The Power of Natural Language Processing
by Ross Gruetzemacher
The conventional wisdom around AI has been that while computers have the edge over humans when it comes to data-driven decision making, it can’t compete on qualitative tasks. That, however, is changing. Natural language processing (NLP) tools have advanced rapidly and can help with writing, coding, and discipline-specific reasoning. Companies that want to make use of this new tech should focus on the following: 1) Identify text data assets and determine how the latest techniques can be leveraged to add value for your firm, 2) understand how you might leverage AI-based language technologies to make better decisions or reorganize your skilled labor, 3) begin incorporating new language-based AI tools for a variety of tasks to better understand their capabilities, and 4) don’t underestimate the transformative potential of AI.
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