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What is Natural Language Processing and how can it be applied to your company or industry?
Natural Language Processing (NLP) is a field of Artificial Intelligence (AI) that focuses on the interaction between computers and human language. It involves the ability of computers to interpret, “understand”, and generate human language in a way that is both meaningful and useful. NLP has a wide variety of business applications across many industries.
Like ChatGPT, chat bots built on NLP techniques offer time-saving solutions both internally and for customer services. These chat bots can provide customer service assistance, language translation, and 24/7 support, as well as automate sales processes and other customer support services. Companies can then use the information from customer interactions to continue to improve their chat bots and learn about customer preferences.
NLP includes a variety of information extraction techniques for working with large volumes of text:
- Quickly summarize long texts, such as articles, research papers, and legal documents, allowing users to access the main points without reading individual documents
Named entity recognition
- Search for text representing people, locations, organizations, products, and other named pieces of information
- Categorize the sentiment expressed by individuals in formats such as social media posts, customer reviews, and survey responses toward brands, services, or products to better understand customer satisfaction and inform future business decisions.
Contact us to learn more about Natural Language Processing as a potential data solution for your company >
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The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.