The New Globalization Imperative: Time is Money and Market Share

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The New Globalization Imperative: Time is Money and Market Share

This is a reprint of an article that previously appeared in MarTechAdvisor.

The-New-Globalization-Imperative:-Time-is-Money-and-Market-Share

World-wide exporting is predicted to increase exponentially in the coming years. 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 the majority (92%) of mid-market companies plan to sell more overseas in the coming years. Currently, more than half (54%) export to foreign markets.

Localization is key to globalization strategy

That’s why localization is key to globalization strategy. To be successful in a global marketplace, 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 a way to efficiently translate and distribute their global content. It can be a costly undertaking.

Translation costs are a large part of any globalization budget. Many organizations, however, only look at localization as a short-term investment. As a result, they focus solely on getting the lowest price per word. Localization project managers spend a great deal of time getting quotes and comparing translation vendor pricing. But, it’s not about the pennies, or fraction of pennies, you can save with a competitive translation bid. The key differentiator - the factor that has the greatest impact on your ROI - is speed.

It’s not about the pennies, or fraction of pennies, you can save with a competitive translation bid. The key differentiator - the factor that has the greatest impact on your ROI - is speed.

The faster you can translate and deliver global content, the sooner you achieve ROI. The ROI comes from being able to enter global markets faster, ahead of your competition . When you can begin selling more products, sooner, you can establish your brand presence and capture valuable market share. That’s why the new globalization imperative is: Time is money and market share. The localization solution you choose will have a direct effect on both.

Cloud-based technology optimizes operational efficiency

A recent article in Forbes, TCO Analysis Demonstrates How Moving To The Cloud Can Save Your Company Money, extolled the financial benefits of cloud technology: “Operational and indirect costs savings that can be achieved by using the IT resources and expertise of a managed cloud provider have the potential to dwarf the infrastructure acquisition savings of moving away from a self-managed on-premises datacenter approach.” The real value of cloud technology is the operational efficiency it provides. It results in continuous, long-term savings, not the one-off savings you get from a single project.

Translation companies that have not invested in cloud technology offer older, offline on-premise solutions that require emailing and downloading files, translating them, and repeating the process in a slow, back and forth workflow. Proxy translation can also be problematic when it comes to changing or adding original content. It doesn’t offer continuous publishing or effective change management. You have to grant the proxy access to your information. Make your changes, then those are manually exported and imported--back and forth--between your site and the proxy site. In contrast, cloud-based translation management system continuously detects content change, triggers workflow, and distributes translated content to the right applications through automated processes, which leads to greater efficiency and agility.

Faster translation leads to agile globalization

A 2015 McKinsey report, Playing to Win: the New Global Competition for Corporate Profits, found that those companies that invest in technology and build powerful digital platforms and networks reap the rewards of more global users, customers, revenue, and profits. In addition, technology is enabling greater agility and scalability to help them quickly enter new markets.  Digital platforms “can drive marginal costs to almost zero, enabling technology and tech-enabled firms to make rapid moves into new sectors. They can also serve as launching pads that give thousands of small and medium-sized firms immediate global reach.”

“Companies that invest in technology and build powerful digital platforms and networks, reap the rewards of more global users, customers, revenue, and profits.”

Entering new markets requires global-ready translation solutions that are easy to manage and that can keep up with the dynamic, 24-hour demand for localized content. Cloud-based technology stores, tracks, and manages multilingual content across different enterprise applications allowing continuous, integrated translation in real time. For large, complex translation projects, the only way to handle the volume, continuity, and synchronization between several different departments and locations is by managing translation in the cloud.

When you can translate content faster and more efficiently, you can capitalize on the benefits of a more agile go-to-market strategy - entering new markets ahead of the competition. There is long-lasting ROI to establishing your brand presence in a market first. You get a leg up on the competition and have more time to expand your market share.

Conclusion

Entrepreneur and author Jim Rohn observed, “Time is more valuable than money. You can get more money, but you cannot get more time.”  It’s true, time is more valuable, but Rohn is wrong to assume that you can’t get more time. You can. By investing in localization solutions that offer speed, agility, and operational efficiency, you’ll achieve long-term financial benefits well beyond the short-term cost savings realized by counting pennies.

 

See How It Works

The Massive Benefits of Cloud-Based Translation Management System

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.

 

 

 

 

Translation Solution Needs

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.

 

 

 

 

 

 

 

 

 

 

 

 

About Lingotek

Our Company

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:

  • Content Management Systems (CMS) 
  • Customer Relationship Management Systems (CRM)
  • Marketing Automation
  • eCommerce Platforms
  • Knowledge Bases 
  • Product and Support Documentation 
  • Social Business Software
  • Desktop Files
  • Software Localization

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. 

Our History

Lingotek was founded in 2006 and is funded by Signal Peak Ventures and In-Q-Tel

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. 

Our Clients & Partners

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. 

Industry Recognition & Awards

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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