Named entity recognition is a subcategory of the information extraction which seeks to identify and classify named entities stated in unstructured data into pre-defined entities like person names, companies, locations, places, legal codes, time intervals, quantities, prices, etc. The process of entity recognition starts with the collection of relevant data. In most cases, this involves a computer application. Data is obtained from multiple sources like electronic media and document management systems.
Named entity recognition offers significant business and legal advantages. Once a named entity is identified, this helps in easy communication between different parties involved in the process. For instance, all the departments involved in a certain project can easily refer to a single database to exchange data and information. Another important advantage is to save time and efforts spent in verifying and cross-checking all the necessary data sources.
Entities involved in supply chain processes including logistics, manufacturing, distribution, and customer service come under the domain of supply chain. Each business unit should maintain its own record of company information and records. This ensures faster decision making during critical moments of business. To build a solid and comprehensive supply chain, an organization needs a consistent data collection and analysis system. With the help of entity recognition, entities are identified and recorded on the basis of their common characteristics.
The biggest advantage of NED is that it helps businesses in avoiding legal hassles regarding disputes and misunderstandings arising out of miscommunication or misunderstanding. Namely, it helps business houses in providing accurate descriptions of their products and services to their customers and vendors. It helps them improve their quality perception by providing customers with updated and correct product and service information. Named entity recognition thus helps in better customer relationship building and retention.
Another important reason for enterprise entities to seek entity recognition is that it provides them with opportunities to expand and develop their businesses rapidly. It makes the process of marketing and selling easier. It also enables a business house to quickly respond to any customer demand, irrespective of the distance or time difference. Namely, it helps in improving customer retention rate.
Businesses should remember that the most important reason behind the increased level of customer satisfaction is improved service and greater availability of product and services. These factors have a direct impact on customer retention and brand loyalty. It also results in increased profitability. Hence, business owners should not hesitate to seek patent protection for their inventions. Doing so has several benefits, such as:
Companies providing services can also take advantage of named entity recognition. While customers are happy with their selected vendors, they can make further investments if they are offered business processes that are easy to use and integrate with other services and/or products. This means that a business owner may gain access to a wider range of customers and business relationships, which could lead to multiple streams of income. Such business processes can include data mining, market research, financial reporting and other services.
The advantages associated with entity recognition make it a worthy investment for business owners. In particular, entities that manufacture, distribute, sell, or operate any type of physical product would be wise to consider this application. A physical product can be a finite or non-finite product such as a car, a computer, a TV, or an item made of cloth. Each of these items carries certain brand names or identifying marks, which help to identify them. Therefore, entity recognition through patents would allow a business firm to protect its brands and identifying marks and thereby increase profitability.
The process also allows an innovative firm to benefit from the synergies inherent in various processes and technologies used in the firm’s overall business strategy. For example, a firm that develops technology products may be granted the right to incorporate those technologies into other technological systems. Such integration could yield greater cost savings, shorten cycle times, reduce the need for modifications to existing products and lead to more streamlined customer interactions. Such synergies may foster better customer relations that result in improved retention rates and increased profits.
Entities are a vital part of virtually every business environment today. Some firms create a substantial portion of their revenue by selling their customer information to other business enterprises that use the information. Other companies use these same businesses to gather intelligence about customer preferences and buying habits. By using this information, these businesses can improve their products, processes, customer service and overall customer satisfaction. All of these efforts translate into more revenues and, ultimately, higher profits for all involved.
It should be noted, however, that the benefits of NED do not extend to all firms. A particular firm that makes a great deal of software applications may not be able to get NED approval because it does not contain technology that is crucial to the company’s business model. In addition, some forms of technology are too complex to include as an item on a business form. Only a firm with a very strong claim to being a technology-driven organization can benefit from NED recognition. In short, NED must be applied correctly and sufficiently to ensure that the benefits to a business far outweigh the costs of acquiring it.