We are increasingly seeing one question arise in virtually every customer conversation: How can the organization save costs and drive new revenue streams? 

Everyone would love a crystal ball, but what you may not realize is that you already have one. It’s in your data. By leveraging Data Cloud and AI solutions, you can put your data to work to achieve your financial objectives. Combining your data and AI reveals opportunities for your business to reduce expenses and increase profitability, which is especially valuable in an uncertain economy. 

Google Cloud customers globally are succeeding in this effort, across industries and geographies. They are improving ROI by saving money and creating new revenue streams. We have distilled the strategies and actions they are implementing—along with customer examples and tips—in our eBook, “Make Data Work for You.” In it, you’ll find ways you can pare costs, increase profitability, and monetize your data.  

Find money in your data 

Our Google Cloud teams have identified eight strategies that successful organizations are pursuing to trim expenses and uncover new sources of revenue through intelligent use of data and AI. These use cases range from scaling small efficiencies in logistics to accelerating document-based workflows, monetizing data, and optimizing marketing spend.

The results are impressive. They include massive cost savings and additional revenue. On-time deliveries have increased sharply at one company, and procure-to-pay processing costs have fallen by more than half at another. Other organizations have reaped big gains in ecommerce upselling and customer satisfaction.

We’ve found that businesses across every industry and around the globe are able to take action on at least one of these eight strategies. Contrary to common misperceptions, implementation does not require massive technology changes, crippling disruption to your business, or burdensome new investments. 

What success looks like 

If you worry your business is not ready or you need to gain buy-in from leadership, the success stories of the 15 companies in this report are helpful examples. Learning how organizations big and small, in different industries and parts of the world, have implemented these data and AI strategies makes the opportunities more tangible.

Carrefour 
Among the world’s largest retailers, Carrefour operates supermarkets, ecommerce, and other store formats in more than 30 countries. To retain leadership in its markets, the company wanted to strengthen its omnichannel experience.

Carrefour moved to Google Data Cloud and developed a platform that gives its data scientists secure, structured access to a massive volume of data in minutes. This paved the way for smarter models of customer behavior and enabled a personalized recommendation engine for ecommerce services. 

The company saw a 60% increase in ecommerce revenue during the pandemic, which it partly attributes to this personalization. 

ATB Financial 
ATB Financial, a bank in the Canadian province of Alberta, uses its data and AI to provide real-time personalized customer service, generating more than 20,000 AI-assisted conversations monthly. Machine learning models enable agents to offer clients real-time tailored advice and product suggestions. 

Moreover, marketing campaigns and month-end processes that used to take five to eight hours now run in seconds, saving over CA$2.24 million a year. 

Bank BRI
Bank BRI, which is owned by the Indonesian government, has 75.5 million clients. Through its use of digital technologies, the institution amasses a lot of valuable data about this large customer base. 

Using Google Cloud, the bank packages this data through more than 50 monetized open APIs for more than 70 ecosystem partners who use it for credit scoring, risk management, and other applications. Fintechs, insurance companies, and financial institutions don’t have the talent or the financial resources to do quality credit scoring and fraud detection on their own, so they are turning to Bank BRI. 

Early in the effort, the project generated an additional $50 million in revenue, showing how data can drive new sources of income. 

How to get going now

“Make Data Work for You” will help you launch your financial resiliency initiatives by outlining the steps to get going. The process lays the groundwork for realizing your own cost savings and new revenue streams by leveraging data and AI.

Among these steps include building frameworks to operate cost efficiently, make informed decisions related to spending and optimize your data and AI budgets.

Operate: Billing that’s specific to your use-case
Control your costs by choosing data and analytics vendors who offer industry-leading data storage solutions and flexible pricing options. For example, multiple pricing options such as flat rate and pay-as-you-go allow you to optimize your spend for best price-performance.

Inform: make informed decisions based on usage
Use your cloud vendor’s dashboards or build a billing data report to gain insights on your spending over time. Make use of cost recommendations and other forecasting tools to predict what your future expenses are going to be.

Optimize: Never pay more than you use 
While planning data analytics capacity, organizations often overprovision and overpay than what they actually use. Consider migrating your workloads that have unpredictable demand to a data warehousing solution that offers granular level autoscaling features so that you never have to pay for more than what you use.

There are other key moves that will set your initiative up for success including how to shorten time to value in building AI models and measuring impact. You can find details in the report.

A brighter future

The teams at Google Cloud helped the companies in “Make Data Work for You,” along with many more organizations, use their data and AI to achieve meaningful results. Download the full report to see how you can too.

Let’s face it: in the globalized world, which is now more than ever a digital demand world, you need to scale and reach your customers right where they’re at. Translation is a critical piece of that, whether you’re translating a website in multiple languages or releasing a document, a piece of software, or training materials.

Manual translation does not scale, which is why machine translation, powered by machine learning (ML), is becoming more important to our customers.  Machine translation has historically been challenging because of the sheer volume and breadth of content that can add value when translated into multiple languages. Companies acquire and share content in many languages and formats, and scaling translation to meet needs is a tall order due to multiple document formats, integrations with optical character recognition (OCR), and the need to correct for domain-specific terminology.

Our goal is to simplify translation services, while enabling flexibility and control for our customers’ unique needs across industries. Read on to learn more about recent features and updates. 

Formatting matters: Document Translation is now GA 

In many cases, the layout of a document dictates how it should be interpreted—e.g., readers navigate text and discern meaning based on formatting, like bold or italicized text, or markups for headers, paragraphs, and columns. Previously, to automate translation of documents, text needed to be separated from these layout attributes, meaning the document’s structure was either lost or needed to be recreated later in the developer pipeline, after the text had been translated. This required translation teams to do a lot of extra work and maintain a lot of additional code. But now, those steps are unnecessary. Formatting can be retained throughout the translation process, handled directly by the Translation API Advanced. 

This feature lets customers translate documents in 100+ languages and supports document types such as Docx, PPTx, XLSx, and PDF while preserving document formatting.

And if your needs go beyond Document Translation, we can help you translate audio as well. For real-time streaming translation, check out the Media Translation API, and for offline transcription translation, combine the Translation API with the Video Intelligence API.   

Real-Time translation when you need it, Batch when you don’t

One of the biggest differentiators for Translation API Advanced’s document translation capabilities is the ability to do real-time, synchronous processing for a single file. 

For example, if you are translating a business document such as HR documentation, online translation provides flexibility for smaller files and provides faster results. You can easily integrate with our APIs via REST or gRPC with mobile or browser applications, with instant access to 100+ language pairs so that content can be understandable in any supported language. 

Meanwhile, batch translation allows customers to translate multiple files into multiple languages in a single request. For each request, customers can send up to 100 files with a total content size of up to 1 GB or 100 million Unicode codepoints, whichever limit is hit first.

State of the Art (SOTA) accuracy, with flexibility for customization

In order to achieve the highest level of accuracy for your translation, we now support multiple options:

• Use Google’s SOTA translation models: Each year, Google heavily invests to improve the quality of our translations across Apps, Cloud APIs, and Chrome, as well to enable multilanguage answers in Search. A popular metric for automatic quality evaluation of Machine translation systems is the BLEU score, which is based on the similarity between machine translation and the reference translations that were generated by people. While we push out incremental improvements for individual models on a monthly cadence, there are also times where we make significant leaps. In the releases since 2019, we have improved our average BLEU score by 5pts on average across 100+ languages and 7pts on low resource languages.
• Leverage glossaries for specific terms and phrases: Glossary is our terminology control feature. It allows you to import source content to define preferred translations, such as product names or department names. Then, when calling the glossary in the API request, your preferred translations will be enforced. This will work for words as well as phrase translation.
• Pick a pre-trained model with model selection: If you create custom models for machine translation, we don’t think you should have multiple client libraries and multiple APIs to maintain in order for you to use the best model for your needs. Translation API Advanced now supports Model Selection. Pick your pretrained model or pick your custom ML model built on AutoML for any language pair you’ve created and use the same API and the same client library. 
• Build custom translation models with AutoML: AutoML Translation is a suite of ML products that enable you to build high quality models for your own use case or data, with limited-to-no ML expertise or coding required. Bring your past human-validated translations to improve translation specificity for your domain.

Keep localization local with Regional Endpoints

If you are a customer operating in the EU, we recently launched an endpoint specifically for EU regionalization. This is a configurable endpoint for customers to store and perform machine translation processing of customer data only in the EU multi region. For now, this only supports our pretrained translation models and glossary, but batch translations will be coming soon.

How Eli Lilly uses Cloud Translation to translate content globally

Historically, translations at Eli Lilly have been complicated: numerous translation vendors have been needed for different languages and organizations, all with their own processes and expectations. On top of that, translations have been costly and slow. 

To solve this, Eli Lilly took a codified approach to enable users and systems to spend less time and resources to safely generate quality translations. 

Learn more, and even catch a demo, from Thomas Griffin, Translation Tech Lead & Global Regulatory Architect for Eli Lilly.

Learn more 

• To get started using Cloud Translation – Advanced, complete the setup and then try the Translate text (Advanced edition) quickstart.
• Document Translation is priced per page. For more information, see pricing.

Aches and pains. What, if anything, is the difference between those? And do you know a “myocardial infarction” from a “heart attack”? What about an “MI”? Is that shorthand, or part of the address of a hospital in Michigan?

For people, it can be easy to understand the distinctions and nuances between similar words, phrases, and concepts, even technical ones, like those found throughout the medical field. Yet even for the most advanced AI, the contextual clues that give humans accurate comprehension of words and images remain an elusive challenge. It’s a challenge well worth solving, though: As much as 80% of all healthcare data is said to be unstructured.

It’s the kind of complicated data management challenge that natural language processing was built to solve.

Healthcare and life sciences organizations are generating vast amounts of unstructured data as part of clinical and operational workflows, which presents an enormous opportunity to derive meaningful insights for medical research, population health, and patient care. For example, clinical notes and lab reports have useful, actionable information that, when unlocked, can help improve the overall quality of patient care, accelerate the discovery of new treatments, and increase the efficiency of healthcare delivery.

This approach is at the heart of Google Cloud’s Healthcare Natural Language API, in enabling healthcare organizations to build open, intelligent systems that unlock value from healthcare data. The open cloud approach enables our partners to innovate more easily, and scale more efficiently. We believe this approach will further advance interoperability—and ultimately lead to healthier and fuller lives.

Unlockinging value from clinical documents and research materials
Over the past two years, we have seen just how powerful AI can be in expediting drug discovery efforts for COVID-19, forecasting and modeling COVID-19 cases, and building better models for a host of public health measures. The opportunities extend well beyond battling the pandemic, too, to helping combat cancers, diabetes, and disabilities, and accelerating drug discovery.

As healthcare and life sciences organizations look to incorporate new data sources in their analytics and AI workflows, Google Cloud has been investing in providing open, flexible, and easy to use API services that customers and partners can integrate into their solutions, to accelerate their development with the power of Google’s AI technology.

The Cloud Healthcare Natural Language API is one such example, and aims to provide fully managed services that deliver the latest advances in natural language processing in an easy to use and easy to integrate manner. Healthcare organizations can then build intelligent systems to improve care and reduce cost while not having to worry about the complexities of the underlying and fast-changing technology, thus enabling more open innovation in the development of healthcare applications.

A number of healthcare innovators are exploring the potential for natural language processing.

“Patients come to Mayo Clinic with a history, and that history is well-documented, but often buried in clinical notes. Extracting information from unstructured healthcare data across thousands of patients is a complex problem,” says Vish Anantraman, M.D., Chief Technology Officer at Mayo Clinic. “Custom natural language processing solutions have a great potential to extract higher quality insights from these notes and to deliver more timely, and holistic patient care.”

The best insights can often be the unexpected ones, and that is precisely what Hackensack Meridian Health, in northern New Jersey, is looking for.

“Doctor’s notes are a rich space to create structured information from their natural workflow,” says Michael Draugelis, vice president for predictive health at Hackensack Meridian Health. “We are designing new AI-powered solutions to connect clinical teams, patients, and the community automatically from these insights—without creating cumbersome screen clicks and prompts. This automation allows our clinical teams to focus on connecting with the patient.”

Hospital leaders there are testing Google’s NLP API to gather information such as social determinants of health and behavioral health signals from large amounts of clinical notes, with approximately 35 million processed. Seeking to achieve the greatest value from natural language processing, the team at Hackensack Meridian Health have specifically focused on extracting information that is inherently not easy to capture in more traditional electronic health records.

“The extracted insights from the Google NLP API creates a foundational component to map clinical protocols, pathways, and outcomes, to better understand and improve patient care,” Draugelis says.

And at the National Institutes of Health and elsewhere, researchers are exploring how natural-language-derived variables could offer an additional predictive value over and above the Veteran Health Administrations’s structured EMR-based suicide prediction model.

To help healthcare organizations achieve goals like the ones above, we at Google draw on the expertise of tens of thousands of data scientists across the company who work every day on building better AI and decades of AI research in language understanding to power the development of services such as the Cloud Healthcare Natural Language API.

According to independent benchmarking of Cloud providers offering fully managed healthcare natural language service by tech analysts GigaOm, the Google Cloud Healthcare Natural Language API was among the most accurate in the industry, outperforming other service providers in terms of correctly classified medical entities and relationships, and with very few misclassifications.

Using AI to connect systems and enhance healthcare interoperability

As an industry, healthcare and life sciences organizations have been talking about the importance of data and data interoperability for a while. But our experiences from the past couple years have demonstrated that we cannot be fully prepared for the next global health crisis without greater connections within and between organizations.

Starting with the Healthcare Data Engine, organizations have been integrating and harmonizing data securely across many of their sources—patients, members, operations, research, and public databases—so they can quickly analyze it to get insights, and then make smarter, faster decisions.

This is the start of a broader vision for a new kind of healthcare and life sciences connected world where enterprises, institutions, and startups will securely collaborate to deliver on the next generation of care. Such a future relies on cloud-based solutions that are as open and flexible as they are user-friendly, compliance-ready, and secure.

We envision a future where healthcare organizations can seamlessly connect data from various systems, unlock the value from data regardless of source or format, and break down barriers in healthcare interoperability and AI to improve healthcare and save lives.

With these goals in mind, we continue to enhance the hybrid data clouds that customers are building to organize and analyze their information, and we and our partners continue to build on our data capabilities. Given the complexities both within the field and within each organization, we believe the greatest value comes from having partners and tools available to build the AI and NLP technologies most relevant to your unique needs.

Advances in artificial intelligence (AI) and machine learning (ML) have led to increased adoption in the financial services sector. A prominent use for this technology is to assist in key compliance and risk functions, including the detection of fraud, money laundering, and other financial crimes and illicit finance, as well as trade manipulation — collectively referred to as “Risk AI/ML.” As the use of these models grows, so do questions about managing risks associated with the models. 

In particular, regulators, financial institutions, and technology service providers have been looking into whether existing Model Risk Management (MRM) guidance — which has traditionally been the regulatory regime applicable to managing model risk in the financial services industry — continues to be relevant for AI/ML models. And, if so, how should the guidance be interpreted and applied to this new technology?

As the financial sector increasingly adopts artificial intelligence and machine learning techniques, it is critical for regulators, financial companies and technology providers to work together to assure that there are clear rules of the road,” says Jo Ann Barefoot, AIR CEO and co-founder. “Updated guidelines on the responsible use of these models can help prevent novel technologies from causing harm, and can also open up better ways to combat risk in areas like money laundering, illicit finance, and fraud.

Our new white paper, written in partnership with the Alliance for Innovative Regulation (AIR), seeks to address that question, with the aim of fostering thought and dialogue among agencies, the financial services industry, risk model vendors, and entities interested in the performance, outputs, and compliance of models used to identify, mitigate, and combat risks in financial services. This white paper does not address issues that may arise with other applications of AI/ML in the financial services industry, such as consumer credit underwriting or models using generative AI or Large Language Models, which are better addressed iteratively. 

The paper argues that MRM guidance, given its broad, principles-based approach, continues to provide an appropriate framework for assessing financial institutions’ management of model risk, even for Risk AI/ML models. Working within an existing framework takes advantage of the knowledge and operational capabilities of institutions that already understand this framework, instead of having to create an entirely new approach, which generally takes longer to implement and make effective. Nonetheless, the paper recognizes that AI/ML models have unique traits and characteristics compared to conventional models, including their potential dynamism and pattern recognition capabilities. These distinctions must be in focus when considering how MRM guidance should be applied to Risk AI/ML models. 

Taking into account those unique aspects of AI/ML models, the paper offers specific observations and recommendations regarding the application of MRM guidance to Risk AI/ML models, including:

• Risk assessment: In assessing risk, it is important to recognize that AI/ML models are not inherently more risky than conventional models. A risk-tiering assessment must consider the targeted business application or process for which a model is used, as well as the model’s complexity and materiality. To assist in these assessments, regulators could clarify that the use of AI/ML alone does not place a model into a high-risk tier and publish further guidance to help set expectations regarding the materiality/risk ratings of AI/ML models as applied to common use cases.
• Safety and soundness: Due to the dynamic nature of Risk AI/ML models, reliance on extensive and ongoing testing focused on outcomes throughout the development and implementation stages of such models should be primary in satisfying regulatory expectations of soundness. To that end, the development of technical metrics and related testing benchmarks should be encouraged. Model “explainability,” while useful for purposes of understanding the specific outputs of AI/ML models, may be less effective or insufficient for establishing whether the model as a whole is sound and fit for purpose.
• Model documentation: The touchstone for the sufficiency of documentation should be what is needed for the bank to use and validate the model, and understand its design, theory, and logic. Disclosure of proprietary details, such as model code, is unnecessary and unhelpful in verifying the sufficiency of a model and would deter model builders from sharing best-in-class technology with financial institutions.
• Industry standards and best practices: Regulators should support the development of global standards and their use across the financial services and regulatory landscape by explicitly recognizing such standards as presumptive evidence of compliance with the MRM guidance and sound AI/ML risk mitigation practices. In addition, regulators should foster industry collaboration and training based on such standards.

Governance controls: Regulators should use guidance to advance the use of governance controls, including incremental rollouts and circuit breakers, as essential tools in mitigating risks associated with Risk AI/ML models.

In an era where AI technology has the potential to revolutionize financial services, we acknowledge the foresight of our regulators in setting a solid foundation and blueprint for navigating the labyrinth of potential risks through the MRM guidance,” says Philip Moyer, Global VP, AI and Business Solutions at Google Cloud. “We believe there is room for greater coherence and precision, enhanced risk-mitigation approaches, and refined best practices surrounding AI and ML risk models. Whether it’s in capacity building or information sharing, our call to action is for greater collaboration between regulators and financial institutions. We’re confident that our collective efforts today will help shape a more robust and resilient future for financial services.

We invite a discussion of additional considerations, including the importance of examiner and industry training and collaboration, as well as openness by regulators to continue to refine the MRM guidance as AI/ML technologies develop and standards emerge. 

Implementing our recommendations would advance several goals. It would help regulators, financial institutions, and technology providers work together to better serve their shared purpose of protecting the safety and soundness of the financial system. At the same time, implementing the recommendations and continuing work in this space would promote the adoption of cutting-edge technologies in the industry, including those that combat such scourges as money laundering, illicit finance, and fraud.

You can read the full white paper here.

Given the May 1 deadline for students to enroll, colleges and universities have been carefully watching the numbers of students who put down deposits and commit to a school. Like nearly every other sector in the U.S., colleges and universities have been hit hard by the pandemic and economic downturn, making enrollment numbers more important than ever to maintain financial health and meet student body goals. Technology and AI-based models are providing a way for institutions to manage their admissions data efficiently and cost-effectively.

For example, an admissions officer may want to offset drops in international or out-of-state enrollment by attracting local talent so they can achieve their target class profile. Additionally, institutions have sought to increase the availability and access of higher ed and are intentionally recruiting more low-income and underrepresented populations. New technologies allow admissions officers to have a stronger grasp of the incoming class’ details. With the press of a button, users can switch between overall, in-state, out-of-state, and international enrollment figures. The “How Do Regions Compare to Last Year” tile lets users view the percentage of change and the total number of candidates by region, comparing 2020 and 2021 side-by-side. With access to data, regional recruiters can focus on individual candidates and develop a plan to change the numbers.

An innovative enrollment strategy at MSU

Michigan State University was looking to improve how they managed the recruiting process. They implemented an enrollment strategy that saw their out-of-state enrollment increase by over 20% and generate $5M in additional net tuition revenue in a single year. “We knew we needed better real-time and predictive insights about our enrollment pipeline, and we understood the value of bringing in external data on prospects, but we couldn’t do that by ourselves. 

The solution really helped us be innovative with our analytics and improve our enrollment outcomes,” said someone close to the project at Michigan State University.

Data-driven insights support informed enrollment decisions

Student admissions and marketing groups are turning to Google Cloud and Deloitte to help support their enrollment decisions with predictive, actionable insights across recruiting and admissions processes. The partnership resulted in Candidate360, a solution that helps institutions process and analyze large amounts of data and develop meaningful insights to support their enrollment goals and mission. Part of Google’s Student Success Services offerings, Candidate360 uses artificial intelligence and predictive analytics to help higher education institutions improve enrollment and matriculation, as well as optimize financial aid decisions.

With nine AI/ML models, Candidate360’s capabilities help university leaders, enrollment teams and recruiters do things like:

• Identify regions with clusters of candidates or see dips in application numbers
• Deploy marketing resources and admissions staff to the right geographic areas 
• Understand applicants’ needs in terms of academics, safety, and social activities
• Make intelligent financial aid decisions to recruit and retain talented students from underrepresented communities
• Respond faster to the students who are most likely to be accepted and then go on to enroll, stay enrolled, and graduate
• Work towards the ideal class composition and increase competitiveness with peer institutions

Enhancing the student experience

Enrollment is the first key touchpoint with incoming students, and tools like Candidate360 can help institutions build a student preferences profile throughout the application process. They can understand each student’s prospective major, areas of interest, dream job, and more, allowing colleges and universities to personalize recommendations and advising for enrolled students.

With integrated toolsets, Candidate360 and Google Cloud’s Student Success Services can help colleges and universities emerge from the pandemic stronger than ever. 

To see a demonstration of Candidate360 in action, contact our sales team.