More and more translations are now performed “in house”
Across different industries, particularly for companies with international footprint, it is undeniable that all categories of staff speak better and better English. Even if it has not much to do with the Queen’s English, the mastering of English language is not a differentiating factor anymore when hiring staff as it is a natural pre requirement.
A consequence of this evolution is that more and more translations, in general from English to a local language are performed in house. This results also from an increased sense of urgency as information circulates quicker and quicker in multiple languages and it is becoming more challenging to accept the “externalization” time to a translation agency when people in house could do it quicker without any requirement for an additional internal proofreading.
Very technical translations are also a specific area where internal staff will grow more and more critical of translations proposed by an external translation agency and could end up asking for those to be reinternalized.
This is a challenge for both translation agencies and international corporations
When a corporation does not have a dedicated internal translation team, those “internal translations” are performed by individuals who are not professional translators and this activity which can represent a significant amount of internal resources is usually not very visible to senior management, this is a hidden cost for the company financial director.
This issue which follows a growing trend represent a challenge both for traditional language service providers (LSPs) and for international corporations. LSPs are obviously confronted to an unofficial internal competition which may even be unknown to their contacts in the procurement team of the buyers. And for the companies with international footprint, this activity can be a source of frustrations for the teams but also a significant source of inefficiency.
How Technology can help transforming this challenge into an opportunity
Technology is the route to explore to address this matter.
LSPs who want to capture 100% of their client translation business need to be literally “in the face” of all their client users, and this can only happen through a web translation interface, which is ideally integrated into the IT network of their clients. This interface could propose human and automated customized translation services to address the various needs of their client.
International corporates could investigate the new developments of machine learning applied to technical translations and proposed a dynamic and extremely efficient tool to their staff so that they may carry on translating themselves if they think it guarantees a better quality while dedicating less time to it.
The financial sector is particularly exposed to the topic of internal translation as market movements require fast communication and client relationship handled in local language instead of English provides a competitive advantage in many cases.
Let’s discuss the topic at the Next UK ATC conference
Lingua Custodia, through the voice of its CEO, Olivier Debeugny who is also a finance professional, will introduce a case study on this topic based on his own past experience in the investment industry at the next UK ATC Conference on September 22nd .
Lingua Custodia applies machine learning to financial translations and develops customised and smart machine translation software for various types of financial documents.
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