‘The biggest potential risk LSPs face at the moment is increasing industry competition’. (CSA Research, 2021)
That’s quite a daunting fact to hear. No one likes to feel that their business is threatened or under pressure, however, I always like to look at competition within the market place as a positive thing; competition inspires entrepreneurship and ingenuity, it keeps you sharp and encourages you to find new ways to differentiate yourself and better serve your customers.
There are many ways translation businesses can differentiate themselves to remain competitive. You could target a new market, change your pricing structure, add new services such as transcreation and subtitling to your portfolio, or even adopt new technologies to provide a better service for your clients.
In fact, in a recent study conducted by CSA Research, 60% of LSPs actually stated that they plan to shift to new technology in a bid to grow their business this year. Selecting new technology to embed within your business can be an enlightening experience- discovering efficiencies, new ways to improve your processes and increasing your margins- but it’s not a task to be taken lightly.
One factor that is often overlooked during the selection process is the future, focusing too much on finding a technology that just suits business needs today instead. If growing your translation business is your goal, then adopting technology that can scale with you is imperative for success.
Technology can be considered scalable if it has the capacity to accommodate growth and can adapt to the changing needs or patterns of its users. Embracing scalable technology will increase your competitiveness by improving your ability to manage increased demand, new trends and additional requirements.
For LSPs, this means you should look for a solution designed specifically for project management that can handle an ever increasing load, help streamline processes and minimize administrative burden. Because of course, reducing project management time per project enables you to improve your customer service, deliver jobs faster, take on more work, increase your margins and ultimately grow your business.
When looking at what technology the majority of translation businesses and localization professionals in the industry are currently using, the computer-assisted translation (CAT) tool comes out on top. Approximately 275,000 localization professionals across the localization supply chain are using our CAT tool, Trados Studio, alone!
CAT tools are primarily used to speed up translation tasks, increase productivity and improve the quality of translation output, so they are a great tool to have in your armory. However, the project management features available in a CAT tool are fairly limited and to be successful, LSPs also need a tool that can help them efficiently manage their workload.
Trados Live Team has been built to help you maximize efficiencies and increase your capacity to easily take on more work and deliver projects faster, with little additional effort and overheads required. As a project manager you can:
- Create, publish and manage translations in fewer steps thanks to automation and built-in notifications. You can also cut down on the number of administrative tasks associated with managing projects to keep things running smoothly.
- Gain real-time visibility of project progress through a customizable project dashboard, making staying on top of your workload a breeze; closely monitor deadlines and catch any escalations before they become critical.
- Benefit from centralized linguistic resources. With your project files and resources in one location in the cloud, everyone can access and leverage the most up to date content at the same time. Version control is no longer an issue as everything is automatically synced back to the cloud. With everyone using the same content it will be easier to achieve consist and high quality translations.
- Empower your clients to take control of part of the project process by enabling them to submit, receive and track their work through the system themselves, freeing up your project managers to focus on other tasks.
As Trados Live Team is a cloud-based (or software as a service) system, there’s next to no IT involvement required to set it up- no infrastructure to deploy and no software to install, meaning you can get up and running with the technology straight away. By investing in this cloud solution, you can update and enhance your subscription as your team grows by adding additional users with ease, plus gain free and immediate access to all future updates and upgrades.