3 ways to reduce costs for LSPs by IT implementation
In the times of crisis, every company is looking for savings. At the moment, when the revenue of your LSP is falling, you realize that the huge part of costs consist of the wages, and thus you start to reduce the number of employees. Modern translation agencies invest mainly in technology, which replaces human work and, consequently, is not burdened with huge payroll costs. Of course, every implementation of a new technological solution costs money, but if you approach it wisely, it will pay off very quickly.
I present 3 main solutions that will reduce your costs:
CAT TOOL - Most of the agencies and translators are CAT tools users, however, there are not many that set prices and costs based on the translation memory. By using a CAT tool with translation memories shared between agency, vendor and customer you can significantly reduce cost of translation, offer more attractive rates and keep your margins high.
TMS - It is the heart of your LSP. If you automate the processes in our company well, many things will happen without human interaction. Thanks to that you are not workforce dependent anymore. One, well-integrated system will take care of customer support, sending translations to subcontractors, managing simple projects or issuing invoices. TMS usually offers extensive reports, thanks to which you can analyze costs and examine the efficiency of individual translators, PMs and look for savings for your company. A lot of data is needed to continuously reduce costs, but well-crafted system will be there to provide it.
MT - I often hear the opinion that machine translation does not bring the right quality. If you integrate it well and implement a solution that we can be trained on the basis of your translation memory, then you can speed up the translation process several times, which means huge savings. Of course, you can never leave the translation without proofreading, but a well-implemented MT reduces staff costs and speeds up work while maintaining the same translation quality.
Nowadays, there is a vast variety of tools that help generate savings on the translation market. Automation and technology, are the key differentiators of truly efficient companies. If you are wondering how you could reduce costs in your company, please email me: firstname.lastname@example.org. I will be happy to talk to you to find the best possible solution.