Natural Language Processing, a subset of artificial intelligence (AI), deals with the interpretations of human language by the computer. NLP essentially involves programming and training computers to process and evaluate huge volumes of natural language data.
With the increasing importance of customer satisfaction and meaningful human interactions for businesses today, the adoption of natural language processing to modern-day firms seems only natural. NLP solutions are helping companies automate the processing of vast amounts of text data, streamline their operations, save more, and provide better customer service.
Let us have a look at some of the business benefits of NLP:
Business Benefits of Natural Language Processing (NLP)
1. More Actionable Insights
Companies have a lot of data, but not every company effectively utilizes that data. Deriving actionable insights from a sea of unstructured data can be quite a task. This is where NLP comes to the rescue.
NLP can analyze customer feedback and reviews through text analysis, text categorization, sentiment analysis, entity extraction, etc. Through NLP, you can derive actionable insights like customer pain points, your unique selling proposition, popular features of your product, use cases of your products/services, frequency of usage, customer expectations, etc.
2. Empower Your Employees
Stuck in repetitive and operational tasks often saps the joy out of the employees involved in such functions on a day-to-day basis. The solution here is to automate the repetitive and mundane activities and let humans focus more on mission-critical tasks.
This can be done by incorporating NLP chatbots to take care of the routine queries from customers. We can also train an NLP chatbot to notify humans only if complex customer queries fall outside of the chatbot's training and need human intervention. Customer service, invoice processing, feedback collection, payment reminders, document categorization, and much more can be taken care of by incorporating NLP models into your workflows. This, in turn, helps in the effective allocation of employees to more strategic tasks.
3. Better Customer Service
Customer service is the new marketing! Today's businesses cannot afford to have lousy customer service, where customers are kept waiting and do not hear back from your company for days together.
To even sustain and stand against your competitors, you'll have to make your customer service instant, quick, and effective. NLP chatbots are very well capable of doing that. Not only can chatbots address multiple queries instantaneously at the same time, but NLP chatbots are even capable of understanding the context and intent of users' queries. As a result, NLP chatbots can instantly provide context-appropriate responses, thereby helping companies retain existing customers and attract new ones.
4. Market Research & Analysis
Keeping up with how your audience is feeling about your company is a crucial part of marketing. Market research and analysis can help you with market segmentation, decision making, targeting, etc.
Natural Language Processing services and solutions can help a great deal in market research and analysis. Right from gauging the audience's pulse regarding your products/services to decreasing customer churn, NLP can help in a lot of ways. For example, an NLP-based chatbot can easily make sense of raw information like customer reviews, social media comments, search queries, etc.
5. Reduced Costs and Increased Profitability
Wanting to increase profits by growing your business is a common practice. But, streamlining and making your existing processes more efficient is also a great way to increase profits. And natural language processing is an excellent tool for this.
NLP chatbots can help a great deal in streamlining your existing repetitive processes. NLP chatbots can automate mundane, repetitive tasks. This enables you to engage your employees in more strategic activities. In addition, streamlining existing workflows paves the way for new processes to be built, thereby increasing productivity and profitability.
Natural Language Processing can improve your business processes and take your customer service and experience to the next level. NLP solutions save on time, costs, efforts and lead to increased engagement for your business.
The NLP experts here at Maruti Techlabs have worked with clients worldwide, helping companies identify the intent behind the words said or the actions performed. Through strategies like entity extraction, sentiment analysis, intent classification, text categorization, etc., we have helped businesses uncover insights from raw data and ensure operational efficiency.