Business intelligence (BI) is thriving today. More BI solutions are available — both off-the-shelf and custom-built — than ever before. At the same time, like any software industry, AI is rapidly advancing to meet new demands. This advancement lends itself to a more intelligent BI through natural language processing (NLP).
A market research study by Facts and Factors estimates that the Global Natural Language Processing Market size & share will increase by USD 13,277 million by 2028, at a CAGR of roughly 20.90% between 2022 and 2028.
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NLP is familiarizing itself with your business operations, reading data in all its forms (structured and unstructured), and learning to identify trends and predict outcomes. This allows you to see previously unavailable insights that human reporting couldn’t perceive.
Like AI experts, NLP researchers and scientists attempt to apply this technology to as many areas as possible. Natural Language Processing appears to have a promising future. With the dynamically changing nature of language and technology, it will be applied in many scientific and commercial domains.
What is Natural Language Processing (NLP)?
Digital transformation occurs when digital technology is incorporated into a company’s assets, processes, and products to increase operational effectiveness, enhance customer experience, expand into new markets, and manage risk.
Language is an archaeological vehicle… the language we speak is a palimpsest of human effort and history.
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~Russell Hoban
Natural Language Processing (NLP) is a field of study that focuses on understanding and building systems that can process human language content. It includes speech recognition, machine translation, text-to-speech synthesis, and other areas.
Natural language processing is a form of artificial intelligence (AI).
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NLP aims to solve the communication problem between humans and computers. Communication has always been difficult because it requires a precise understanding of both sides. Computers do not understand the meaning of what people say, so they need to be trained to understand it. People do not understand the syntax or grammar of computers, so they also need training.
This training takes place with various algorithms that were designed for this purpose. These algorithms are called “natural language processing” or “natural language understanding.”
How is NLP Impacting Business Intelligence?
NLP tools have improved customer service by allowing companies to respond to customer inquiries with pre-programmed responses. NLP has been used in business intelligence for a long time. Companies use NLP to analyze large amounts of data and identify patterns and trends.
NLP Chatbots in Business Intelligence
Chatbots are automated programs designed to simulate human conversations using natural language input via text or voice interfaces.
According to Gartner, artificial intelligence (AI) will become a commonplace customer experience investment in the next few years. For customer service, 47% of businesses will employ chatbots, while 40% will use virtual assistants.
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They’re ideal for customer service because they allow companies to provide quick answers without hiring additional employees or paying for costly phone plans when customers call in with questions.
Put Self-Service Analytics Everywhere
The biggest impact NLP has had on BI is that it enables companies to provide self-service analytics at all levels of the organization. Anyone can find answers to their questions without going through IT or data specialists for help.
Instant Data Visualizations
Business users don’t want raw data; they want relevant, easy-to-understand, and actionable information. Natural language processing (NLP) technology enables companies to create interactive visualizations based on data that non-technical people can easily understand. This means you don’t have to be an expert in data science or statistics to gain insights from your company’s data — all you need is a good question!
Streamlines Reputation Monitoring
Given the fierce competition, companies must be aware of their position and reputation in the market. Companies must routinely analyze brand reputation to achieve this. Before making a purchase, 90% of consumers are believed to read online reviews and look up client testimonials. As a result, a brand’s reputation is crucial in determining its position in the market.
To understand a general viewpoint, NLP integrates human language, such as comments, reviews, and feedback, with market statistics and analyses. This process is known as sentiment analysis or opinion mining. Therefore, through all of the analysis, it determines whether the product or brand is succeeding in the market or not. It also establishes the reputation of the brand.
Why is natural language processing the Future of BI?
NLP and search-driven analytics are two examples of businesses’ cutting-edge technology to match their most capable business minds with the appropriate data.
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Natural language processing helps you thoroughly comprehend your clients, rivals, and market developments. Your company’s operations and position in the market can be enhanced by using NLP technologies in your business plan.
What NLP will contribute to BI in the future is as follows:
NLP will Democratize Data
Data has always been the most valuable currency in business — but it’s not always easy to get your hands on it. If you’re not a data scientist or don’t have access to one, you might find yourself stuck with basic Excel reports and other rudimentary data visualizations. With NLP, you can harness unstructured data like text and audio files to gain insights into consumer behavior.
NLP will Harness Unstructured Data
Text and audio are two types of unstructured data that NLP can process. The text includes social media posts, product reviews, emails, blogs, website pages, and more; audio includes podcasts and videos — both live broadcasts and recorded ones — and voice commands from chatbots. All this information gives us insight into consumer behavior — who they are and what they want from us — which helps us make better decisions about our products and services.
NLP will Make BI More Insightful
Currently, NLP frequently relies on translating natural language into machine language. However, as technology advances, particularly the AI component, the computer will become more adept at “understanding” the question and begin to provide answers rather than search results.
Compared to asking questions in natural language, this is one step further. It is also getting it in that manner. In the beginning, the data chatbot would presumably respond with pages of data for you to analyze in response to a question like “How have revenues evolved over the last three quarters?”
Instead of just displaying your Data, it will be able to automatically complete the filtering and organizing required to produce a response that makes sense once it learns the semantic relations and inferences of the inquiry.
Final Words
Natural Language Processing is the technology driving this revolution in human-computer interactions (NLP). And it has already had a profound impact on BI, going far beyond merely facilitating the user interface. Soon, talking to a chatbot will be all it takes to learn life- and business-changing information.
Everyone should have access to BI data. However, this is an ongoing problem. Employees’ difficulty may hamper employee adoption of BI systems with layered interfaces and complicated BI software. When it comes to solving these problems, NLP can significantly increase the adoption of BI by facilitating universal access to data.
Transpire Technologies can provide you with expert advice regarding any matters of this if you require any consultation regarding it today.
