Are communication barriers hindering the success of your business? If so, you’re not alone. Many international finance corporations are in the same boat. These organisations face the challenge of crucial information being lost in translation, mainly due to the different linguistic backgrounds of their team members.
In fact, research by The Economist found that 90% of senior executives believe that improving cross-border communication can trigger a positive domino effect, potentially increasing revenue, profit, and market shares.
The report also reveals that nearly two-thirds of respondents believe they miss potential business opportunities in foreign markets due to language differences. Communication gaps lead not only to direct financial losses but also cause delays in critical business processes like mergers and acquisitions, creating strained inter-company relationships and additional indirect costs.
But, despite these challenges, most international meetings still default to English, a language spoken by only 17% of the global population — and often not fluently. If your meetings face similar communication barriers, it might be time to consider interpretation and live speech translation technologies.
Read on to learn how they can streamline collaboration in your organisation.
Interpretation and AI-powered speech translation technologies facilitate real-time communication across different languages while ensuring that the original message is effectively conveyed. This flexibility allows for smooth interaction in hundreds of languages, making it possible to discuss both simple topics and complex financial concepts accurately. When discussing scalable, interpretation and live speech translation solutions, we’re talking about the following options:
Depending on your requirements, you may need one solution or any combination of the three. We explore these options below.
Remote Simultaneous Interpretation (RSI) makes it easier to host large conferences, branch meetings, or webinars, by enabling simultaneous interpretation without the physical presence of interpreters.
Live captions and subtitles use automatic speech recognition to enhance accessibility and understanding during events. Live captions transcribe in real-time what speakers are saying, making content accessible to those with hearing loss or who are not native speakers but have some understanding of the language. Live subtitles, on the other hand, transcribe and translate speech into other languages in real time.
Adding live captions and subtitles to your events or meetings can unlock the following benefits:
AI-powered speech translation is transforming global communication by providing real-time multilingual support for meetings, conferences, and events. Using advanced artificial intelligence, this technology delivers seamless speech-to-speech translations, making interactions more inclusive and efficient.
Interprefy AI-powered speech translation goes beyond standard AI speech translation, helping businesses navigate the complexities of international communication. It offers:
With our AI speech translator, executives and teams can successfully present, host webinars, and share financial insights in a company-wide meeting at short notice and in a lower price range. Additionally, this is great to conduct training with your global talent.
Eliminate the challenges of linguistic divides with Interprefy’s RSI platform and AI-powered speech translation and captions solutions. Our solutions also include full project management and remote support, meaning that we can take care of project management, sourcing and managing interpreters when required, and providing technical support and monitoring throughout your meeting and event. This enables our clients to conduct efficient meetings, events, webinars, and conferences.
Don’t let miscommunication hinder any of your upcoming success.