IT-Tage 2020 – Advantages of Natural Language Processing for Businesses Today
The IT-Tage in Frankfurt is the only conference in the German-speaking (DACH) region which represents the entire spectrum of themes in IT including developers, administrators, and management. For the first time ever, this conference was held remotely from Dec. 7 to Dec. 10, 2020. Our KÖNIGSWEG partner Alexander Hendorf was present at this conference.
In his lecture, Hendorf spoke about the possible business applications for Natural Language Processing. According to Hendorf, the AI supported processing of language is already omnipresent – although it is not always immediately recognized as AI. Dictation, GPS navigation, voice response, auto correct, and voice control have recently made a significant impact in our daily lives. However, Natural Language Processing has significantly more applications than a tool for the simplification of our daily lives.
Similar examples are often sentiment analysis or keyword searching. Natural Language Processing makes it possible for businesses to rearrange their text collections, identify previously unknown relationships, or to make public texts available for the company in a structured manner (e.g. Competitor or market analysis).
Natural Language Processing systems are often in contact with the end customer, such as in hotel bookings or first level support. Even less well-known are the potential applications for the compliance, legal, and financial sectors. This is exactly where there is opportunity for significant potential; for example, in entity recognition, automatic summary of texts, acquisition of KPIs, and other signals from balances and reports.
Hendorf offered an overview of the possibilities of AI supported language processing beyond everyday use, which we are already familiar with from our smartphones. He demonstrated how computers process languages through to the latest technologies such as ELMO, BERT, or Transformer. On the basis of a sample project lead by KÖNIGSWEG, Hendorf demonstrated the value that Natural Language Processing could lend to businesses today, and where strengths and weaknesses are present.
Towards the application of Natural Language Processing in companies: