Technically, it's an AI powered language model. But what does that mean?! Well, in simple terms, it means you can ask questions in “plain english” and get coherent, human-like answers. 

This can be particularly powerful if your tasks involve generating content, like “write me 50 words about topic X”, as the AI is able to return very credible answers. But beyond that, what are some of the real-world applications for product marketers, data practitioners, and CX professionals?

When combined with other technology - such as analytics, CRM, or DXPs - this kind of natural language processing (NLP) can supercharge both staff and customer experiences. Non-technical staff can easily run complex queries and customers can quickly find what they’re looking for.

I say this because It uses NLP and NLQ techniques to understand user inputs, generate relevant responses, and carry out actions based on the user's intent.

Good CX = Happy Customers = More Revenue

With ChatGPT, CX is now front and center for most software companies. What does this mean for you? Customers are just getting used to things becoming easier and more frictionless - so software that is complicated to use will naturally get left behind the competition.

Software companies, especially CRMs could benefit greatly from embedding NLP into their software to better understand customer needs and of course, to improve their customer experience. NLP can help companies quickly and accurately respond to customer queries, extract useful data from customer conversations, and accurately segment customers for targeted customer service efforts. This can lead to improved customer satisfaction, increased loyalty and retention, and ultimately a stronger bottom line.

What This Looks Like in Action

A common problem in the insurance sector is upselling or cross-selling to customers when it comes to policy renewals. Usually this means that insurance agents have to request a huge report from their data team and can't actually pull this out from their CRM. And if they really want to personalize it, they need to request several additional fields ( this also means several rounds of back and forth). So, most sales agents don't really go to all the trouble. This means customers don't get a super targeted experience.

But this is easily solved if these agents can use the CRM like they use ChatGPT - perform a quick search and they have their list in seconds. At Baloise insurance, Veezoo enables users to do exactly that. Basically, insurance agents can now directly ask Veezoo questions around upcoming renewals, customer details and more, leading to them being able to create targeted offerings that are likely to resonate better leading to more conversions.

But let's be clear, an embedded NLP solution like Veezoo is different from ChatGPT. ChatGPT is a general NLP technology, impressive for what can be built on top of it, but not something you would just give to your users so they can query your database freely.

ChatGPT does not know about terms and items that are specific to your software or your users, such as customers, deals and products. This means that it will not be able to answer simple questions such as "Show me deals from John Doe", which is something an embedded solution can offer.

All in all, NLQ technology is a valuable tool for software companies looking to enhance their product offerings, automate routine tasks, and provide a better customer experience. This can free up time and resources that can be better spent on more strategic initiatives, while also improving the accuracy and of course, productivity.