NLP poised to revolutionize the enterprise

From powering customer-facing chatbots, to keeping track of contractual commitments, to making the most of meetings, natural language processing holds great potential to transform your business.

NLP poised to revolutionize the enterprise
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Recent improvements in natural language processing (NLP) are bolstering mainstream technologies with speech and text capabilities, whether that's reading emails aloud in a natural-sounding voice or Excel enabling you to type in questions about your spreadsheet data and get answers in the form of auto-generated charts and PivotTables.

As NLP becomes more accurate and more widely available, it has the potential to move from powering customer support chatbots on preset topics to handling qualitative, semi-structured and unstructured data. Finally delivering on the promise of knowledge mining could unlock information about company processes, assets and liabilities to create better workflows and a more real-time view of the organization.

“NLP breaks down words into their simplest form and identifies patterns, rules and relationships between them,” explains Walt Kristick, senior vice president of applied and advanced technology at apexanalytix. “It uses computer algorithms to parse and interpret written and spoken natural language to allow systems to learn and understand human languages.”

NLP uses range from translation and language generation (for summaries, annotation, or even explaining other machine learning models), to classification and clustering, sentiment analysis and other information extraction. The simplest forms of NLP are already widely used, Kristick points out: spell-checking, suggested email and messaging responses, and virtual assistants such as Siri all use NLP, as do chatbots.

“There is a growing demand for the ability to analyze and extract meaning for text and non-related data sources, especially in the healthcare and life sciences markets,” Kristick notes.

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