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Most businesses crave to know what their competitors are thinking and planning ahead. Traditionally, strategy analysts have used financial models to predict competitors’ moves. But now due to the enormous data storagegoing on, more specific, pinpointed insights can be eked out. One can make use of NLP (Natural Language Processing) for the same. Unstructured textual data can be really difficult to engage with, so some form of encoding is required to get the right results. Cognitive maps are the latest fad, with deep insights. Cognitive biases and the mental models that people apply are also important to be understood. AI or NLP can even be used to detect patters a simple data warehousing will not display. Google is already using such tools in a big way, while Facebook plans to make a grand entry.

Source:https://knowledge.wharton.upenn.edu/article/natural-language-processing/

Uploaded Date:03 October 2019

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