How AI, NLP, and Machine Learning Will Change the Business World

NLP, machine learning, and artificial intelligence will have a major influence on our lives in the coming months and years – and, in fact, these technologies are already changing business, shopping, the economy, and more.

NLP, Machine Learning, and AI – 3 Game-Changing Tech Trends

Any business that wants to prepare for the future should examine today’s top tech trends. Below, we will look at three of these:

• Machine Learning
• AI
• NLP

Before we do, it’s important to actually understand what these terms mean.

NLP in a Nutshell

NLP is short for natural language processing.

It is an AI-powered set of techniques designed to process human language.

With NLP, it is possible for computers to:

• Analyze text
• Gauge the emotions within a text
• Summarize text
• Generate new text from scratch
• Interact with human speech

Many familiar technologies, such as chat bots, are leveraging NLP.

An Overview of AI

AI, or artificial intelligence, refers to the use of computers to mimic human intelligence.

Although AI cannot think it can mimic certain cognitive capabilities.

For instance, using AI, It is possible for computers to:

• Analyze data
• “Learn” from that data
• Make judgments and decisions
• Take action 

In short, AI can perform certain types of cognitive tasks without human intervention. Although AI cannot think and it does not have emotions, it can automate a number of tasks that previously could only be performed by humans.

Machine Learning vs. AI

Machine learning is a subset of AI.

It refers to a specific set of techniques that focus on:

• Assimilating data
• Building models from that data
• Gleaning insights from that data

The vast majority of AI being used today is actually machine learning.

There are, however, other types of AI, such as deep learning. Deep learning uses artificial neural networks, which mimic the neural networks found in human brains, to process and learn from data. This type of artificial intelligence is much more computationally intensive and expensive than machine learning, so it is less widely used. That being said, over time, it will become more common.

How AI, NLP, and Machine Learning Will Reshape the Business World

These three trends will radically transform the business world and the way we live. New products will affect the way customers interact with brands, the way people work, the way we shop, the digital workplace, and much, much more.

Here are just a few examples of how these technologies are already affecting the economy and the business landscape:

• NLP-powered tools are changing the way we communicate with brands. Chatbots have become common in customer and technical support. These tools enable humans to talk directly to software programs, without the need for other human support agents.
• Virtual assistants are opening up entirely new capabilities for the individual consumer. Well known virtual assistance software such as Siri open up new possibilities, especially when combined with automation technologies. With a simple voice command, users can perform tasks such as scheduling events, setting reminders, sending emails, and much more.
• Voice and text user interfaces are affecting the way we shop. Big brands are also pushing voice and text user interfaces into the shopping experience. Amazon’s Alexa, for instance, can be used to shop and order items, in addition to its functionality as a virtual assistant. 
• AI-driven insights are restructuring businesses and workflows. Process mining is the use of workflow data logs to gain insight into and enhance business processes. Like many other processes, these insights can be further enhanced through AI – and this is an example of how AI and machine learning can enhance business processes. 
• New tools are automating work and reshaping workplaces. Automation has become a hot topic in the workplace. Software can now perform tasks that were normally performed by humans, as we mentioned earlier. Chatbots and voice chat technology, for example, can take over many customer service tasks. This type of automation will continue to spread throughout the workplace, further affecting a range of job roles and responsibilities.

These are just a few of many examples. AI, NLP, and machine learning will radically affect many other areas of our lives, perhaps in many ways that we cannot yet foresee.

Preparing for the AI-Driven Future

NLP is just one example of how AI will affect society and the business world. Other AI capabilities, such as image recognition and generative AI, will also increasingly permeate our day-to-day lives.

Although it may be difficult to foresee exactly how these changes will affect us, there are steps to take today.

A few of those include:

• Studying emerging trends
• Adopting technology early
• Implementing agile business practices
• Driving innovation instead of following it

As we saw in 2020, change can happen rapidly and radically, and those who are not prepared for disruptive change will not fare well. 

On the other hand, we also saw that those who prepare early stand a better chance of surviving.

Being an innovator and an early adopter is one of the best ways to get ready for the future, which will undoubtedly be driven by technologies such as machine learning, AI, and NLP.