Financial crisis and the translation industry

According to a recent article of the translation directory, the economic crisis “brings new reality” to the translation industry in that it forces translation agencies to examine their translation work-flow and to invest in TMS (translation management systems). Many agencies admit that they have been putting off investments in new software solutions but, more than ever, they need to consider investing in new technologies in order to survive the recession.

economic-crisis

And indeed, in these difficult times clients are trying to cut off on translation costs. As a result, when they find another translation agency offering the same services as you but at a lower price, they leave you without a word. One positive outcome of the crisis on the other hand, is that companies will necessarily have to increase their cost-efficiency. For example,  no one can afford re-translating the same segments or spending time searching for terminology. An outcome is the use of TMS. According to various surveys, translation agencies using TMS are 30-80 percent more efficient than other companies. Therefore, it is worthwhile to become familiar with such systems. You can get in contact with me for a free presentation about the possibilities of implementing such systems.

An interesting report of the Common Sense Advisory suggests that the crisis doesn’t hit all companies: the largest LSPs (Language Service Providers) like Lionbridge or  Thebigword are actually recording increase in income and number of translation orders. So there is still hope. Nevertheless, it is worth paying close attention to the market and do some investments in improving processes and company organisation.

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