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. These 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 language barriers, it might be time to consider live translation solutions.
For a deeper understanding of how live translation can facilitate seamless collaboration for your organisation, continue reading this article.
Live translation solutions facilitate real-time communication across different languages while ensuring that the original message is accurately conveyed. These solutions can either be provided by professional interpreters or by advanced AI systems and they deliver translated content of the spoken word in text or spoken formats, with the right solution offering the ability to translate any language you want.
This flexibility allows for seamless interaction in any language, making it possible to discuss both simple topics and complex financial concepts seamlessly and accurately. When discussing scalable, live 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.
Live captions and subtitles use automatic speech recognition technology 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:
Live captions and subtitles can enhance the effectiveness of your team's communication. For example, if you’re having a global quarterly earnings call, you have peace of mind knowing all participants leave with a clear understanding of the key points and any next steps they may need to take. Axians discovered these benefits first-hand. The information & communication technology company used AI-powered subtitles to increase engagement for their virtual event.
Remote Simultaneous Interpretation (RSI) makes it easier to host large conferences, branch meetings, or webinars, by enabling real-time translation without the physical presence of interpreters.
Utilising advanced software that works like an interpreting booth on the Cloud, interpreters can follow your meeting, listen, and interpret in real time from anywhere in the world. Their interpretation is then sent to your meeting and event attendees, who can listen directly from the meeting platform where your meeting is taking place or from their mobile phones or traditional radio receivers if they are attending in person.
Additionally, thanks to RSI you can source interpreters from anywhere in the world, ensuring interpretation in any language, of any type of financial content, including meetings, market reports, and analyses in multiple languages, aiding real-time communication and swift decision-making. RSI then removes the constraint of finding interpreters in the location where your meeting is taking place and opens the door to a worldwide pool of talent and language combinations. This is vital in finance and insurance, where precision and clarity in communication are essential.
We recognise the critical role of effective communication across different industries which is why we are committed to helping ensure smooth and barrier-free language interactions at every event.
Over a decade, Interprefy has been pivotal in assisting thousands of businesses and organisations to overcome language barriers for all event and meeting types, including virtual, hybrid, and in-person events.
For example, during the in-person World Congress of Accountants facilitated by MCI Australia, Interprefy showcased significant cost savings and accessibility improvements by providing remote interpretation services. This approach enabled attendees to access high-quality interpretation without the need for interpreters to be physically present.
Interprefy is also trusted to provide professional remote simultaneous interpretation by clients like the White House. Our language solutions integrate with over 80+ platforms, such as Zoom, Teams, Webex, ON24, and more. Alongside seamless integration, our project management support helps ensure effective communication in any setting.
On Earth Day 2021, US President Joe Biden hosted a virtual Leaders Summit on Climate with 40 world leaders. The summit discussed how they could come together and tackle the climate crisis and meet the demands of science. The challenge with this virtual event, as you can imagine, was to ensure effective communication and no misinterpretations despite it being a global audience.
Interprefy was selected for its expertise in remote simultaneous Interpreting. The solution needed to integrate seamlessly with Zoom to provide support to audiovisual and interpreting teams. In collaboration with Conference Systems (CSI), we:
Throughout the Summit, Interprefy and CSI ensured smooth multilingual communication, monitored channels, and maintained contact with interpreters. This led to a successful summit with everyone on the same page.
The entire Interprefy team that worked on the event did an outstanding job. It was a difficult and ever-changing target, and despite all the challenges the interpretation was very successful. - shares a leading Technical Services Representative who commented on the project.
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Interprefy Avia helps our customers navigate the complexities of international business. This tool 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 live translation technologies. Each solution has been carefully designed to overcome the specific hurdles of language barriers. 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 of 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.