May 25, 2022 | Jennifer Clarke
Estimated reading time: 4 minutes
4 ways machine translation can support global business expansion
So you want to grow your business, but you’re only just able to interpret the regulatory landscape at home – let alone in different jurisdictions.
Throw into the mix the fact that these regulations are published in different formats, morphologies and – most challengingly – in different languages across the globe.
While diversity of language is a beautiful thing, when it comes to regulatory change and compliance, it can be a headache. As well as this, it can be a significant barrier to business growth. How can businesses thrive in new jurisdictions if they don’t understand the regulatory obligations with which they must comply?
Translation is key. In the past, firms have hired teams of third-party translators to review regulatory rule books and convert them from varying global languages into English. This not only takes time – enough time to hinder expansion – but it also takes up significant amounts of resource. When a business is looking to grow fast, manual or outsourced translation only slows things down.
CUBE’s RegTech solution uses technology to automatically translate all global regulatory content from 180 jurisdictions and 60 languages into native English. If that’s not enough to convince you, here are 4 ways that machine translation can propel your global expansion strategy.
1. Machine translation saves time
Legacy methods of translation take time. For those that manually translate regulatory content in-house it requires teams of specialists to review thousands of documents and translate them into English. For those that outsource translation, it means managing third-party contracts, relationships, and expectations. Only once regulatory content is translated can compliance teams set about understanding which regulations are relevant to your business.
Either way, these outdated translation methods add a time-poor layer of complexity to global compliance which, in a company looking to scale-up, can be frustrating at best.
Machine translation happens in near-real time, with results delivered in seconds – not hours or days. So you can understand your regulatory obligations in any jurisdiction, in an instant. This means your compliance teams have the latest up-to-date regulations, as well as continuously updated regulatory content from all relevant regions, in English.
2. Machine translation frees up resources
As well as time, legacy translation takes effort – and effort means resources. Regulatory translation is a unique art with nuances and context that must be carefully understood and interpreted. In the past, this interpretation has been handed to highly skilled translators who take time and can be expensive.
While translation is nuanced, in essence it is a formulaic process. If you can train a machine to understand that formula – it understands the nuance and context too. It can then apply that formula to regulatory content in an instant thereby taking the work of manual translation and doing it as effectively in a way that is far more efficient. Not only does this free up manual resource and laborious processes, but it frees up the cost spent on outsourcing translation to teams of people.
At CUBE, our machine translation has been validated by SMEs. For companies looking to expand, budget is critical – CUBE’s machine translation still has the human touch without breaking the bank.
3. Machine translation is highly accurate
CUBE’s AI is trained on 10 years of global regulatory data – we have a broad and established data lake. This means that our AI is highly trained (through machine learning) and therefore highly accurate. The wonderful thing about machine learning and machine translation is that technology quickly learns from mistakes, so after 10 years of fine tuning it it achieves near-perfect results.
Unlike manual translation, CUBE’s technology doesn’t get distracted or take breaks. This means all our content is translated to a high degree of accuracy, removing room for error or misinterpretation. For businesses looking to expand across borders, machine translation gives you confidence that you’re understanding the right regulations from the start.
4. You can see your global obligations in one place
Once your regulatory content is translated, you don’t have to embark on a process of integrating it within your existing compliance platforms. With CUBE, all translations are delivered seamlessly within our product, in the very place that you manage regulatory compliance. It all happens in the background; you might even start to take translation for granted.
This means that all regulatory content is presented to you in a standard format, translated into English, with red-lining to highlight when and where changes occur. What’s more, CUBE’s functionality allows you to easily switch between the original document and the translated version. So if you want to review the original language, you can.
With CUBE, understanding global regulatory expectations is made as easy as understanding regulations at home – removing one more hurdle on your path to global expansion.
CUBE’s machine translation in action
CUBE allows you to easily navigate global regulatory content, translated into English, with seamless access to the original language version.
In short – CUBE takes the whole world of regulatory data, translates it and delivers it to you in near-real time. All in one place.
If your business is looking to expand into new jurisdictions, but you’re unsure how to manage emerging global regulations, speak to CUBE.