Did you know AI translation software could be the key to improving your business growth? In today's world, the need to do business in other languages is detrimental if you want global success. Why? Because nothing derails a business like poor communication.
We've all been there before: you know what you want to say, but the language barrier makes it impossible for you to communicate your ideas efficiently. This is an all-too-common occurrence for entrepreneurs trying to achieve international business growth. That was, until AI translation software was brought to the business table.
Research has shown that the UK economy loses out on tens of billions of pounds each year as a result of its poor language skills. For businesses looking to expand their reach overseas, presuming others can speak English seems to be a sure-fire way to decrease your chances of business growth. But is there a way for business owners and entrepreneurs to tackle the language barriers that have been holding them back? There just might be, thanks to recent developments in AI translation software and technologies.
What Is AI Translation?
AI Translation is essentially where machine learning such as artificial intelligence is used to translate words and sentences either via speech or text. While this type of technology isn't exactly new, it has had several major updates since it was first invented.
It wasn't until the early 2000s when AI translation software and technology had the capabilities to translate basic text. This meant that you could use machine learning to translate written text in a word-for-word-like fashion without the help of any human translators. For simple machine translation, this was a great technological advancement.
From simple machine translation, AI technology has now advanced even further. In today's current technologically advanced world, some AI translation softwares can now translate the meaning and sentiment of your message. This means that unlike in the early 2000s, your text won't be a literal word-for-word translation, and so will be a lot more accurate and lead to fewer misunderstandings.
How Can AI Translation Software Help Improve Business Growth?
There are many ways this type of machine learning can aid your business, whether it's over time or instantly, within your team or used with customers. Here are some of the benefits AI translation technology could give to your business:
It Can Boost Your Sales And International Business
In terms of going global and boosting business, it pays to have good AI translation software on your side. Research from the European Parliament has shown that a common language can increases trade flows directly by 44%. It's not rocket science - better communication equals better business.
Some businesses try to work around language barriers by using an intermediate language, like English. While this may increase your chances of a better-flowing conversation, you're still running the risk of miscommunicating if both or even just one party is forced to use a language that isn't native to them.
To avoid stilted conversations and the confusion and frustration of possible language barriers, you can use AI translation software. Thanks to modern-day technology, smart AI translation software has now been paired with certain wearables like earbuds, creating wireless translation earbuds that can take speech and instantly translate and relay it into the user's ear.
This type of AI translation technology is a great advantage to those seeking global business ventures, as the ability to smoothy and efficiently discuss business with international parties could increase your chances of developing your business overseas. With communication running a lot more smoother, you're more likely to open up your customer market in new destinations, which of course, will boost your sales.
While it is still possible to organise international business partnerships without the use of AI translation, it is also more difficult. Avoid any misinterpreting and make the best possible impression when it comes to business.
You Can Build Better Relationships
Building relationships is a crucial part of business. Customer relationships, business partner relationships, even relationships with your suppliers all need to be at their best. With good, healthy relationships, you business will carry a positive reputation, which can help your business in the future. As we've mentioned before, language barriers tend to make relationship-building and communicating more difficult than usual, which is why AI translation software is such a good tool for businesses to invest in.
For example, customers are much more likely to come back for repeat orders if they've had an easy and pleasant experience with your business previously. Not only will you profit directly from this relationship, but your customer could then go on to spread awareness of your business and suggest your company to other potential customers, too.
When it comes to your relationships with your business partners, having a translation software to aid your conversations will also help you gain useful information. Business partners can help you stay ahead of your competitors by offering you market insights, especially in their current destination.
It Can Diversify Your Supply Chain
Diversification of your supply chain is even more important now than ever. We have seen how much COVID19, Brexit and a ship stuck in the Suez Canal can disrupt the supply of products the world over. By having key suppliers closer to your distribution centres and customers, you can then shorten the transportation time, reduce transport costs and provide reliable supply. By having different suppliers, you can also reduce your production costs and improve your margins. All of this is only possible if there is no language barriers from the start.
You Can Learn Business Tactics From The Best In The World
You can always work on improving yourself and your business. One way to improve business is to learn from the best. Whether you want tips from the best entrepreneurs in the world or you want to learn new skills from industry experts, you can gain so much more knowledge when language barriers are removed.
You might also get some insight into how other countries do business and what works well, where. Different countries and regions have their own cultures and way of life, and so what works well business-wise in your country might not work as well in another. With the ability to efficiently communicate to professionals in other countries, you'll be able to form cross-cultural collaborations and learn more about how other countries do business, so you can improve yours!
It Makes Internal International Communication Easier
If you've already managed to branch out to other countries, well done - but that's just the first step! The next step is management. Once you've developed teams in multiple destinations, it becomes a lot harder for everyone to communicate which makes it hard to manage your workers.
You could choose to only hire international individuals that can speak your language, but that lowers the talent pool a great deal. You don't want to miss out on hiring an expert just because they can't speak your language. So where does that leave you?
When you have workers in multiple destinations that all speak different languages, it can seem impossibly difficult to get everyone communicating and on the same page in terms of their tasks and duties. When AI translation is used in the workplace, your team will be able to communicate much more clearly and efficiently, and any potential collaborations between international teams will be encouraged.
AI translation software has advanced so much, that it's now integrated into certain messaging apps - so you don't have to go back and forth between your email system and a standard translation app, which will make team chats even more efficient! If you use AI translation software within your workforce, you'll be able to hire any individual regardless of their language and without running into any communication issues. Hence focusing on improving your business!
You'll Save Money
Every business owner wants to save money if and when they can. When you're hiring human translators for every single meeting with international partners, manufacturers, and sales associates, the money can accumulate quickly.
Human translators can cost thousands to hire and usually charge by the hour. If you have regular meetings with stakeholders, manufacturers, potential partners, or anyone else related to your business that can't speak your language, you'll be paying for every minute your human translator is needed! If you invested in a product or app that has AI translation software, you'd save all the money you're currently spending on human translators. The money saved could then be put to use in other ways, like hiring more staff or paying for a better logistics centre.
It's clear that language barriers are stopping entrepreneurs from making the most out of their businesses. From making business deals overseas to learning new skills, there's a lot that we can unlock if language wasn't an issue- and luckily for us, it doesn't have to be. AI translation software has grown tremendously over the years, so they're more reliable, more accurate, and much faster than ever before. With all those benefits within such close reach, you'd be mad not to give AI translation a try!