How Named Entity Recognition AI Can Benefit Your Business
Artificial intelligence (AI) is changing the face of modern businesses by revolutionizing how people do business. The ability of machines to independently recognize and respond to patterns and process large amounts of information faster than humans makes AI an invaluable resource in today’s business operations. One application of AI that is particularly useful to businesses is named entity recognition (NER). Read on to learn what NER is, how it can benefit your business, and how you can leverage this technology for your business.
Named entity recognition (NER) is a subtask of natural language processing that involves identifying and extracting real-world entities like locations, organizations, people, and dates from text data. NER uses machine learning algorithms to recognize these named entities and classify them into categories. The extracted data can then be used by businesses to extract valuable insights from their raw data. NER can be used in multiple ways in a business setting:
Improve Customer Relationship Management (CRM):
With NER, businesses can continuously monitor and categorize customer mentions, reviews, feedback, etc., across various platforms — social media, chatbots, email, and customer service calls. This helps in understanding customer behavior, identifying sentiments, and addressing customer needs in real-time. A positive customer experience invariably leads to heightened customer loyalty, increased sales, and business growth.
Enhance E-commerce Sales:
In e-commerce, NER can be used to extract valuable data from product descriptions, user reviews, and search queries. It can help in identifying customer preferences, ensuring timely stock management, optimizing cross-selling and upselling, and improving overall shopping experiences.
Optimize Talent Acquisition:
NER can help recruiters identify top talents from a large pool of resumes. With NER, the entire resume review process can be automated, enabling faster reviews and a higher probability of identifying the best candidates. With that, recruitment processes are better optimized, and a lot of time is saved.
Fraud Detection and Prevention:
Banks, insurance, and financial businesses can leverage NER to detect fraudulent activities and monitor transactions. By scanning customer data for patterns, NER can flag suspicious accounts for further investigation. With advanced techniques, businesses can stop fraudulent activities before they cause business losses.
Increase Marketing Effectiveness:
NER can help in identifying valuable insights from customer data such as social media habits, buying behavior, emotions, and opinions about business products and services. By analyzing these insights, businesses can determine the right target market and channel their marketing efforts effectively. This improves the quality of marketing campaigns, increasing the chances of successful results and creating better ROI.
Contact a company like AI Hive to learn more.