Localization in 2009 and Opportunities in 2010
At thebigword, during 2009, we have seen a significant increase in the volume of work from clients who, in the past, were mainly focused on their home markets. In the present situation these markets have let them down and are expected to take some time to recover. As a result of this, these clients have actively and positively started to look at other markets in other countries which has increased the necessity to use Language Services.
There has been a decrease in funding for new product development so many companies now seem more enthusiastic to take developed products into new markets and, of course, they too are having to deal with the final barrier to selling these products - the language barrier.
There has been a marked change in the attitude of companies, from being irritated at the spend on translation – which they often saw as a compliance issue – to now seeing it as an opportunity to win more business by selling in their customers’ languages. Hurray for all of us!!!
This increase in translation spending by companies means it is coming on to the radar and attracting the attention of the 'blessed procurement people'. For us at thebigword this presents a great opportunity in that procurement professionals not only try to get the best deal for their companies but also make many other demands in relation to quality, speed, and processes. This covers much more that just memory tools and increasingly requires the use of Translation Management Systems. As a result, we have seen an enormous increase in the use of our TMS (or rather, Language Management System as thebigword's system, Language Director®, works both for companies who need Translation and Over the Phone interpreting services). This development puts companies who are trying to compete without these tools at a disadvantage.
We have also seen an increase of use of Content Management Systems as many organisations try to cope with the substantial increase in content, due in part to the increase in the number of languages on their websites. Growth in online shopping is adding to the appetite for investing more on website localization.
Whilst all this is good news, we are all more challenged in relation to the cost per word as the procurement professionals pitch us against each other for the best price and in turn this has meant that we have seen reductions in the rate per word cost. Balancing this to some extent is the knowledge that the market is growing which enables us to offer our translators a more consistent flow of work, reducing the peaks and troughs they have experienced in the past.
The world wide web has been phenomenal tool for helping Language companies recruit and we now receive hundreds of applications each week at thebigword from translators worldwide.
We believe that we are incredibly lucky to be in this industry and provided we can work with the appropriate software and adapt to the market pricing then we are set for a great year ahead.
Despite the web and e-mail access we all enjoy, we at thebigword still believe in the need to have local representation and so will be further increasing our network of offices over this coming year. Watch this space for some exciting announcements very soon!
We will also be making a substantial investment in the development of software which helps our Project Managers and Translators do a better job. It will also create a real change in the way companies handle their language requirements – by removing the fear of selling in the customer’s language and enabling them to take their developed and successful products into new markets.
There has been a decrease in funding for new product development so many companies now seem more enthusiastic to take developed products into new markets and, of course, they too are having to deal with the final barrier to selling these products - the language barrier.
There has been a marked change in the attitude of companies, from being irritated at the spend on translation – which they often saw as a compliance issue – to now seeing it as an opportunity to win more business by selling in their customers’ languages. Hurray for all of us!!!
This increase in translation spending by companies means it is coming on to the radar and attracting the attention of the 'blessed procurement people'. For us at thebigword this presents a great opportunity in that procurement professionals not only try to get the best deal for their companies but also make many other demands in relation to quality, speed, and processes. This covers much more that just memory tools and increasingly requires the use of Translation Management Systems. As a result, we have seen an enormous increase in the use of our TMS (or rather, Language Management System as thebigword's system, Language Director®, works both for companies who need Translation and Over the Phone interpreting services). This development puts companies who are trying to compete without these tools at a disadvantage.
We have also seen an increase of use of Content Management Systems as many organisations try to cope with the substantial increase in content, due in part to the increase in the number of languages on their websites. Growth in online shopping is adding to the appetite for investing more on website localization.
Whilst all this is good news, we are all more challenged in relation to the cost per word as the procurement professionals pitch us against each other for the best price and in turn this has meant that we have seen reductions in the rate per word cost. Balancing this to some extent is the knowledge that the market is growing which enables us to offer our translators a more consistent flow of work, reducing the peaks and troughs they have experienced in the past.
The world wide web has been phenomenal tool for helping Language companies recruit and we now receive hundreds of applications each week at thebigword from translators worldwide.
We believe that we are incredibly lucky to be in this industry and provided we can work with the appropriate software and adapt to the market pricing then we are set for a great year ahead.
Despite the web and e-mail access we all enjoy, we at thebigword still believe in the need to have local representation and so will be further increasing our network of offices over this coming year. Watch this space for some exciting announcements very soon!
We will also be making a substantial investment in the development of software which helps our Project Managers and Translators do a better job. It will also create a real change in the way companies handle their language requirements – by removing the fear of selling in the customer’s language and enabling them to take their developed and successful products into new markets.
