Spotlight Emerging Technologies: NLP

Speech and language are central to human intelligence, communication, and cognitive processes. Understanding natural language is often seen as the biggest challenge for AI. Solving this can bring machines much closer to human intelligence. Natural Language Processing (NLP) is one of the most exciting areas of artificial intelligence, enabling computers to understand human language. NLP, in layman terms, is a branch of AI that can interpret and manipulate human generated written and spoken data. NLP technology is constantly evolving, and organizations are increasingly implementing promising applications to solve a variety of problems.

Let’s review some of the most exciting developments in NLP!

Enhancing Customer Support Experience
Sentiment analysis is a task that includes a wide range of subjective analysis to identify positive or negative emotions in a sentence, emotions in customer reviews, emotional evaluation by text or voice analysis, and other similar tasks. Being able to rank written or telephonic conversations between patients and customer support representatives as ‘positive’, ‘negative’ or ‘neutral’ can significantly strengthen customer relationships. Moreover, the ‘tone’ of a conversation itself could make it simpler to make intervention decisions when needed.
Measuring Brand Awareness
In the era of the Internet, everybody has social media profiles. And everybody loves to put their feelings on said social media profiles. Unlocking the overall sentiment regarding a brand through comments/posts/ reviews can be extremely insightful. The sentiment analysis model in NLP can be used to extract specific words and phrases being repeated across the unstructured data on social media platforms to populate an overall ‘image’ of a brand. Marketing teams can tweak their campaigns accordingly to ensure good brand awareness and recall.
Credit Reports and Scoring
Blockchain helps individuals and small businesses get loans quickly based on their credit history. Lenders can take a long time to verify the creditor’s creditworthiness. Traditional business credit reports provided by third-party credit bureaus are not available to small business owners. Also, paying 3rd party companies to access your sensitive data seems strange and insecure. However, blockchain can provide tools that allow borrowers to share their credit reports more accurately, transparently, and securely. Blockchain-based credit reporting reduces the cost and hassle of data validation. Also, ownership of the data is no longer retained in the central repository and will be returned to the individual.
Chatbots with Personalization
As technology advances, customer service automation becomes more sophisticated. Chatbots with NLP are a prime example of automation technology because they can create personalized conversations and partially replace humans. The most common approach is to use NLP-based bots to initiate dialogues and handle basic scenarios, capturing only human operators to handle more advanced situations. The better these chatbots get at understanding us, humans, we will have significant cost reductions and happier customers.