Let down your guard
The term ‘big data’ strikes fear into the hearts of translators everywhere. And, let’s be honest, who can blame them?
These days our social media feeds are filled with stories about how the translation will become obsolete and that machines will replace us in the blink of an eye.
Of course, there’s no denying that technological advances have transformed the industry in recent years, with AI having already heavily impacted translation. But trust us, it has its perks.
The benefits of big data
The fact is, big data’s arrival on the translation scene has actually given LSPs the power to identify trends and determine future growth.
How we hear you ask? Well, it’s all thanks to the emergence of cloud-based platforms like XTRF.
Unlike their on-premises server-based ancestors, these new systems are able to centralize heaps of data, (on vendor productivity, costs, project management, etc.) which ultimately, makes it easier for companies to analyze and compare the information.
Having this data to hand provides companies with the tools to better utilize their resources and to adapt to an ever-evolving industry without taking their eye off the ball.
Insights with an edge
Here at XTRF, we’re fully aware of just how competitive the language industry can be — remember, we were in your shoes once. That’s why we make it a priority to provide you with the tools you need to succeed in this fast-paced industry.
Our Business Barometer is a big data solution your company needs. It gives you the power to take control of your business by providing you with the data to make well-informed decisions.
Want to know which areas are bringing in the most business but running short of time? By putting big data to good use, XTRF’s tool is able to determine your fastest-growing specializations and language combinations.
Wondering how exactly that helps business? Let’s say the majority of your clients are from the pharmaceutical industry. This knowledge in itself not only gives you extra marketing power (i.e. experience makes it easier to attract more business) but it also enables you to plan appropriately.
If you’re anticipating high volumes of pharmaceutical texts for translation in the coming months then it’s worth boosting your vendor pool to meet the demand. After all, failing to prepare is preparing to fail.
Gaps in the market
XTRF’s big data processing solution is far more than a planning assistant though. It’s designed to help you future-proof your business by identifying both current and future gaps in the market.
And if that wasn’t enough, it can also work wonders for client relationships. By providing you with information on client project trends, you’re able to assess the ‘health’ of your current collaborations.
Let’s say you’ve suddenly noticed a drop off in the number of projects a long-term client has contracted you to translate in the last quarter. Having access to this data gives you the power to investigate further and, hopefully, remedy the situation.
From the perspective of the client, the dedication shown to that relationship is priceless and (in conjunction with quality translation services, of course) goes a long way to consolidating the collaboration.
It’s also worth mentioning that this is something that may have not been picked up on without the assistance of a tool such as the Business Barometer.
It’s really not all bad
So, as you can see the arrival of big data is really not all bad news. In fact, if we know how to put it to good use it could be the very thing that helps you stay one step ahead of the competition.