Top 5 Applications of NLP in 2020
Hi all,
Natural language processing (NLP) is gaining popularity by 2020. Technology has changed and various changes have been made. Contemporary developments in the NLP require relatively less training data than before. Natural language processing has many applications in today’s business world. It is one of the most realistic technological advances. The complexity of the NLP is changing with the advancement of technology. Here are the top NLP trends you should be aware of.
1. Text Classification
Text classification also known as text tagging or text categorization is the process of categorizing text into organized groups. By using Natural Language Processing (NLP), text classifiers can automatically analyze text and then assign a set of pre-defined tags or categories based on its content. It helps in organizing unstructured data and give it a definite structure. Classifying and organizing it makes it ready for data analysis through which relevant insights from the data is found. Hence, text classification is very useful when it comes to the analysis of organizational data.
2. Chatbots
A chatbot is a software application used to conduct an on-line chat conversation via text or text-to-speech, in lieu of providing direct contact with a live human agent. The new age chatbot as we see it today is a result of the application of NLP technology. Today, chatbots powered by NLP and AI that are capable of performing actions for the users. So, instead of talking to a person, can instruct a chatbot to cancel or even modify tickets. Today, chatbots have emerged as a great way for brands to stay connected to users and resolve their queries and issues, and see them everywhere — websites, apps, and platforms.
3. Sentiment Analysis
Sentiment Analysis is the process of data mining that is involved with the analysis of the sentiment behind a piece of text or content. Sentiment analysis uses natural language processing and machine learning to interpret and classify emotions in subjective data. The use of sentiment analysis can help organizations identify the general user opinion about their products and services by analyzing relevant data from various sources and business to detect sentiment in social data, gauge brand reputation, and understand customers.
4. Market Analysis
Understanding the market and what your users want is very important for businesses today in order to stay ahead in the competition. NLP is a technology that serves as a smart Market Expert that helps enterprises to understand the market and identify people who are likely to have an interest for the product. Also, NLP can derive insights on the kind of ad campaigns that will work for a product or brand, by analyzing the user behavior and analyzing social media data. All of this information can be of extreme value to an enterprise that wants to create a name for itself in the highly competitive market.
5. Speech Recognition
Speech recognition is a technology that enables a machine or program to identify and understand words or phrases from spoken language and convert them into machine readable format. It is a subfield of computational linguistics that deals with technologies to allow spoken input into systems. Today, speech recognition is a highly accurate technology that is efficient in decoding our voices, and this technology has found many applications. When it comes to an enterprise search software like 3RDi Search, speech recognition can work wonder in saving time for the users and helping them find the most relevant results without the need to type a single letter. This has the potential to take the user experience to an all new level.
Thank you!
