AI: Natural Language Processing emerging as a new tool. Find its importance and relevance.

Natural Language Processing is a part of AI (Artificial Intelligence). It helps computers understand, interpret & manipulate human language. NPL draws from many disciplines that include computer science & computational linguistics in it to detect and fill the gap between human communication and computer understandings.

Natural Language Processing improves the processes including technology landscaping, competitive analysis & weak signal detection. It also enables the rapid analysis of big amounts of text, which is used where most of the data driving detection.

‘Lux’ considers it as an artificial tool which has the potential to accelerate the front end of innovation across many industries, but remains underutilized. According to LUX Researches, “Improving the Front End of Innovation with Artificial Intelligence and Machine Learning.”

Kevin See (Ph. D.) who is the Vice President, Digital Products for Lux Research said,

“When utilized effectively, machine learning can quickly mine data 
to produce actionable insights, significantly decreasing the time
it takes for a comprehensive analysis to be performed. 
An analysis that would have previously taken weeks can now be reduced 
to days.”

Kevin Explained,

  “Previously an investigation was hindered either by the limited knowledge
 or bias of the primary investigator. Both of which are mitigated when using
 machine learning. A beneficial technology or idea is less likely to be
 missed due to an error in human judgment.”

If we define a successful AI & machine learning strategy, there are some points to consider that include whether someone will buy or build technology, what data source he will use, and how he will leverage experts to define and interpret the data.

See said,

 “The confidence and speed AI and also the machine learning bring to the
decision-making process is enabling innovation to happen at a more rapid 
pace than ever before, but don’t think this means humans are no 
longer needed.It is clear that collaboration between humans and machines 
can generate better results, benefiting all involved,”