Data science is one of the hottest topics in today’s world. Companies are investing heavily in their research and development. Youngsters are building up their resumes and skill set around this field to gain an advantage in the job market. Nonetheless, if you love to play with the data then you are the most desired candidate for all the top-notch data analytics ventures out there.
Though there are numerous areas of expertise in data science to talk about, we would be choosing NLP, a technology that helps computers in communicating with humans in their own language and scaling several other language-related tasks. We will be throwing light on its applications and how it has become the talk of the town in recent years.
In the next few years, the global revenue from the natural language processing (NLP) industry is expected to skyrocket the sales. The NLP industry is expected to grow over 14 times by 2025 compared to 2017, from approximately three billion dollars in 2017 to over 43 billion dollars in 2025. (Statista).
The powerful impact created by NLP has motivated us to pen down some amazing applications that we often get to see in our daily lives.
Note: If you are a novice to this topic, check out the key benefits of natural language processing for businesses.
Here in this article, you will get an idea of 12 Natural Language Processing Applications that we may actually have never thought of.
Let’s give it a read.
Digital Phone Calls
Natural language processing (NLP) greatly assists in increasing workplace productivity and lowering human capital expenses. They’re utilized for both inbound and outgoing calls in a variety of industries.
Banks frequently employ NLP’s capabilities to answer FAQs for their phone calls — consumers ask queries and are given a set of prefabricated replies depending on their responses.
During a phone call, we often come across the phrase “this call is being recorded for training purposes.” But rarely do we ponder upon the purpose behind this strategy. It turns out that these digital phone call recordings are used for training purposes especially if the client is resentful towards services or products being offered. Most of the time they are stored in the database to make the machines learn and evolve over time.
Consumer calls are routed to a customer support specialist or online chatbots, who provide useful information in response to customer inquiries. Many firms, including significant telecom providers, have adopted this NLP approach. NLP also permits computer-generated language that sounds similar to human speech. Calls to make appointments for things like an oil change or a haircut can be automated.
Hiring and Recruitment
HR department makes up the core part of every organization. They bring forth the best talent to boost productivity and drive customer satisfaction for the company‘s success. They are assigned the critical task of choosing the right candidate for the job, gauging the skill set of the employee, and training the team players for their growth.
Our fast-paced world demands us to adopt automation and robust solutions to save time and money. The same goes for our talent scout, when they are actively looking for the best fit candidate by skimming through hundreds and thousands of resumes, it takes hours for screening and shortlisting the candidates.
NLP is a blessing in disguise for talent acquisition executives. You may be wondering how and why? Well, hiring candidates is no more a tedious task now, they can use named entity recognition and information extraction methods to extract required information such as name, education, location, skillset, and past work experience. Filtering the right candidates is now the piece of cake.
Feature space takes in all the requirements for a certain role, classifies the candidates in best fit/ not fit, matches the right-fit candidates for the job, and recommends or suggests other opportunities in the organizations.
This way hiring team ensures unbiased filtering of resumes and selection of the most suitable candidate without involving manual work. Application tracking systems are effectively used across many organizations for evaluating Cvs.
Social Media Monitoring
Social media has become an inseparable part of our daily lives. We are hooked to our smartphones, be it posting our thoughts about a product, commenting, or criticizing any ongoing trend, sharing our life achievements, or purchasing a fancy outfit; we are spending most part of our day on social media apps.
The world’s population is around 7.75 billion, with 5.19 billion being avid smartphone users, spending maximum time on social media. According to 2021 statistics, an average user is glued to a smartphone for around 3 hours 40 minutes daily. Yes, the addiction is real.
In one way or another, we are generating humongous data on the internet, and companies all around the world are utilizing this data to identify trends and patterns and forecast customer buying behavior. You may not realize it but your likes and dislikes are producing valuable insights for sound decision making. Consumer good companies are fanatic in adopting a customer-centric approach. Social media monitoring is handy for them in this case.
How you feel about a certain product, which sentiment do you exhibit regarding a certain campaign on social media, which frame of mind will influence your buying decision, is all tracked and monitored by firms for achieving customer satisfaction.
Note: If you are new to social media monitoring, this will help you gain a better understanding of what is social media monitoring?
Grammar Checkers
They are the helping hand of content marketers and copywriters, nonetheless, it has become easy to proofread, edit and check sentence structure through grammar checker tools like Grammarly. It is your loyal friend for writing a blog, editing a newsletter, or drafting an email.
It has a wide variety of amazing features that check your spellings, suggest better vocabulary, indicate punctuation where needed, and correct sentence structure within the context. It adds beauty to your ordinary writing style. Your crispy and punchy writing can take you to places.
They improve the readability, help you create engaging content that conveys the message in a simple yet clear way.
Predictive Text
This is something that we are using on a daily basis, in fact, it has become a part of our routine while surfing the internet. We often overlook it but let me remind you, for instance, whenever you type two to three letters in the google search engine for anything, it shows you a list of probable search terms. Even if you try to search with some typos, it automatically gets your context and corrects itself, and shows relevant results to you.
Search autocorrect and autocomplete feature is a noteworthy yet wonderful application of natural language processing, and you know what is the driving engine behind this utility, these are the language models that are trained to find accurate results in a fast way.
You can even notice Facebook and Quora platforms, they too have adopted this for users’ ease.
Email Filtering
If you are the kind of person who checks his Gmail on a daily basis, then this example would be an interesting read.
Have you ever noticed that your incoming emails are divided into different categories?
They are automated in a way that they are directly placed in specific folders like primary, social, promotions, and spam. The algorithm is basically filtering out the emails based on the relevancy of the folder to which they belong. This is done for keeping your mailbox organized and easy to access.
Text classification, a natural language processing approach, is used to filter emails. And, as you may have guessed, it’s the process of classifying a piece of text into pre-defined categories. The sorting of news stories into numerous categories is another fantastic example of text classification.
Targeted Advertising
Once I was searching up for some warm clothes for the winter season, a few minutes later, I started getting ads from Google on my social media accounts. Well, to my surprise, it started suggesting different clothing brands that were offering maximum discounts on winter accessories.
Any idea about what has actually happened over here?
Targeted advertising is a sort of internet advertising in which advertisements are displayed to users depending on their online behavior. Most internet businesses nowadays employ this strategy, it is a cost-effective approach and likewise ensures to display only relevant ads to potential customers. Advertising thrives on keyword matching, ads are mainly connected with a phrase or keyword. They are only displayed to people who search for a term that is similar to the keyword with which the advertisement is linked. However this is not the only criteria; additional aspects, such as the websites they’ve recently visited and the pages they’ve expressed interest in, are all taken into account to deliver the best results.
Voice Assistants
Voice recognition allows smart assistants like Apple’s Siri and Amazon’s Alexa to identify patterns in speech, interpret, and provide meaningful responses. We’ve grown accustomed to saying “Hey Siri” and asking a question, and Siri understands the context of our narrative and responds with appropriate replies.
And when we communicate with these voice assistants, especially with Siri or Alexa through products like the thermostat, light switches, automobiles, and more, nonetheless, we’re becoming accustomed to seeing them crop up across our house and everyday lives.
Language Translators
The fact that your German assignment is linguistically a mess is one of the telltale signs of cheating. Most of the languages do not permit direct translation and have various orders for sentence structure which were mainly ignored by previous translation systems.
They have, nonetheless, made significant progress. Online translators may now more reliably translate languages and show grammatically correct results, all thanks to natural language processing (NLP). When communicating with someone who speaks a different language, this is quite beneficial. Furthermore, when translating from another language to your own, tools now identify the language and translate it depending on the supplied content.
Survey Analysis
Surveys are a valuable tool for assessing a company’s success and growth. Many surveys are conducted by businesses to obtain client input on various items. It is of great help in identifying potential flaws and helping companies improve their product line accordingly.
However, the issue arises when a large number of clients complete the survey, resulting in an increase in data size. It becomes difficult to read and skim through all, one cannot reaches a solid conclusion.
Companies use natural language processing to evaluate surveys and get insights from them, such as determining user opinions about an event based on comments and evaluating product reviews to grab an idea of the likes and dislikes of the audience. These strategies are now used by the majority of businesses since they produce considerably precise results.
Chatbots and Virtual Assistants
The most essential asset for any company is its customer service and user experience. Virtual assistants assist businesses in improving their goods while also ensuring client satisfaction.
However, directly communicating with each client and addressing issues can be a time-consuming task. This is where chatbots come into play. Chatbots assist businesses in accomplishing their objective of providing a seamless customer experience.
Many organizations now utilize chatbots in their applications and websites to answer simple client questions. It not only makes the process easier for businesses but also saves customers the agony of having to wait to speak with customer service representatives.
It can also help the organization save money on the expense of recruiting call center agents. Chatbots were formerly only a tool for answering consumers’ questions, but they have now grown into personal friends. Chatbots may do everything from promoting a product to soliciting consumer feedback.
Chatbots are also rapidly being used by businesses to streamline their client support team. It helps automate customer service by providing self-service.
They do, however, require Artificial Intelligence, specifically NLP and ML, in order to interact smoothly and efficiently. Natural Language Processing enables them to comprehend what users are asking, and Machine Learning enables them to learn without the need for human involvement.
These two technologies allow a bot and a human to converse in a way that is akin to a human-to-human discussion.
Sentiment Analysis
NLP has got a strong footing in analyzing the sentiment behind a written text. It can help identify the positive, negative, and neutral tone of the narrative. SA helps companies monitor brand standing, understand buyer needs, and product sentiment in customer reviews and feedbacks.
Read more: why sentiment analysis is important for businesses?
The digital world has made it easy to capture the intent, opinions, and needs of the user through social media. The comments about a certain product on social media, reviews on the famous eatery, conversations in the comments about a brand, tweets about an ongoing trend; are meaningful assets for big companies to analyze the brand health and customer feel towards a service. It helps them improve their flaws and strengthen their marketing strategy.
If a customer sends an email about an issue with a product or service, an NLP system would identify the emotion (anger, unhappy, irritated) and label the email for a rapid automated response or forward it to the appropriate person.
Similarly, a financial services firm may employ a natural language processing (NLP) system to analyze sentiment in articles about certain stocks, or provide a comprehensive report to evaluate a stock’s performance and recommend whether to purchase or sell it.
Conclusion
The NLP industry is predicted to grow at a CAGR of 21% from $10.2 billion in 2019 to $26.4 billion in 2024. Additionally, organizations that use conversational AI have a greater success rate. According to statistics, customers who used the bot established more trust in the company, 71 percent shared positive reviews while 64 percent gave better feedback to companies on social media.
So, if you are on the lookout for an effective and efficient NLP project, you can hire us as your true partner.
You are just one click away from having a smooth and seamless AI experience for fueling your business growth.
