By Megana Natarajan - July 21, 2020 3 Mins Read
CIOs believe that NLP will be vital in boosting customer-facing chatbots, monitoring contractual commitments, etc., which will help transform the organization’s potential
IT leaders point out that current improvements in natural language processing (NLP) tech are boosting mainstream enterprise software with text and speech functionalities. This includes capabilities like enabling Excel to type in questions about data from a spreadsheet, obtain answers via Pivot Tables and auto-generated charts, or reading out emails in a near-human voice, etc.
C-suite leaders believe that with rising popularity, accuracy, and availability of NLP, it is possible to deploy it into handling semi-structured, qualitative, and unstructured data. The tech is currently employed to power customer-facing chatbots to handle a set of set predetermined issues. IT leaders think that using NLP to properly deploy knowledge mining would help demystify an organization’s processes, liabilities, and assets. This can be used to create a better real-time view and simplify the workflows used in the organizations.
IT Security leaders acknowledge that simpler variants of NLP are already employed for day-to-day tasks, like automated suggested email and message responses, spell-checking, virtual assistants, chatbots, etc. The tech uses a computer algorithm to parse and understand verbal and written natural languages that allow devices to understand and learn human languages.
CIOs say that they need to extract and analyze the meaning for text and unrelated data sources have increased in various industries, including life science and healthcare vertical.
IT leaders point out that organizations with in-built AI teams often seek the help of NLP from established vendors like IBM, Google, Amazon, and Microsoft. It boosts business end-users and expert developers to fully utilize the functionalities of the software.
As per IT personnel, NLP doesn’t benefit only the customer-facing and retail industries. The platform is suitable for any organization that interacts with clients, and they can use NLP to gain understandings from the communications. Some organizations have employed NLP for internal employees and traditional HR engagements as well as for external customer and partner interactions.
NLP uses techniques like topic clustering to identify trending issues or repeated problems, which helps save time, money, and effort for the organization.
CIOs say that specialized AI tools like Seal Contract Discovery and Analytics or ABBY Text Analytics for Contracts, Exigent Contract Management Solution help to extract the deadlines, terms, and conditions from contracts. Employing NLP to analyze documents in this manner will help organizations restructure their business model.
NLP has been used to create transcription tools like Otter which helps to extract accurate information from conversations and meetings. It would have been difficult to do this manually, especially in the current scenario, where continuous Zoom meetings make it difficult for people to remember all the details.
Megana Natarajan is a Global News Correspondent with OnDOt Media. She has experience in content creation and has previously created content for agriculture, travel, fashion, energy and markets. She has 3.9 years’ experience as a SAP consultant and is an Engineering graduate.
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