In conversation with a customer the other week, she made the comment that “natural language processing (NLP) is all the buzz around here but nobody really knows what it is and how to use it.” And while there’s a lot of hype around how NLP, machine learning, blockchain, and AI are rapidly transforming all markets; the biggest challenge for success in applying these innovative technologies is understanding really what they are and how the enterprise can implement them to real-world problems. The pace of technological change isn’t slowing and it’s critically important for all stakeholders to get up to speed and truly understand how machine learning and NLP are already capable of having practical impacts on regulatory compliance. In this article, we plan to highlight the practical use cases being adopted with these technologies, and why they have the potential to fundamentally change the field as we know it. There’s a huge amount of commentary on AI and blockchain and we’re going to constrain our discussion to just the machine learning and NLP technologies in this article.
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Best Practices in Compliance and Implications of Machine Learning and Natural Language Processing