Innovation Alphabet
Natural Language Processing (NLP)
In a nutshell
Natural Language Processing (NLP) is a computer application that uses Artificial Intelligence to analyze, learn, and manipulate the very complex human language. The purposes are many: to understand the content of a text, to translate it, or to make one autonomously from the input provided. In short, the software that all students have dreamed of while writing an essay.
Application Fields
• Intelligent conversational systems: With the help of deep learning, NLP technologies are able to emulate human dialogue by consistently answering questions on different topics.
• Sentiment analysis: Natural Language Processing can be used to analyze the level of satisfaction of users. It is a useful technique in the marketing and communication fields to understand which aspects of the company customers find satisfactory and which they would like to see improved.
• Text summary: The software can summarize texts, recognizing the most relevant information. It can do this by following two techniques: “extraction” involves identifying key phrases and using them as the basis of the summary, without adding extra content; “abstraction”, on the other hand, allows new phrases to be created by paraphrasing the entire original source.
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Industries
• Natural Language Processing in the automotive industry
To analyze the data generated on Facebook, optimize its social presence, define its editorial plan, and support the marketing department, Piaggio has implemented Natural Language Processing techniques that combine methods of data mining (extraction of a large amount of data) and machine learning with information retrieval and, of course, NLP.
• Natural Language Processing in the language field
Grammarly is a writing tool that relies on the use of Natural Language Processing to correct grammatical and spelling errors. Grammarly focuses mainly on a close application of Artificial Intelligence for grammar assistance, but it can also check text clarity and suggest suitable synonyms.
Business Functions
• NLP in support of customer care
Apple devices can rely on the insights of Siri, the first true virtual assistant for smartphones. Siri uses two main technologies: speech recognition and Natural Language Processing. Basically, the computer process involves recognizing words spoken by a person and converting them into text form. By starting a sentence with the formula “Hey, Siri”, Apple’s speech recognition software kicks in and initiates digital transcription of the words.
• NLP in support of HR
Querying the candidate database by searching for keywords, skills or professional experience in advanced search fields, the algorithm that makes up the Performa Recruit software analyzes the information accumulated from reading resumes and sifts through it in search of the most suitable candidates for the position.
• NLP in support of customer service
Amtrak is the trade name for the U.S. suburban rail transportation system. The corporation found itself having to handle millions of inquiries from customers. By failing to answer each one’s questions, it was losing too many potential travelers. So, it turned to chatbots: software designed to simulate and process human conversations that were able to successfully handle more than 5 million messages.
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Check out more of the Innovation Alphabet:
Gamification
Gamification
Gamification is actually adding a game-like element to make more fun and engaging something that’s not necessarily a game. It’s all about turning a task that might be boring or difficult into a more enjoyable and motivating activity. You can also earn points, badges, and rewards for completing certain actions or challenges. Are you ready to play?
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Business Intelligence
Business Intelligence
A smart business means efficiency: Business Intelligence represents the ability to collect up-to-date data, present it in easy-to-understand formats, and deliver it in a timely manner to employees. Making data-driven decision-making and management processes leads to competitive advantage, reduces inefficiencies, and improves productivity and service at all levels.
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Artificial Scarcity
Artificial Scarcity
We often tend to desire what we cannot have. Or what we are in danger of losing: Artificial Scarcity is a strategy that flaunts a limited number of items that do not correspond to actual availability. The goal is to stimulate the perception in consumers that the stock of items is about to run out and thus create a need based on the “fear of being cut off” or the intention to buy the item in order to resell it at a higher price.
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Subscription Model
Subscription Model
A subscription model is a business tool that generates revenue by charging customers a fee at regular intervals. The company provides products or services to subscribers on a subscription basis, usually monthly or annually. In this way, loyalty has become more important than acquiring new users.
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Holacracy & Flat Organization
Holacracy & Flat Organization
A “flat organization” breaks down the traditional hierarchy and removes its negative connotation, while “holacracy” is the business tool that facilitates its formation. Flat organizations place more emphasis on communication and collaboration, aspiring to a distributed decision-making process that gives each employee a voice. But this is a model that is difficult to implement.
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Mass Customization
Mass Customization
Mass customization is an initiative adopted by companies to embrace the increasingly diversified needs of customers. By offering customizable products and services, consumers feel engaged and can bring their creativity into play. Brands gain from this a boost in perceived value and the opportunity to fuel a positive word-of-mouth marketing.
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Coopetition
Coopetition
If you can’t beat them, join them. Coopetition is a business strategy that defines cooperative and competitive relationships between competing companies in the same young or high-growth market. The goal is to travel a stretch of road together to lower initial research and development costs. Once the desired results are achieved, the companies will return to being enemies as before.
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MVP
MVP
To the disappointment of all sports fans, this is not an article about Michael Jordan. In the language of business, MVP stands for Minimum Viable Product and indicates the version of a new product that has enough features to attract customers. In this way, a team can gather the most feedback with the least effort, improve the prototype, and validate its sale.
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Agile
Agile
Agile is an approach to software development designed to respond to change. Teams quickly analyze the context in which they operate, identify uncertainties faced, and figure out how to adapt to always move forward. Interaction between individuals comes before processes and tools; collaboration with the customer is more important than negotiating contracts.
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Bounded Rationality
Bounded Rationality
The best solutions always come to mind when it is too late. This is because human beings tend to make decisions on the basis of satisfaction rather than optimization. Bounded Rationality means that we are unable to think clearly and linearly, we proceed by trial and error and forget all the possible variables that affect the process. But we are also flawed.
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