Overcoming Language Barriers and Miscommunication: A Case Study on Tokenizz and Fireflies.ai

Tokenizz is a real estate business that provides secured and traceable commercial real estate assets to investors. The company lowers capital requirements for investments by significantly reducing transaction and administration costs while permitting the fractionalization of real estate securities. This opens up the real estate market to non-accredited investors who are otherwise prohibited from accessing 93% of the U.S registered commercial real estate. However, due to its global nature, Tokenizz was facing significant communication challenges that were affecting its operations and client relationships.

Tokenizz, a global real estate business, was facing significant communication challenges due to the multinational nature of its operations. Misunderstandings and conflicts were common due to language barriers and different linguistic norms. These issues were not only causing internal disruptions but were also costing the company financially, as miscommunication is known to cost small companies up to $420,000 per year. The company was losing track of conversations, finding it difficult to follow specific accents, and important information was getting lost in translation. Additionally, the process of manually taking notes during meetings was leading to further misunderstandings and disrupting the natural flow of meetings. Tokenizz was also struggling with task documentation and prioritization, which was causing both short-term and long-term problems.

Tokenizz found a viable solution to their communication challenges in Fireflies.ai, an AI tool that provides automated transcripts of calls. Fireflies.ai was able to handle different English accents well, providing the Tokenizz team with clear transcripts of their conversations and helping them communicate better with team members globally. The tool also provided an accurate record of discussions, making it easier for Tokenizz to access and collaborate with clients. The Fireflies Notebook feature allowed the team to keep track of key highlights from their discussions and reference them when needed. Furthermore, the Tasks feature and the transcript search function helped the team stay in the loop and prioritize work based on what was assigned to each person. The Thread tab allowed team members to leave comments that all could view, making it easier to gain clarity and follow up on tasks.

• The implementation of Fireflies.ai has significantly improved Tokenizz's operational efficiency. The tool's ability to handle different English accents has enhanced understanding and communication among team members. The automated transcripts have eliminated the need for manual note-taking, allowing for more engagement during meetings and reducing the risk of miscommunication. The Fireflies Notebook, Tasks feature, and transcript search function have streamlined task documentation and prioritization, ensuring that all team members are on the same page and know what they need to work on. The Thread tab has also improved clarity and follow-up on tasks. Overall, Fireflies.ai has helped Tokenizz overcome its communication challenges and improve its operations.

• Reduced miscommunication costs which can reach up to $420,000 per year for small companies

• Improved understanding of different English accents, leading to clearer communication

• Enhanced task prioritization and follow-up, leading to increased productivity