Advancement in technology has redefined the way businesses operate and take on new challenges – those of ever-increasing data volumes, inadequate analytical know-how and rising operational costs among others. Natural Language Generation (NLG) as it is popularly known, is one such technological breakthrough focused on generating human-readable prose from data. NLG is an integral subset of artificial intelligence, cognitive computing, and analytics combined. Data in a structured format is analyzed to generate comprehensible narratives along with graphical elements. Such easy-to-understand narratives aid in making faster and well-informed business decisions. Moreover, the dollars spent on the tools and resources to do analytical work are substantially reduced, which makes NLG platforms a huge hit!
Consider a report like this:
PE ratios, Bid and Asks, EPS, etc. aren’t understood by everyone at a glance. Instead, if the health of the company and the market, in general, is presented in layman terms in a wordable report, it would help investors make the most out of the current market trend.
Investment advisory houses can generate intelligible portfolio statements with an NLG platform – helping their clients understand money better and have a clear picture of their financial goals. For instance, picture this:
A media house can leverage an NLG platform to compare the performance of its various channels and to gauge its position amongst its competitors. Here’s an example of one such channel performance report generated by an augmented analytics platform - Phrazor by vPhrase.
Intra-organization, Phrazor can be used to automate the generation of performance reports – thus helping businesses in boosting organizational efficiency and employee productivity. What’s more, Phrazor can be easily integrated with the company’s existing architecture and be configured to generate reports for everyone ranging from the junior most employees to executives. The language, level of detail, and context of the report can also be configured so that every reader gets information that is most relevant to them.
Innovative solutions like these are helping businesses stay on top of their game and grow by leaps and bounds!
Romil Shah is an AI enthusiast with considerable experience across varied technology domains, primarily Natural Language Generation (NLG), and Blockchain technology. He is passionate about technological innovation and more importantly its real-world applications. His work within the field has brought about constructive conversations and explorations around AI and its extended use in businesses.