Natural Language Processing (NLP) is revolutionising Business Intelligence (BI) and quickly. Check out the big business benefits of using NLP in your organisation.
Are you done with constantly drowning in data?
Do you struggle to make sense of the endless streams of information pouring in from your business operations?
Our advice is to look toward AI. With Natural Language Processing (NLP) Turbocharging Business Intelligence, this burgeoning technology is making waves in industries all around the world.
Just like a turbocharger revs up an engine, NLP is turbocharging business intelligence and enabling organisations to extract insights from the vast amounts of big data with ease.
Hold Up. What is NLP?
NLP is a subset of artificial intelligence (AI) that focuses on analysing and understanding human language.
Simply put, it allows machines to interpret, process, and generate human language, enabling them to understand certain nuances such as context, sentiment, and tone.
These powerful NLP algorithms can extract meaningful insights from text data, such as emails, chat logs, social media posts, and other unstructured data sources. Making life that much simpler and giving businesses access to a wide range of powerful applications.
NLP and Business Intelligence: A Match Made in Heaven
Business intelligence (BI) is essential to this data-driven digital age. It involves the collection, analysis, and interpretation of data to inform decision-making.
BI tools allow organisations to collect and analyse data from various sources to gain insights into their operations, customer behaviour, and market trends. However, traditional BI tools have limitations in their ability to analyse unstructured data sources such as text data.
This is where NLP comes in. By turbocharging BI, it’s giving organisations the ability to gain insights from text data.
How It is Revolutionising Business Intelligence
NLP is revolutionising BI in several ways. Whether it’s understanding customer sentiment, improvements in analysis, or automation – NLP has become an incredible game-changer.
Understanding Customer Sentiment
Did you know: deploying NLP-enabled predetermined tasks may lower customer support expenses by up to 30%.
Implementing NLP allows organisations to analyse and understand customer sentiment from social media posts, online reviews, and other unstructured data sources.
By analysing customer sentiment, organisations can identify potential issues and take corrective action to improve customer satisfaction.
And having a strict focus on customer experience is a massive differentiator for businesses of all shapes and sizes.
According to a survey conducted by Forbes:
- 58% of customers would pay more for better customer service.
- 70% of customers would pay more if they knew they would receive a convenient experience.
Quicker Analysis of Big Data
Another big benefit of NLP is that it allows organisations to analyse and understand large volumes of text data quickly and accurately.
According to Qualtrics, you can transcribe up to 1,000 hours of audio speech in an hour. Pretty crazy, right?
This technology is particularly useful in industries such as finance and healthcare, where large amounts of data must be analysed to identify patterns and trends. For example, NLP can be used to analyse medical records to identify patterns in patient behaviour, which can inform treatment decisions.
Lastly, NLP allows organisations to automate mundane tasks such as data entry and analysis.
This frees up time for employees to focus on higher-value tasks such as strategic planning and decision-making.
According to SystemSoft Technologies:
- Approximately 48% of organisations use NLP, data and machine learning (ML) to analyse big data effectively.
- The combination of artificial intelligence (AI) and big data can automate nearly 80% of an organisation’s physical work and 70% of your data processing tasks.
The Challenges in Implementing NLP
One of the major challenges of implementing NLP in BI is the potential for bias against certain groups or demographics in the data.
NLP algorithms are only as good as the data they train on.
And if the data is biassed, then the algorithm will be biassed as well. Which can, in turn, lead to inaccurate or unfair insights and decisions.
Another challenge is the complexity of natural language itself. Language is inherently ambiguous and context-dependent, which makes it difficult for machines to interpret accurately. Especially when there are so many different languages and dialects spoken around the world, each with their own nuances and idiosyncrasies.
The Future of NLP in Business Intelligence
The future of NLP in BI is bright.
According to a report by MarketsandMarkets, the NLP market is set to grow from £8.39 billion in 2019 to £40.65 billion by 2027. And there’s a good reason why.
Driven by the increasing demand for NLP solutions in various industries such as healthcare, BFSI (banking, financial services, and insurance), and retail, this technology is here to stay.
By allowing organisations to analyse and understand unstructured text data, NLP is turbocharging BI and enabling organisations to extract insights from vast amounts of data with ease.
So, if you’re drowning in data, it’s time to rev up with us! We have all of the manpower, talent and capabilities to get you going on your AI journey.