IDC Perspective: The Business Value of Natural Language Processing Applications in Enterprises

IDC Perspective: The Business Value of Natural Language Processing Applications in Enterprises

This IDC Perspective covers the business value of natural language processing (NLP) applications in enterprises. It reviews the current state of NLP, the synergies between NLP and text analytics, the way NLP is currently used by enterprises, and sample customer success scenarios. It also includes an analysis of large language models, its associated challenges, and what the future holds. It provides guidance to the technology buyer on how to embrace NLP and maximize ROI."NLP is rapidly becoming as integral to an enterprise as communication itself. Although NLP has made big strides over the last few years, context, relevance, and time to market for NLP solutions continue to be challenging," says Ritu Jyoti, group VP, artificial intelligence (AI) and automation research at IDC. "Enterprises need foundational language models that capture business context, bias detection, and mitigation to detect and fix bias from models created elsewhere," she adds.

Please Note: Extended description available upon request.

Executive Snapshot
Situation Overview
NLP and Text Analytics Synergies
Common NLP Applications in Enterprises
Out-Of-The-Box or Custom Models
Out-Of-The-Box NLP Models
Custom NLP Models
Customer Success Scenarios
Unlocking Value from Clinical Documents and Research Materials
NLP for Customer Care: Virtual Assistants
NLP in Print and Media
NLP for Supply Chain Resilience
NLP in Life Insurance
NLP in Knowledge Extraction and Intelligent Document Processing
NLP: Large Language Models in the Financial Industry
NLP Business Solutions: Embedded AI
Large Language Models: Today and the Future
Advice for the Technology Buyer
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