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Global spending by businesses on AI and cognitive systems is expected to reach $77.6 billion in 2022, according to a forecast by IDC.
Rob Thomas, senior vice president at IBM, said that “a large majority of enterprise investments continue to be focused on the three key capabilities that define AI for business — automating IT and processes, building trust in AI outcomes, and understanding the language of business. We believe these investments will continue to accelerate rapidly as customers look for new, innovative ways to drive their digital transformations by taking advantage of hybrid cloud and AI.”
The language of business. A key element of AI in the enterprise is NLP, natural language processing. NLP is the application of AI to be able to understand, create, respond to, and transform human language. It includes things like interacting with voice response, chat systems, and software attendants like Siri or Alexa. It involves no-code interactions to create original text compositions, like OpenAI’s GPT-3. And also things like reading, summarizing, tagging, and categorizing documents.
A report by IBM finds that half of the applications that enterprises deploy based on AI are using NLP. A report by MarketsAndMarkets expects that NLP just for healthcare and life sciences will grow to $3.5 billion by 2025.
One example for how NLP is being used comes from David Talby, CTO at Snow Labs. “NLP can recognize acronyms and biomedical entities. The AI behind the NLP can extract important information about medications, and also uncover critical relationships between data points that could prove relevant to a patient’s status…A review of all available patient information can immediately detect that while a patient is short of breath, this condition only occurs when the patient is going up a flight of stairs. Observations like this offer physicians insights into patient conditions that assist them in better treating an illness or disorder.”