Should my company implement AI translation tools
Published on 10 May 13:59 by Erik Chan
Machine translation software is having a resurgence thanks to recent advancements in cutting edge AI technology (specifically known as deep learning or neural networks.) The specifics of the technology is less important, most people can get by just knowing translation accuracy and many other similar language processing techniques are continually seeing significant improvements in the last few years.
Most companies will likely benefit with AI machine translation tools, but some types of companies will gain more adopting the technology than others.
Below we'll go over key factors one can use to determine their company should adopt AI translation tools:
Boost cross border business
Companies looking to improve cross border business will benefit from AI translation. Thomas L Friedman was spot on in his book 'The World is Flat'. Today, companies and institutions of all types need to account for global economics in their business strategy. Translation and localization is particularly significant for companies doing cross border business. A hefty cost in the past, AI translation help bring translation costs down and make it easier for entire organizations to become more competent in multiple languages.
Reducing business expenses
Companies looking to save on-going translation expenses will benefit from AI translation. Whether outsourced or brought in-house, translation is a labor-intensive job requiring basic human costs. AI translation is not only cheaper but also more consistent and reliable, removing headaches and human resource costs relating to employee overhead, hiring, turnover, and other unforeseen events.
Leverage software to improve productivity
Companies hoping to benefit from digital transformation initiatives will benefit from AI translation. Companies big and small managing and storing their data digitally will more easily add AI translation software into their operations workflow. Even companies with infrequent translation needs can benefit by adopting pay-as-you-go machine translation services.
Urgency of translation
Companies with time sensitive documents will benefit from AI translation. In particular industries, documents (such as financial equity research reports or quarterly financial reports) need to be translated within a short time frame. AI translation tools can cut the time to translate a document by up to 60-90% vs manual translation. This can help alleviate pressure put upon operation teams and reduce margins for error.
Volume of translation
The benefits of AI translation scale well with large volumes of documents to be translation. Any company hiring 5+ full-time translators (or outsource amounts that add up to a similar team size) will automatically fall into this high-volume category. For example, financial printers in Hong Kong hire multiple teams of translators to who help investment banks and their clients list their companies on bilingual stock exchanges requiring all documents to be listed in both more than one language.
Cross border teams
Companies with subsidiaries in multiples countries or employees from different cultures can benefit from AI translation tools to help facilitate external and internal business communications. Teams who's primary language may not be the one used to communicate with one another can benefit from improved communications with AI tools. This reduces errors and miscommunications which often leads to mistrust and resent between teams that may already have cultural differences.
Companies who can only hire in-house translators will benefit from AI translation. Many company compliance policies necessitate that sensitive documents cannot leave the company's walls, and requires them to hire translation teams in-house. These teams don't have the benefit of being able to offload large workloads to external translation agencies and AI translation tools are a solution to help improve productivity and allow translation teams to do more with less immediate human resources.
Key Takeaway to Share:
- What is Neural Machine Translation & How does it work?
- What is Neural Machine Translation & How does it work?
- What is a Computer-Assisted Translation (CAT) tool
- Top 3 challenges translating equity research reports
- This is how long it takes to translate financial documents
- Keys Factors in Quality financial translation
- Best sites to hire professional translators
- How much to pay financial or legal (professional) translators?
- Add AI language capabilities to increase cross-border business transactions
- 3 reasons investments banks should adopt AI translation tools now
- Reshaping equity research business with AI
- With the rise of AI translation, why hire human translators
- Is AI Ready to Translate Financial News
- AI translation for Company Financial Reports
- Applying AI translation to Equity Research Reports
- Does my company need a translation management system
- Should my company implement AI translation tools
- AI Machine Translation and Terminology Consistency
- Security & Compliance of AI Machine Translation: What you need to know
- Everything you need to know about Translation Memory
TranslateFX develops AI translation technology specifically for financial and legal institutions. The company develops AI models and workflow tools for clients of all sizes. We believe humans always play and important part of the process and our tools reduce the time and costs of translation by 60% or more.
- China Securities Regulatory Commission
- China Banking and Insurance Regulatory Commission
- China Banking Regulatory Commission
- People's Bank of China
- U.S. Securities and Exchange Commission
- U.S. Financial Industry Regulatory Authority
- U.S. Financial Accounting Standards Board
- Hong Kong Securities and Futures Commission