AI in Business: The Importance of Multilingual Capability in Data Extraction
In an increasingly international work world, having a global presence is now more important than ever. Some of the world’s largest and most notable firms have grown from in-state players to global powerhouses. For example, Barclays and Siemens are both active in over 50 and 100 countries, respectively, and EY operates in 150 countries. Operating in such a multitude of countries dictates that business contracts and documents are written in many different languages.
Lost in Translation
According to the American Bar Association, a voluntary bar association of lawyers and law students, many international companies fall back on English as the default language when drafting documents. It’s safe, reliable, and common to almost everyone, making it the best choice…right?
In reality, English is not always the best option for business contracts and documents. International companies must be cognizant of their customer and partner needs and thus use numerous languages when drafting documentation. Taking a look at online customers alone, TechCrunch states that more than 50 percent of U.S. companies sell products and services outside of the U.S., and to reach 90 percent or more of the online audience around the world, 48 languages will be necessary by 2020. In comparison, in 2015, only 25 languages were needed to reach 90 percent of global online users, according to data from Common Sense Advisory.
The American Bar Association has expressed that business contracts and documents in countries outside of the U.S. should not simply be created in English. Instead, companies need to carefully take into account language that most accurately reflects the matters at hand. Poor translations lead to a loss of precise language and lack of enforceability leading to misleading or inaccurate information. Thus, documentation for business conducted internationally should be multi-language.
AI, the Hero Every Company Needs, Wherever
They Are Located
In every company, for every executive, for every employee, for every client, decision-making is a necessary process for innovation, growth, and success. However, with such international presences, many companies face the challenge of creating and analyzing documents in multiple languages and utilizing data from those documents to make decisions. The nature of decision making lies in knowledge, in reasonable, traceable, and factual information. Data for any company therefore must be accurate and concrete, even across documents of multiple languages in many different countries. Relevant data is often hidden in the weeds, in the complicated jargon of legal documentation. Thus, the decision making process involves heavy, careful review of documents — a very tedious and time consuming process.
Enter AI. AI solutions have the ability to drastically reduce the trouble of analyzing business contracts and documents and can greatly enhance the decision-making process through providing accurately structured and well-presented data. However, not all AI solutions in the document analysis space are created equal.
It is no coincidence that some of the world’s most notable firms choose LEVERTON. Here at LEVERTON, we develop and apply deep learning/machine learning technology to extract and structure data from real estate leases, financial, insurance, and more corporate documents in 30 languages. Global clients such as Clifford Chance, Deutsche Bank, Deutsche Post DHL, Goldman Sachs, JLL, and more trust LEVERTON’s smart data solution, which enables web-based contract management with the highest data security. We are always ready to help you get started on using AI to extract data efficiently and make smarter decisions.