion optimization is essential for marketing campaigns. And NLP solutions are good at it. NLP tools like chatbots and advanced search aspects attract visitors to the site. Make them dwell on the firm’s products and services.
6. Increase employee satisfaction
AI-based solutions do repetitive and mundane tasks in the best possible manner. Here, the NLP tools do tasks like
- Moderating comments
- Providing customer support
- Classifying emails
- Answering repetitive questions
All these automated tasks will make employees happier as they can now focus on more creative parts, increasing employee satisfaction.
7. Get real and actionable insights
Data from online reviews, surveys, and comments will be present in an unstructured format. And this unstructured data needs an extra level of analysis. Here, NLP solutions simplify the process and help firms dig into unstructured texts for real and actionable insights.
Read also: A Complete Guide to Intelligent Document Processing (IDP)