Each day, 2.5 quintillion bytes of data are generated globally. For your company’s slice of that pie, managing and interpreting tons of business data can quickly become a strain on resources. Natural language generation (NLG) can help make your data understandable, actionable, and valuable in a myriad of ways. But how do you know when it’s worth investing in NLG? Check out these 5 telltale signs your business is ready for natural language generation.
1. You have a ton of data (and access to it).
Every business collects a mountain of data every day-whether that’s internal, operational data, or customer-generated data. Ownership and access to this data are essential to any natural language generation (NLG) solution. Data that’s best for generating narrative tends to have a structured format (e.g. spreadsheets with columns and rows), or there is the ability to extract unstructured data from multiple sources and transform it into a structured format. From this data, there’s an opportunity for narrative to both expand and improve the business using NLG.
2. You want to improve data-driven decisions.
From that mountain of data, there are key performance indicators to extract and analyze, but often not enough data experts available to distill these into actionable insights. That’s where natural language generation comes in. Using an NLG integration within existing business intelligence platforms, companies are able to take the skill set and expertise of their best data analysts and scale them across the entire organization. NLG creates written analysis that accompanies complex dashboards, giving each user the ability to get the most important information out of the data behind visualizations and use it to decide the best course of action that improves and grows the business.
3. Your content needs to adapt to changing data-in real time.
With the Wordsmith NLG platform, narrative is able to change as new data is added or existing data is modified. For example, a narrative summary of visualizations should adapt as user drills down within a dashboard so that it continues providing the most relevant insights for the item being examined. Waiting for content to be rewritten due to a change in information creates bottlenecks and misunderstanding as a result of outdated information. NLG solutions should both provide the most accurate, up-to-date information and allow users to instantly change formatting of the narrative as soon as business needs evolve-not after consulting an external team that takes days or weeks to make changes, but instantly.
4. You’re looking for a way to improve customer engagement and retention.
If your business relies on customers interacting with your services regularly or has a recurring client renewal model (e.g. monthly subscription, annual membership, etc.), engaging with customers to provide value is essential. Personalization of customer communication is key in this realm, but generating push notification, emails, in-app messaging, and related content for every single user that goes beyond a simple mail merge is difficult. Each message should utilize the individual’s unique data to provide real value, and natural language generation is able to fill this gap by turning thousands of data points into useful, engaging content. For example, the Orlando Magic utilize our Wordsmith NLG platform to deliver fan loyalty emails and app messaging based on individual, unique ticket and game attendance data. As a result, they received an 80% positive response rate to their emails and increased season ticket holder awareness of their buyback program.
5. You need a scalable way to create content on a regular basis.
When you have millions of customers to communicate with, you’re looking to publish narrative for thousands of companies, or you have status reports to deliver to hundreds of managers on a frequent basis, hiring a massive team of writers devoted solely to this task may not make sense. An internal team of writers may be pressed for time or unable to complete the task-especially if this content requires a certain skill set and needs to be created more frequently than on an annual basis. So how do you scale the expertise of your best writers (or analysts) without limiting their work to a single task, such as business intelligence reporting for every department? NLG enables users to construct an automated way to generate these narratives using their expertise so that they’re not spending time on a repetitive task and can focus on more intensive and higher ROI producing items.
As adoption of natural language generation continues to increase across a variety of industries, it’s time to assess areas where it may help your company improve and expand existing processes. If any of the above sound familiar, let us know by requesting a demo of our Wordsmith platform for NLG!