This article was previously published in TechZone360.
More than ever before, mid-market companies are looking to move beyond the domestic marketplace and sell more overseas. The key to entering new, global markets—and getting there before your competition—is an agile localization strategy.
Yet, when it comes to localization, many companies are still relying on old processes and outdated technology. To get the agility they need to quickly enter new global markets, companies need to look at localization as the linchpin to their globalization strategy.
A linchpin is a fastener used to prevent a wheel from sliding off the axle. Seth Godin’s best-selling business book, Linchpin, used “linchpin” to refer to an employee who is indispensable to an organization. Now—more than ever—localization is indispensable to organizations. It has become a critical tool, not only for helping the wheels of progress stay on, but also for propelling companies forward. Here’s why: the mid-market is betting its future on globalization.
Global is where the growth is
Mid-market companies are already prioritizing global expansion plans. A recent article in Chief Executive questioned whether mid-market companies would have an appetite for expanding into international markets in a post-Brexit world. But a report by the National Center for the Middle Market at Ohio State University’s Fisher College of Business, “Winning in the Americas,” found that 92 percent of mid-market companies plan to sell more overseas. More than half of middle-market companies (54 percent) export to foreign markets, and the majority (43 percent) are already selling into one or two foreign markets.
One of the reasons for exploring new markets is the export potential. Worldwide exporting is predicted to increase exponentially. A 2016 Chief Executive article by Julie Ritzer Ross, “6 Secrets to Creating a Winning Globalization Strategy,” urged CEO’s to be the first to get out in front and catch the wave that will lead to “a quadrupling of worldwide exports to an estimated $68.5 trillion in the next 35 years.” That’s why localization will be the key to any organization’s globalization strategy.
Localization drives engagement
To be truly successful in a global marketplace, mid-market companies need to translate and localize their content to engage more customers. English is no longer the lingua franca of global business, so to reach international customers, companies need to localize their content.
A 2014 Common Sense Advisory survey of more than 3,000 global consumers in 10 countries found that 75 percent prefer to buy products in their native language. Another article, published on Tech.Co, uncovered three powerful reasons why mid-market companies should localize their content:
The globalization and localization industry growth rates cited by the Globalization & Localization Association (GALA) indicate that translation is becoming big business and it’s only going to get bigger. “The size of the overall global language industry in 2016 is estimated at $40 Billion (USD), with estimates of up to $45 Billion by 2020,” and “The projected growth rate is 6.5-7.5 percent annually through 2018.” The greater need for translation services will prove to be worth any investment. Simply put, localization drives revenue.
Localization drives revenue
There is a demonstrable link between an increase in localized content and translation spending and an increase in revenue generated in the targeted markets. At the 2015 Brand2Global conference, discussion centered on the importance of using translation strategy as a revenue generator. A follow-up Global Content Insights article, Localization Trends from Brand2Global, cited a conference session, headed by a content globalization strategist at Common Sense Advisory, reporting that companies are using localization as a “strategic business enabler” and that are increasing their translation budgets are more likely to see revenue increases.
Tech-enabled translation speeds time to market
So how do mid-market companies create a successful localization strategy? To quickly enter new markets, mid-market companies need to move away from the old, offline model of translation. If translation is done by emailing and downloading files, working with spreadsheets, and sending files using FTP, it won’t have the agility companies need to quickly enter new global markets, ahead of the competition.
Using an integrated, cloud-based translation management system (TMS) and tech-enabled language services providers (LSPs) isn’t just superior, it’s the only way to keep up. Cloud-based translation using Software as a Service (SaaS) enables continuous, 24/7 translation. It isn’t delayed by LSPs or linguists who work in different time zones. Investing in the latest translation technology gives your LSP vendors robust computer-assisted translation (CAT) tools that can improve the speed and efficiency of translation. Features like in-context review, translation memory, glossaries, and style guides enable both around-the-clock translation and real-time collaboration.
When companies recognize the importance of having a translation strategy, and use the latest technology to create agile localization of their content, they will be more successful when implementing and executing global expansion plans. Giving customers the information they need, in their own language, leads to better, more meaningful engagement. Mid-market companies that use the linchpin of localization will broaden their customer base, increase revenue and profits, and gain greater exposure for their brand and messaging.
Language is social. It connects people and ideas. But what happens when it stops connecting, slows down, and goes offline? What happens when your global audience is left in the dark because your translations are stuck in someone’s inbox?
With the Translation Network, Lingotek makes your content accessible to your customers globally. By connecting your company with our technology and translators, we connect your ideas with the world. Lingotek makes going global possible.
Cloud Based Translation is Faster, Easier & More Efficient
Lingotek revolutionized the translation industry with its cloud-based networked translation technology. With Lingotek, you get an enterprise-grade, end-to-end solution that you control. Bring your translation workflow into the 21st century and get out from under the old-school, on-premise, traditional IT, and proxy architectures that slow you down and increase your costs with budget-busting implementation processes and ongoing maintenance.
Agile Software That Offers Scalability and Responsive IT
Our next-generation technology continuously delivers multilingual content and scalability to meet your increasing needs for more content, storage, and translation management. Lingotek’s cloud-based technology can extract large amounts of data and scale to any project size on the fly. With our agile software, Lingotek can be more responsive and can match your evolving requirements with fast IT.
Seamless Integration With Your Applications
Seamless integration with your enterprise applications and our translation management system lets you upload source content for translation, have it automatically translated, and download the translated content back into your original application.
Automated Workflows Put Your Translations on Autopilot
Put your translations on autopilot with customizable workflows that let you trigger actions throughout the project lifecycle. From notifying a reviewer when a translation is ready for review, to reporting project status to an external system, the Lingotek rules engine brings AI-like capabilities to your workflow.
Continuous, Real-Time Collaboration for Round-the-Clock Translation
With a vast network of translators working in our powerful cloud-based translation management system, you get continuous, round the clock translation and real-time collaboration.
Centralized File Management Gives You Control Over Your Content
Out-of-the-box integrations with popular CMS, CRM, marketing automation, knowledge bases, and social business software means your information resides in your system, giving you visibility, access, security, and control of your files and information.
Scalable File Storage to Match Your Growth
Our cloud-based Translation Network offers scalability that auto-scales to increased volume levels, without no additional charge for more file storage. It can scale as your usage grows.
Secure Your Information With Controlled Access to Files
Content stored in the Lingotek cloud is fully secured and kept private to your organization. Role-based authorization ensures that users only see information if they have been granted access by your project administrator.
Lingotek offers a wide range of translation solutions to its customers. Whether you are in the enterprise or federal space, or want our world-class translation services team to take care of your localization for you, Lingotek offers corporate and global translation solutions that are custom tailored for your needs.
Lingotek | The Translation Network is a cloud-based translation services provider, offering translation management software and professional linguistic services. We are the leader in collaborative translation technology with an innovative cloud translation management system (TMS) that uses computer-assisted translation (CAT) tools to facilitate faster, more efficient, language translation. Lingotek was the first to introduce cloud-based TMS technology to the United States in 2006 with the launch of a fully online, web-based, computer-assisted translation (CAT) system that pioneered the integration of translation memories (TM) with main-frame powered machine translation (MT). Our multilingual application program interfaces (API) and connectors pair with the industry’s top enterprise applications to automate and integrate the translation process. They include:
Customers can use their own language services providers (LSP) and linguists, or our global network of 5,000+ professional linguists. Lingotek is based in Lehi, Utah in the area known as Silicon Slopes.
Signal Peak Ventures is a Salt Lake-based venture capital firm that focuses on early-stage technology investments in the Intermountain region. The firm was established as Signal Peak in 2011 after the spin out of Canopy Ventures venture capital team and the acquisition of portfolio investments in ten other companies. The Signal Peak team has extensive experience in sourcing, executing, managing, and divesting venture capital stakes across the Intermountain region.
In-Q-Tel is a strategic, not-for-profit investment firm that works to identify, adapt, and deliver innovative technology solutions to support the mission of the U.S. Intelligence Community. Launched by the CIA in 1999 as a private, independent organization, In-Q-Tel's mission is to identify and partner with companies developing cutting-edge technologies that serve the national security interests of the United States. Working from an evolving strategic blueprint defining the Intelligence Community's critical technology needs, In-Q-Tel engages with entrepreneurs, growth companies, researchers, and investors to deliver technologies that provide superior capabilities for the CIA and the larger Intelligence Community.
Lingotek works with some of the largest, most innovative companies in the world, in a wide variety of industries and services including government, technology, finance, telecom, travel, and education. Our clients include departments in the U.S. Government and several large Fortune 500 companies. Here are some of the Customers that are trusting their translation processes with the Lingotek Translation Network.
We also work with a growing network of Partners--service providers, digital agencies, open sources technologies, and other strategically selected companies--to meet the unique translation requirements of our customers.
Comparably Best Company Leadership 2018
Comparably Best Company Managers 2018
Top 100 Companies in the Digital Content Industry - EContent 2017-2018
Comparably Best Company Leadership 2017
Comparably Best Company Culture 2017
Comparably Best Places to Work 2017
Comparable Best CEO - Rob Vandenberg 2017
Utah Business Book of Lists Top Telecom & Technology Software Developers 201
Utah Best in State Language Services 201
Silicon Review List of Inspiring 100 Companies 201
Top 100 Companies in the Digital Content Industry - EContent 201
Top 30 Drupal Contributor 201
Top Translation Services Company 2016 - PFin
Hot in Lehi Award Top Trending Companies - Owle
Top 100 Companies in the Digital Content Industry - EContent 201
Edison Award Finalist 201
CIO Microsoft 100 Solution Providers CIO Review 201
Edison Award Nominee 201
Gartner Cool Vendor of the Year 201
Oracle Gold Partner 201
Stevie Award Best New Product or Service of the Year SaaS Category 201
Most Innovative New Product Utah Valley Entrepreneur Forum 2006
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