Sunday, January 26, 2020

Natural Language Processing

Natural Language Processing is meant to be a method to translate between the computer and the human language. The overall goal of natural language processing is to allow computers to make sense of and act on human language. So, in simple words to say, Natural Language Processing concerns with the interaction between computers and human natural languages, in particular how to program computers to process and analyze large amounts of natural language data.

Importance of Natural Language Processing:

  • Natural language processing helps computers communicate with humans in their own language and scales other language-related tasks. For example, NLP makes it possible for computers to read text, hear speech, interpret it, measure sentiment and determine which parts are important.
  • Today’s machines can analyze more language-based data than humans, without fatigue and in a consistent, unbiased way. Considering the staggering amount of unstructured data that’s generated every day, from medical records to social media, automation will be critical to fully analyze text and speech data efficiently.
  • Natural Language Processing techniques are very useful for many businesses to analyze the customers’ sentiment. It helps to identify the sentiment among several online posts and comments. The business firms make use of natural language processing techniques to know about the customer’s opinion about their product and services from the online reviews.
  • Working of Natural Language Processing:

  • Natural Language Processing consists of two areas:
    1. Natural Language Understanding (NLU) has to do with applying machine learning toward breaking language down into concepts with coherent relationships.
    2. Natural Language Generation (NLG) is about building up natural linguistic phrases that accurately represent a series of starting concepts.
  • The two processes are the natural inverse of one another, though both are necessary for true Natural Language Processing success.
  • Development of both abilities requires incredible volumes of data, collecting and curating data is the most difficult and time-consuming part of machine learning, by far. But every phoneme collected and curated brings the NLP space just a little bit closer to completion — to the day when users can simply speak to their computers and receive a completely natural response in return.
  • With the ongoing growth of the World Wide Web and social media, there is a drastic increase in online unstructured data. As the amount of data increases, the mechanisms to process these unstructured data and to extract meaningful information from it becomes more challenging.
  • It will be very difficult to find a specific piece of information from a large knowledge base of unstructured data. These challenges and difficulties can be overcome with the advanced NLP techniques.

  • Sunday, January 19, 2020

    Chatbots

    Chatbot is like a messaging platform that brought a huge change in the communication industry. Chatbots are said to be artificial intelligence systems that can be interacted through text or voice interface. Chatbots are sometimes called as personal assistants as they also assist in providing useful information. Many businesses use chatbots as a means of channel and distribution method for reaching their audience.

    Working of a Chatbot:

  • The working of a chatbot is due to the main technology – Natural Language Processing (NLP). The same Natural Language Processing (NLP) forms the basis of voice recognition systems used by virtual assistants such as Apple’s Siri, Google’s Now, etc.
  • Chatbots process the text presented to them by the user (a process known as “parsing”), before responding according to a complex series of algorithms that interprets and identifies what the user said, infers what they mean and/or want, and determine a series of appropriate responses based on this information. Some chatbots offer a remarkably authentic conversational experience, in which it’s very difficult to determine whether the agent is a bot or a human being.
  • Without continuous development in the Natural Language Processing technology, Chatbots will remain at the mercy algorithms’ current ability to detect the subtle nuances in both written and spoken dialogue. Many chatbots will most likely struggle with the complexities inherent in elements of speech such as metaphors and similes.
  • Improvements in Artificial Intelligence and Natural Language Programming has made it possible to use conversational language as command line making chatbots understand what the user want and automate the execution of the command making bots do what they actually ask for. As it is extended to messaging platform, it’s possible to text the request and get the reply by an automated and scalable backend.
  • Benefits:

  • Chatbot brings a new way for every business in order to communicate with the world and also their customers. There are many benefits for both the business and also the customers in using chatbot. Some of them are improved customer satisfaction, cost saving, serve as a alternate sales channel, reaching new customers, gaining a new understanding of the customers, available for 24 hours to answer the customers, consistent answers and transactions with endless patience.
  • With technology moving faster than ever before, it has become very easy to create a chatbot with so many platforms out there which would gravely improve the revenues and customer satisfactions of many businesses.

  • Tuesday, January 7, 2020

    Future of Automation

    Automation is the use of electronics, technology or computer controlled devices to assume control of a process or a system. Some say Automation is defined as “the creation and application of technology to monitor and control the production and delivery of products and services”. Automation which is propped up by artificial intelligence and machine learning, is already having profound impacts on the lives we live, on a daily basis.

    Automation is the process of performing tasks automatically which were previously performed by humans. Automation crosses all functions within industry from installation, integration, and maintenance to design, procurement, and management. Automation is useful in many industries and some of them are mentioned below:

    • Oil and Gas Sector
    • Machine Tools
    • Manufacturing Industries
    • Power Plant
    • Chemical and Pharma
    • Process Industries
    • Food Industries
    • Automobile Industries
    • Irrigation Systems
    • Engineering Services
    • IT Industries
    • Marketing & Sales Industries

    Automation is evolving quickly in the past decade and the business intelligence that is used in applications is a new form of high-quality automation. In the technology domain, the impact of automation is increasing rapidly, both in the software/hardware and machine layer. However, despite advances in automation, some manual intervention is always advised, even if the tool can perform most of the tasks to reduce further errors or complications.

    Automation involves a very broad range of technologies including robotics and expert systems, telemetry and communications, electro-optics, Cybersecurity, process measurement and control, sensors, wireless applications, systems integration, test measurement, and many more. Through automation, every business in various industries can improve their quality, increase their efficiency, shorten their time in manufacturing and releasing the product to the market and improve flexibility.

    Automation is basically transforming businesses will naturally contribute to the economic growth in the form of productivity and efficiency. At the same time, these automation technologies will transform the nature of work and the workplace of the businesses. Machines will be able to carry out more of the tasks done by humans, complement the work that humans do, and even perform some tasks that go beyond what humans can do. As a result, some occupations will decline, others will grow, and many more will change.

    While it looks good at the sight of new technological improvements, there’s also the problems of joblessness in many industries due to automation. But there’s also the say where automation gives organizations an opportunity to replace mundane, repetitive processes without direct human intervention, reducing fatigue and production errors -- be it in manufacturing, technology, retail or service industries. Automation also rises to the openings of new jobs in various industries for those who are skilled in technologies of respective domains.


    Monday, December 30, 2019

    Internet of Things (IOT)

  • Internet of Things is the concept of connecting any device to the internet and also share data to the other devices that are also connected to the Internet. The Internet of Things is a giant network of connected things and people – all of which collect and share data about the way they are used and about the environment around them.
  • The Internet of Things includes an extraordinary number of devices or objects of all shapes and sizes – from smart microwaves, which automatically cook the food for the right length of time, to self-driving cars, whose complex sensors detect objects in their path, to wearable fitness devices that measure the heart rate and the number of steps one has taken that day, then use that information to suggest exercise plans tailored to the person that uses it.
  • Devices and objects with built in sensors are connected to an Internet of Things platform, which integrates data from the different devices of the users who are using it and applies analytics to share the most valuable information with applications built to address specific needs to those users. These powerful Internet of Things platforms can pinpoint exactly what information is useful and what can safely be ignored. This information can be used to detect patterns, make recommendations, and detect possible problems before they occur.
  • The Internet of Things has been in existence for some time and due to them many advances has been made in a number of different technologies. Internet of Things has made many access to affordable and reliable sensors with low-power sensor technology; connectivity through the Internet; cloud computing platforms for businesses and consumers to access their infrastructures; advances in machine learning and analytics; and also, conversational artificial intelligence through natural language processing.
  • Internet of Things is also used in Industries in industrial settings, especially with respect to instrumentation and control of sensors and devices that engage cloud technologies. With the emergence of analytics and machine learning, industries can achieve a new automation layer and create a new revenue and business models for their businesses. Some of the common uses of Industrial Internet of Things are: Smart power grids, Smart cities, Connected and smart logistics, Smart digital supply chains, Preventive and predictive maintenance, etc.
  • Many Industries have benefited through the Internet of Things by using the sensor devices in their business processes. For example: Internet of Things applications allow retail companies to manage inventory, improve customer experience, optimize supply chain, and reduce operational costs; Internet of Things can also be used to improve worker safety for those who work in hazardous environments like mines, oil and gas fields, and chemical and power plants, etc.
  • The platform of Internet of Things can help organizations reduce their cost by improving the process efficiency, asset utilization and productivity. With improved tracking of devices/objects using sensors and connectivity, they can also benefit from real-time insights and analytics, which would help them make smarter decisions. The growth and convergence of data, processes and things on the internet would make such connections more relevant and important, creating more opportunities for people, businesses and industries.

  • Tuesday, December 24, 2019

    Effective Marketing Strategies for Small Businesses

    Fortunately, there are plenty of marketing approaches and strategies where small business owners can adapt to successfully market their businesses successfully and efficiently. Before directly entering into a marketing strategy, one must first lay a strong foundation like creating a website for their business and also creating social media accounts to reach their customers. They can also start a blog where one can explain about their products, services, practices, their success and all that can help educate the potential customers on why they should trust their business. Some of the successful marketing strategies are mentioned below:

  • Social Media Marketing: Nowadays people spend most of their leisure time in social media and this is where one can target and reach their business audience. Many business plan and spend much time and their resources in growing their social media audience and fostering their relationships with leads and customers. Small businesses must choose appropriate social media channel according to their preference where they can get more advantage so that they could reach and engage with their audience.
  • Content Marketing: Content marketing is considered as an important marketing strategy for small businesses. Content Marketing is nothing but the process of creating and publishing quality content for the relevant target audience of one’s business and also providing some time of value for readers or viewers including their greatest challenges, needs, and desires.
  • Email Marketing: Email marketing has many advantages as a marketing channel, and many prefer the same. It is easy to do, easy to automate, allows instantaneous communication, costs very little and can reach a large number of potential customers with the highest open rates. One must make sure to provide interesting, valuable and relevant content that people will actually open rather than deleting immediately or sending it to the spam box.
  • Marketing through Google: One of the most powerful tool in marketing for small businesses is “Google My Business”. Google My Business combines all different Google platforms into one central place, which includes Google+ profile, Google Maps profile, Google reviews of one’s business, access to data on Google Analytics and Google Insights, and more. Google My Business gives one business credibility and visibility while it simply requires one to optimize their business profile and then collect reviews and citations.
  • Knowing your business and customers: One size doesn’t fit all. Same way, whatever the business may be, following the same marketing strategy will not show great results sometimes. One needs to think carefully about their business and their customers before choosing which elements to integrate with their overall marketing strategy. Being clear about details such as these will allow one to develop a targeted and more effective overall strategy that focuses on the channels most likely to produce results efficiently.

  • Thursday, November 21, 2019

    Why Market Research is important for business?

  • Any business which tries to enter a market with a product or service has competition. For a business to be successful, it’s products or services have to satisfy the current customers and must stand out in a crowded place i.e. its competitors. A business that has a new product or service in the current can save time, money and energy If they have a new market strategy in hand in order to approach the current market.
  • Market Research is an important aspect for every business and many successful new businesses enjoy longevity because their owners conduct regular market research to understand their target market, identify consumer problems and pinpoint realistic competitors. Market Research is a continuous process for collecting, investigating and interpreting information about a particular market a business operates in or a product/service the business offers for selling in that market, and also about potential and existing competitors and the past, present and potential customers who purchase and consume the offered product/service.
  • Market research can provide insights into several factors for a business and they can be successful in achieving the goal of the business: Most of the factors are mentioned below:
    • By conducting market research, a business can learn about the problems their ideal customer is experiencing in general or with a specific product or service and use that insight to demonstrate how their product or service is a solution to those problems in their marketing efforts.
    • Market Research can identify both the internal and external problems of a business. Market Research also provides valuable insights about problem areas and creates an opportunity for the business for improvements resulting in the return of steady revenue growth of the business.
    • Through market research, businesses can come to thorough understandings of the Current Customers.
    • Identifying new customers’ needs and wants through market research leads to increasing the customer base of the business.
    • Insights from the market research can make sure that a business can set practical targets for its business for efficiency.
    • Businesses can also develop new developing strategies for improving productivity and also for customer satisfaction.
    • Identifying new business opportunities for business can also be an ideal insight from market research.
  • Market research is an essential and critical component for business success when thinking about the millions of businesses offering a wide variety of products and services. Competition is at an all-time high for all the businesses, and new products and services are being launched daily. Market research can help your business stand out in a crowded marketplace by identifying problem areas, providing valuable insight about your ideal customer, and increasing brand awareness, as well as providing exact wording to inject into successful marketing campaigns.

  • Sunday, November 17, 2019

    Things you need to know before selling your Business

  • There are several factors that are needed to be considered when one is thinking of selling their business to other parties. Before considering everything the first thing one must do is evaluate their business accordingly. This is the process of due diligence where research and analysis are initiated before an acquisition, investment, business partnership or bank loan, in order to determine the current value of the business.
  • Due Diligence might be considered as an audit for the business to confirm all the facts that are included in the financial statements of the business that is being evaluated. The due diligence process consists of the following:
    • Analyzing the total value of the business: A business total value can indicate the total stock price of the business, how broad the ownership might be, and the potential size of the company's target markets.
    • Revenue & Profits: The income statements of the business must also be thoroughly analyzed so that the net income, net profit, business’s revenue, operating expenses, return on equity are calculated and the business bottom line is also analyzed.
    • Competitors & Industries: The major competitors for the business must also be analyzed and found so that the one who is evaluating the business can get a clear view of where their business stands on the current market when compared with the businesses in the same industry.
    • Business Management & Ownership: The Directors, owners, and management team of the business must be stated clearly in the due diligence. The number of shares owners by all the shareholders must also be clearly stated accordingly.
    • Business Balance Sheet: The balance sheet of the company can shed light clearly on what’s happening in the company in every financial year. They contain most of the information like business assets, business financials, business board meetings and decisions, total liabilities, stockholder’s equity, etc.
    • Stock Price History if available: The business owners must also mention about the stocks of the company if it's available in the due diligence process. They must also include the short-term and long-term price movement of the stock and whether the stock has been volatile or steady.
    • Risks involved in the Business: There’s a statement ‘Every business involves risk’. Likewise, business owners must also understand all the industry-wide risks and company-specific risks that exist.
    • Business Valuations: The final valuations of the company is done with the corresponding valuation method that is suitable for the business.
  • Scrutinysoft offers the due diligence process for all types of industries across various sectors. We do due diligence for mergers, acquisitions, startup investments, Investments and researching hedge funds.