Jul 17, 2017 | Katy De Leon
NLG Solutions: 5 Reasons Your Business Needs Natural Language Generation
Our customers have plenty of reasons to implement Natural Language Generation (NLG) solutions (Read more: What is NLG?). Since the landscape of Artificial Intelligence-powered technology can feel a bit overwhelming, we’ve assembled up the top 5 most prominent reasons to help you better understand just how many ways NLG can help your organization.
Generate More Revenue
Of course you’d like more revenue (wouldn't we all!), but what if you could do it by simply applying NLG to data you already have? Organizations today are amassing data from countless places, leaving plenty of untapped opportunities to monetize said data.
For instance, Narrative Science customers have used Natural Language Generation to create new information products to sell to their customers. Here is a great example of an automotive technology provider that used NLG to automatically create and add compelling content about car inventory to its customer platform, generating a 20% lift in page views and $1 million in additional revenue within just a few months.
And with the launch of our API, many BI companies have added Intelligent Narratives to their existing technology platforms for a premium, providing their customers with better and faster information they can act on.
Communicate at Scale
Humans can’t scale. There’s really no getting around it. So, why not leverage software that can perform the same technological tasks as humans, but at much greater scale? If your company does any kind of operational reporting, NLG technology can quickly learn your process and take over the grunt work, doing it just as well and at a more frequent cadence than would be possible manually. In the process, this would free up your employees to spend their time performing higher-value tasks, like acting on the business insights uncovered by NLG technology.
Quill-generated operational reporting completes the story by providing information via Intelligent Narratives that employees can easily understand and use to make informed decisions. Intelligent Narratives produced by Quill are also high quality, less error-prone, and free of bias.
Improve Operational Efficiency
It’s a safe bet that most of your employees don't like manual reporting. Looking over spreadsheets, interpreting charts and graphs, and writing up results are arduous tasks. NLG solutions eliminates time-consuming data analysis and manual reporting processes so that your employees can focus on more strategic, high-value activities.
Think of the productivity improvements that you could achieve in your organization by eliminating just one hour of each person’s time every week spent on data analysis and reporting. In a department of 20 people, that’s 1040 hours a year. You could be saving 26 full weeks, or half a year of time, to focus on other things! In addition, utilizing narrative extensions for popular business intelligence systems such as Qlik or Tableau makes it easy for those employees to add natural language narratives to their data visualizations.
Enhance Customer Engagement
Most businesses today collect monumental amounts of information about their customers, but only a few are using it to actually improve customer service. Even fewer are delivering the type of personalized, one-on-one service that really makes a difference with customers. With NLG solutions, you can deliver personalized, easy-to-read information to all of your customers -- communicating in a way that looks and sounds human.
Now, we don’t mean personalized as in “Dear [NAME]” but custom-made communications that contain information about that individual customer which is relevant only to him or her. With this type of customized engagement, your customers will appreciate you recognizing them as a person rather than just a name, and in turn, will be more engaged with your brand. Financial Services firm USAA is achieving this with automated personalization for its members, providing the high-touch service its members expect -- and setting the company apart from its competitors.
Accelerate Time to Market
With so much competition in the marketplace, how does your organization stay ahead of the curve? NLG solutions can propel your company forward by allowing you to produce data-driven content faster -- whether scheduled or on the fly -- and quickly deliver the information your customers want.
For example, if you provide your sales team or distribution channel with up-to-date, data-driven information whenever they need it, they will have better conversations with clients and prospects, leading to a higher probability of sales success. If your marketing team needs to publish data-driven content on your website to drive new customer acquisition, NLG technology enables them to do it with greater efficiency than the competition. For example, asset managers must write detailed portfolio commentaries for clients, a costly, lengthy, and resource-intensive process. But what if commentary could be done on day one of the quarter -- automatically, and in a way that incorporates a firm’s style, tone, and guidelines? With NLG technology, it can be done, providing these firms with a significant competitive advantage.