IBM is announcing several new IBM Watson technologies designed to help organizations begin identifying, understanding and analyzing some of the most challenging aspects of the English language with greater clarity, for greater insights.
AI has moved from hype to reality and has cemented its importance as core in most modern-day applications and IT setups. While there are many areas where AI can add value, organizations are most keen to use AI to drive sales and customer engagement across multiple channels with the use of chatbots, private assistants, and other intelligent platforms. This is where NLP is of critical importance and acts as a building block.
A recent study by Greyhound Research confirms the increasing use of chatbots and similar intelligent platforms using NLP by organizations across the globe. The study confirms that while over 73 % large organizations globally are either already running a project or looking to launch one in the next 12 months. It also points out that, on average, a large org today is running on an average of ten proofs-of-concept with chatbots and other intelligent platforms.
The thumb rule for the success of any NLP project is simple and straight forward – the better the ability to understand language, the better the ability to understand complex topics, and hence the better the ability to deliver outcomes for the business.
Project Debater by IBM was one of the first official attempts by any technology vendor in this direction, and it has come a long way since. The fact that it’s moving from IBM’s research labs to commercial availability now, goes to show the progress that has been made with the project and the technology. Also, the project’s effort to cluster a variety of incoming data by topics, summarise it for business users and provide enhanced sentiment analysis is a significant step forward in the field of NLP.
Such technologies, in an ideal world, can significantly benefit organizations looking for better insights from their data and, most importantly, establish a better connection with customers and stakeholders.
– Sanchit Vir Gogia, Chief Analyst, Founder and CEO, Greyhound Research.
Analyst:
Sanchit Vir Gogia: Sanchit is the Chief Analyst, Founder & CEO of Greyhound Research, a Global, Award-Winning, Technology & Innovation Research & Advisory firm. To read more about him, click here.
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