Saumya Bhatnagar is the CTO and Co-founder of InvolveSoft, a workplace community platform which helps employees volunteer in the community.
As the CTO of a start-up that indulges in various dimensions of AI (Artificial Intelligence), I have observed that multiple companies and businesses have started following this trend. The application of Artificial Intelligence is undoubtedly vast; I, myself, have incorporated it in my work in many ways. Natural Language Processing forms a considerable chunk of its applicability.
Vast chunks of data are being produced at a rapid rate, most of it is in an unstructured form, according to Datamation, more than 80% of the data generated in the field of enterprise is unstructured. This is where NLP(Natural Language Processing) comes into play. It is one of the most critical dimensions of AI. It makes sense of unstructured data to render it meaningful and purposeful. The scope of NLP in the business and enterprise sector is extensive.
Here are 5 NLP tactics that will boost the growth of your organization:
1. Employee And Customer Feedback
One of the keys to the success of an organization lies within the hands of its employees, I have experienced this first-hand, the growth of an organization is proportional to the level of satisfaction of its employees, and NLP can aid in increasing it. There are plenty of examples to explore, Polly is one of them, which is a Natural Language Processing tool that leverages the concept of chatbots to determine an employee’s satisfaction level. Other contenders include Talla, which focuses on customer support, once again, through the use of AI and NLP.
If you’re looking to reduce the workload of your HR department and increase recruiter productivity, this tool is an excellent fit. Many organizations have incorporated NLP in their hiring methodology; candidate sourcing tools analyze the resumes of numerous applicants and filter out potential hires. According to Ideal, manually screening resumes is still the most time-consuming part of recruiting, up to 88% of resumes received for a role are deemed unqualified, a recruiter spends, on average, 23 hours screening resumes for a single hire. This poses a drastic hurdle in the productivity of an organization, as a CTO of a growing organization, I would highly recommend the incorporation of recruiting automation as it saves on precious time.
3. Increasing Efficiency
As outlined in the previous point, there are various tasks in big companies that cut-down on valuable time, which could be spent in completing relatively crucial tasks. I noticed this in my work environment as well, especially when one of us was required to pull out statistics during meetings. SecondMind has emerged with a nifty solution to this problem, it uses speech recognition tools to pick up on specific keywords used during company meetings, and outputs relevant information, this is bound to elevate efficiency and productivity.
4. The Internal Documentation Conundrum
Ever encountered a frustrating problem, unaware that the solution has always been lying in plain sight? Everybody’s been there, including me. This is a common issue that repetitively presents itself in large companies. Incorporating the use of summarization is a robust solution to this problem. This process entails filtering out the meaningful words and sentences in a lengthy document and putting them together to form an easy-to-read summary, this would save up on time and increase the efficiency of an organization.
5. Sentimental Analysis
Comments and feedback play an essential role in expressing your clientele’s concerns, in my experience, customer feedback counts as one of the building blocks of your organization, since it provides you and your team with the basis on which improvements are to be made. Sentimental Analysis is the upcoming trend which corresponds to cataloguing text, based on the tone it exhibits. ParallelDots has created a sentiment analysis platform that allows companies to make sense of the feedback they receive. More and more companies will grow to leverage the power of sentimental analysis in the future, drastically increasing the overall quality of service.
There are several other tools and tactics centered around AI, I highly encourage every tech-based start-up to take advantage of them.