Consumers are becoming more sophisticated than ever. To remain on top of the competition, organizations can apply different kinds of cutting edge technologies. Natural Language Processing (NLP) is fast emerging as one of the technologies that business organizations can apply to make their daily operations. NLP applies across the board regardless of domain or industry. Its applications in the business world today is extensive. Natural Language Processing blends Artificial Intelligence and Machine Learning and allows people to interact with machines or computers the way they would interact with other people. It is also referred to as computational linguistics. Back in the day, you would only get effective search results if you typed keywords on Google search, but today people can use their voice to get effective results on Google search. Concepts like “Ok Google” on Android phones and “Hey Siri” on iPhones are products of Natural Language Processing. Having said that, NLP can have several applications which are discussed below.
NLP has become a valuable tool in analyzing and understanding social media responses and posts. It has wide applications on social media and web monitoring. This technology can judge the emotional state and attitude of people commenting or posting on social media. It helps organizations to gain insights in consumer opinion, attitudes and feelings towards their products offering. Having insight into consumer attitudes about products and services, organizations can make necessary iterations on their business strategies. Sentimental analysis is also a great way to understand brand perception or how a brand is perceived by consumers. Sentimental analysis checks how customers are satisfied with product and services. It is quickly replacing and overcoming the shortcomings of classical polls. Consumers are always willing to share their opinions, feelings and attitudes towards brands, products and services on social networking sites like Facebook and Twitter instead of spending time filling out questionnaires.
Market Intelligence and Ad Targeting
Organizations can apply Natural Language Processing to gain insights into the market -- what consumers need, when and where. This helps them to roll out targeted ad. Targeted advertising is the placing of advertisement at the right place and at the right time. Natural Language Processing helps match keywords in consumer posts, comments and text. This helps organizations to understand what the customers need. Matching of keywords is an engaging and time-consuming process but Natural Language Processing helps to simplify the whole process.
A chatbot is a product of NLP that offers assistance to simple customer services problems. Organizations can use chatbots to offer personalized customer care assistance to customers. They offer virtual assistance to simple issues affecting customers. Some of these tasks are low-priority which require zero skills. This helps to save human effort, time and provide an effective solution to a wide range of customer issues.