Today we deal with the absolute core of your business – managing vendors.
Vendor management is one the most important tasks of a translation agency. After all, the core of your business is adding value to the work done by your vendors. Any inefficiencies in managing them has a direct impact on your results.
The crucial task of managing your vendors is handled by dedicated specialists. But do they have the proper tools to do a good job and make informed decisions? Applying proper management techniques can leverage your database to get the best possible results. Some of these techniques are:
Reducing overhead costs.
By putting in place strict procedures for vendor assignment, we get better response times and more efficient selection mechanisms.
More detailed search criteria gives more precise vendor selection.
Using strict specialization matches means that the quality of your final product will be much higher.
By working with more than just the “favorite” vendors, your company gains in many ways.
For example, better rate negotiating power and a more diversified approach to quality. It also tests and verifies a broader group of vendors, increasing the number of trusted vendors, which helps with flexibility.
Last but not least, having a more formal and detailed assignment procedure helps with not “playing favorites” and prevents burnout in your most trusted vendors.
You need to collect data that presents an in-depth history of a vendor’s performance. It should form the basis of your selection mechanism which flushes out all inefficiencies, that is places where both quality and margins can be improved.
The demand for more diversified language services is on the rise. One aspect that is becoming especially more diversified is the approach to quality. Delivery speed is also becoming more and more crucial. That is why Language Service Providers are starting to take a portfolio approach to quality. This allows them to offer a much wider range of services and options to their customers.