The business value of NLP: 5 success stories

These five organizations are using natural language processing to better serve their customers, automate repetitive tasks, and streamline operations.

The business value of NLP: 5 success stories
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Data is now one of the most valuable enterprise commodities. According to IDG's State of the CIO 2020 report, 37 percent of IT leaders say that data analytics will drive the most IT investment at their organization this year.

While data comes in many forms, perhaps the largest pool of untapped data consists of text. Patents, product specifications, academic publications, market research, news, not to mention social feeds, all have text as a primary component and the volume of text is constantly growing. That's why research firm Lux Research says natural language processing (NLP) technologies, and specifically topic modeling, is becoming a key tool for unlocking the value of data.

NLP is the branch of artificial intelligence (AI) that deals with training a computer to understand, process, and generate language. Search engines, machine translation services, and voice assistants are all powered by NLP. Topic modeling, for example, is an NLP technique that breaks down an idea into subcategories of commonly occurring concepts defined by groupings of words. According to Lux Research, topic modeling enables organizations to associate documents with specific topics and then extract data such as the growth trend of a topic over time. Topic modeling can also be used to establish a "fingerprint" for a given document and then discover other documents with similar fingerprints.

As interest in AI rises in business, organizations are beginning to turn to NLP to unlock the value of unstructured data in text documents, and the like. Advisory firm Mordor Intelligence forecasts the NLP market will more than triple its $6.94 billion revenue in 2019 by 2025.

Here are five examples of how organizations are using natural language processing.

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