Industry Insights: New Businesses Ideas That Makes 2019 Future-proof!
In recent time, Natural Language Processing (NLP) technology has grown pretty quickly despite real-time obstacles. As artificial intelligence, machine learning, and IoT continues to transform the way we all interacting with the world, this subtle power of NLP owes huge credit brownies. The IoT industry looks blooming with all the advanced technologies opening new opportunities for better and greater business. A flood of diversifies NLP solutions now features new-age technologies like Computer Vision and Multilingual NLP middlewares. The need of an hour is an objective method to compare their performance, scalability, and efficiency. A new-age digital space that not only grows with the advancement but also optimize features and it’s performance.
Tech giants like IBM and AWS and others have been already making headway in the industry. So before we share some of the business insights and concepts that looks promising, we just want to brief what is NLP. NLP is a program that allows applications to interact with a human using a deep learning algorithm. The algorithm can give a variety of outputs based on the learned task. Here, the outputs can automatic summarization or language translation or a part-of-speech, or even parsing or grammatical analysis. We’ve seen how artificial intelligent WordPress plugins bring the best in the website, now in this post, we shall talk about new business ideas inspired from NLP and Computer Vision and how to optimize your website for selling these concepts.
A few examples of NLP that we all use in our everyday life:
- Spell check
- Voice text messaging
- Spam filters
- Related keywords on search engines
- Siri, Alexa, Google Assistant
Prospective Business Ideas For Future-proof 2019
Auto Prediction Software
One of the most common use-cases of NLP that we confer is when we try to compose an email or reply to LinkedIn messages. The advanced technology now predicts the commonly used phrases while writing the mail or message, for example, customary addressing, greetings, and probable answer drove from the message thread. NLP has features like Bag of Words to device the technology. Companies now look for personalized technology to feed with NLP models according to the individual writing style.
The advancing capabilities of NLP were tapped by one software — Grammarly it alarms us with red lines for the spelling error. Grammarly extensively uses technologies like AI, ML, and NLP to make this work. There is an addition to the dictionary option as well for customizing and enhancing the entire experience. We expect more Grammar Check software that is efficient and powerful enough to understand the content, concept, and context.
Chatbots have almost replaced human service across the various businesses — from food delivery to online fashion to ticket booking app. Because of its promptness to customers queries. The core technology used here is NLP along with Natural Language Generation (NLG), ML and Fundamental Learning (FL) train the bots to interact with the customers and to streamline queries. In the coming days, we expect more highly advanced bots that use semantics and cognitive computing. Here’s to more Chatbots!.
When it comes to the Indian market, having different languages and variations in dialects have made NLP service providers grow. The tech daddies rely on deep neural networks for translating words in the intended meaning with the help of NLP and we expect the translation software to prosper in the coming days.
Understanding the tiger by the tail; we’ve developed Vizion — AI Startups Responsive HTML5 and just introduced the NLP-integrated Multilingual Middleware theme website. You can purchase it from our exclusive selling platform Themeforest: https://themeforest.net/item/vizion-ai-startups-responsive-html5-template/23197131
Real-time Examples of NLP
1. Spell check
Tip: Make your contact form equipped with NLP, because you don’t want your customer to give a second thought on sending you an email. Having a spell check on the contact form makes it easier for you to understand and for your website visitor happier.
From WhatsApp to other social media and professional communication system, an autocomplete application or software helps us draft a message quicker and easier.
Typing error is the most common error we all have faced it. The autocorrect on our system and mobile helps us to make it easier to look up for a specific thing. The search engine friendly autocorrect offers the most accurate solutions.
4. Smart search
NLP is self-learning. It works excellent on e-commerce websites. It learns the navigation pattern of the website visitor and comes up with suggestions while checking out your cart. We expect more smart search alternatives who can also suggest according to the upcoming season and festivities on a local frame.
5. Social Media Monitoring
We know customers feedback or what we say social proofs are essential in boosting sales. A tool to monitor these feedbacks helps a brand to understand the graph of the company and the lacking areas. From monitoring hashtags to texts, a social monitoring tool is the moment of truth.