As firms work more globally, they have a need to leverage Global Knowledge Assets. The challenge is being able to provide a classification that will require low context from all participants. This is especially hard when different languages are involved and when locally participants are used to different classification structures that reflect their own unique situation. Global classification can be localized for both language and local structure in SharePoint 2010. Term Sets (Taxonomies) can have multiple working languages that would display based on the user regional settings. By “re-using” the Global taxonomy terms, a localized taxonomy can be created to reflect the local classification. “Re-using” prevents us from creating new terms for each locality and allows us just to structure the hierarchy differently for each locality.

Please see below a 4 minutes video demonstrating the capability

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