Unlocking the Future: The Impact of Natural Language Processing in Healthcare, Pharmaceuticals and Finance
Discover how Natural Language Processing is revolutionising healthcare, pharmaceuticals, education, finance, legal, and the media industry.
As an area of artificial intelligence that specialises in human language and speech, Natural Language Processing (NLP) encompasses everything from voice recognition to language understanding and generation. As such, it’s rapidly transforming a number of industries. Here’s what you need to know.
1. Healthcare
With the adoption of Electronic Medical Records (EMR), there’s a growing opportunity to use NLP to gain insights from text data. Healthcare providers can use NLP to understand health records and other text data. For instance, NLP can be used to improve stroke prevention and treatment by helping physicians decide when to apply intravenous thrombolysis (a drip). NLP can also be used for suicide prevention by monitoring a person’s social media activities to detect high-risk indicators.
Learn more about how NLP is transforming healthcare here.
2. Pharmaceuticals
Pharma companies can use NLP to extract key safety information from text data, such as internal safety reports and medical literature. This allows for earlier identification of safety issues, reducing losses. NLP can also be used to extract relevant information from clinical trial protocols, helping to understand what is involved in running a trial without spending large amounts of time reading through protocols.
Learn more about the impact of NLP on the pharmaceutical industry here.
3. Finance and Legal
According to a report by the Economist, financial institutions are beginning to adopt NLP for analytics purposes. Banks, for instance, can use NLP-powered chatbots, allowing them to answer common customer queries and free up employees to handle more complex requests.
Learn more about how these industries are leveraging NLP here.
4. Marketing and Sales
From predicting consumer behaviour to automating email responses, NLP offers an array of applications for marketers. NLP can process customer interactions and sales notes on a scale that humans cannot match, providing valuable insights.
Learn more here.
5. Customer Support
NLP enables companies to automate low-complexity tasks so that customer support agents can focus on high-value interactions. By using chatbots and sophisticated response recommendation systems, NLP extends beyond answering FAQs to more complex customer interactions.
Learn more about the application of NLP in customer support here.
With NLP models constantly improving, AI is increasingly understanding and acting on human language with more sophistication and accuracy, triggering a wave of innovation and growth across various industries. If your business hasn’t begun exploring the potential of NLP, now is the time.
