NLP: A Strategic Advantage for Your Business, Insights for Executives

We have previously discussed topics such as AI, data science, and NLP, including some use cases. Today, we will focus specifically on the executive’s perspective and how NLP can impact their business; let’s discuss insights for executives on this topic.

To begin, let’s provide a broad overview of what NLP is. Essentially, NLP involves extracting and interpreting the content of language to create a decision or outcome. This process typically involves extracting data from documents, followed by analyzing the content at various levels, such as sentences and paragraphs. Ultimately, the goal is to create a decision by either classifying or inferring information.

At a higher level, NLP programs are designed to parse data and understand syntax, including synonyms, antonyms, and word stems. Additionally, NLP is language-independent and can accommodate various dictionaries for different languages. The program looks for similarity and context within the text and identifies entities, such as nouns or actors, to inform the analysis.

If an organization wants to implement an NLP system, they need to begin by ingesting a lot of content, including existing or new data. The NLP program then assesses individual word sets and sequences, looking for similarities and other relevant features. Stemming is an important aspect of this process, as it enables the program to understand the origins and lineage of words.

Overall, NLP can be a powerful tool for businesses, and implementing an NLP system requires significant time and resources. However, the potential benefits, such as increased efficiency and accuracy in decision-making, may make it a worthwhile endeavor.