Whenever you are surfing the internet and typing something in the search engine, after typing two to three letters, it comes up with the possible search terms. Or, if you are in a hurry and search with typos, it will automatically correct your gibberish query and crawls to different pages, and bring relevant results for you.

Isn’t it mind-blowing?

We often never pay much attention to it as it has become a part of our routine. An incredible application of NLP and a great way to demonstrate its utility that is impacting millions around the globe.

The whopping problem of information overload has generated a surge in unstructured data that is deemed useless for almost every industry including business, healthcare, education, and many others. Industry behemoths find it nearly challenging to analyze and interpret huge volumes of data.

The plausible solution lies in effectively utilizing AI technologies, like NLP combined with machine learning and deep learning to enhance the processing of natural language interpretation.

Both autocorrect and search autocomplete assist us in quickly locating accurate results. The driving force behind the two features is the language model which is incorporated by various companies nowadays. Facebook and Quora are great examples.

Pore over to know about natural language processing, how NLP can fuel your business growth, and explore the benefits of NLP for your company.

NLP is a branch of artificial intelligence (AI) that primarily focuses on machines processing and comprehending human language. A combination of AI and linguistics allows us to converse with machines just like we do with other folks.

It is handy in automating routine processes, thus improving accuracy and efficiency by all means. Major applications of NLP include customer handling and automation, security and authentication, information extraction, filtering, and fighting spam.

NLP is powering next-generation businesses to make smarter and faster decisions, today, it has the capability to perform semantic textual similarity (STS), which can sift through billions of textual or audio data and interpret accurate language patterns and meaning.

One such great solution is Hello Fact, an AI-powered document search engine that says goodbye to hours of searching for laws and regulations. It shows results ranked by relevance in context. Not just that, the search engine would show paragraphs containing the answer to the query and highlight the answer in the text. If you were to click on your answer, you would get the full document opened. Just like any other search engine but with more options.

It holds its significance in potentially using technology to identify and process a humongous amount of data across the digital tools including social media platforms such as Facebook, Linkedin, Twitter, and Instagram, question and answers forums like Quora and Reddit, blogs, news reports, and others.

Its magic doesn’t just stop here, it collects and analyzes data to generate actionable insights. Brands get a sound direction in making smart decisions for the company’s growth by applying NLP techniques such as sentiment analysis. It’s the practice of assessing online pieces of text to determine whether they have a good, negative, or neutral emotional tone. Furthermore, NLP models can detect persisting problems and take appropriate measures to mitigate the possible risks.

What’s more fascinating is that the digital marketing sector is leaning towards data-driven digital marketing. Through social listening, digital marketers and brands can now discover what customers’ interests, brand perceptions, and pain points are by analyzing enormous amounts of text data on a large scale.

According to statistics, chatbots are used by 55% of firms to create more high-quality leads. They are a must-have in your lead-generating toolkit. They can collect contact information from website visitors 24 hours a day, seven days a week.

We will talk about four major benefits of using NLP for your businesses:

We are living in a fast-paced world where getting any service instantly has become a norm. Latency is no longer accepted among people nowadays. Be it ordering food online from a restaurant or getting a prompt reply to your query for that last dress left in stock, we appreciate instant responses. Research says that 68% of consumers prefer chatbots because they provide quick answers.

Businesses have smartly replaced their customer service teams with chatbots, an AI-powered technology that enables humans to get customized responses for their queries and get immediate support while making any purchase. NLP is the AI technology that enables chatbots to understand, evaluate, and answer client queries in real-time. They are well versed with predefined answers and hold human-like conversations on mobile applications and desktop applications.

Personalized product recommendations are a good example of AI-enabled chatbots. They are trained to learn from past customer interactions, retain required pieces of information about the buyer’s preferences and taste and offer personalized product recommendations.

Digital Marketers struggle a lot in employing different strategies for converting visitors to potential leads. It is indeed a crucial concern for them. NLP addresses the pressing issue by making machines understand the syntax and semantics of the human language.NLP is a great blend of machine learning, artificial intelligence, language, and daily interactions.

Let’s walk through a practical example.
One day, I was searching for air pods on Amazon, and to my surprise, Google started showing me ads related to similar AirPods on Walmart and Alibaba. I think we all have experienced this.
Even the social media apps were showing me related ads on posts and stories.

What has happened behind the curtains?
Target Advertising!!

You read it quite right. It is a type of online advertising that tracks the online activity of the user and then displays relevant ads based on user search queries. Brands often use this technique to target potential customers and retain existing customers while saving huge bucks.

NLP models have been proven effective in improving conversion rates. NLP tools like auto-complete text and advanced search functionality assist in improving customers’ experience.

Digital mediums are flooded with a huge volume of user-generated content. The data is generated across multiple platforms and it is immensely tough for businesses to keep track of it and respond effectively.

Natural language processing (NLP) solutions give businesses a reliable way to keep track of a large amount of user-generated material across several digital channels. Companies get a great edge in actively engaging customers by replying to their queries or complaints using NLP techniques. NLP tools also assist businesses in installing various content filters, such as filtering undesired information or applying spam filters on websites or social media platforms.

Brands do not compromise on quality and maintain their standards by all means. NLP models are effective in tackling the quality of the content on different forums. They help prevent fraudulent backlinks or unsolicited advertisements which often lead to poor customer experience. It can also auto-filter user-generated information that could be considered as hate speech by detecting “prohibited” words.

Its the core need of businesses to earn profit and cutting expenses is an appropriate method to generate and optimize revenues. We cant skip the importance of NLP that has been the best resort for saving time and money for giant enterprises while promoting services and products.

Research says that chatbots can help organizations save up to 30% on customer service costs.
They can automate a large portion of your customer service operations by answering simple questions. This means you can hire fewer customer service/call center, employees. Companies can free up time for their staff by using NLP-powered chatbots. This allows them to concentrate on more creative tasks such as engaging clients in order to generate leads and revenues.

Furthermore, without any investment, NLP models can evolve and exhibit higher accuracy over time. It can be achieved by allowing NLP models to test and train with more data, which will boost the models’ performance and efficiency.

Read more: Top 12 Natural Language Processing Applications for Businesses

Natural Language Processing is not just a buzzword now rather it is one of the hottest topics in the booming field of data science. Youngsters are enthusiastic to make a career around it. Every company out there is trying to integrate NLP in their businesses to get maximum ROI.

So, what is stopping you from getting a smart and robust NLP solution for optimizing your revenue stream?