You might be confused with the topic name and might be thinking what is NLP?
NLP is an acronym for Natural Language Processing. NLP is a subset of AI. It is used for text analytics in the computer world.
Why is the text analytics done?
The analysis is done so that the machines can understand the language we use. They can make some observation that a normal brain can’t. Moreover, to build some machine learning model to make predictions. Though the accuracy is still not up to the mark for the human emotions. There is lot of scope of improvements. By the end of the decade, probably the virtual assistants will be more than 10 times better than the one we use now.
Speech recognition is part of NLP. We can communicate with our digital assistant most of the time. Thanks to Alexa, Google Assistant and Siri. In near future most of the BPO* call centers will be replaced by the virtual assistants. There is already some disruption in this space.
NLP has enhanced the filtering of relevant resumes for a job profile and crafting bias proof-proof and gender-neutral job description. By analyzing digital channels, NLP helps in finding the new audiences for the products. Facebook shows us ads of the products we recently discussed with our friends over either messenger or whatsapp.
Search engines, especially Google has been actively using NLP for the search autocomplete. Moreover, on the Google Keyboard, the autocorrection we get is a result of NLP.
More than 80 % of the daily moves in the US stock markets are machine led. In algo trading, the machines take decision based on the current data available, preferably by inspecting the text. Banks are utilizing NLP in developing as well as developed nations to evaluate the consumers credit score**. They explore the digital impression of the customer over the internet with the prior assent and infer bits of knowledge into their habit, peer system and quality of relationship.
By examining our reviews regarding TV series or any other product, the producers are making improvements accordingly. Whatever digital footprints we are leaving behind will be observed some day and our profile will be based correspondingly. Be wise whatever you comment next time ;)
Happy Friday!
*BPO: Business Process Outsourcing
**credit score: A credit score is a statistical number that evaluates a consumer's creditworthiness.
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