The terms “Big Data” and “automation” are now part of the everyday business lexicon. With the increasing amount of data that companies and their staff handle, having a designated TMS to automate the inflow and outflow of information can make staff’s life much easier while at the same time increasing the company’s ROI.
Analogous to how people in the 1950’s were worried that the new atomic bomb was about to end the world – though it still might, they eventually learned to accept it, and like the Peter Sellers movie Dr. Strangelove, they stopped worrying and although “love” would be an exaggeration, at least learned to accept it. Similarly, with the introduction of the personal computer, at first it was expensive, unfamiliar and many people were concerned that it would be harder to use than doing things as they had always done. Obviously, there is no need to spell out how things have progressed to today, with the myriad of electronic devices that we use with ease, to do a multitude of things. In this same way, TMS automation will increasingly become the norm in the Translation industry.
Taking a step back and looking at technology in the business setting in general, we see increasing ROI using technology. For example, Accenture Research in their article “How Digital Technologies Improve Business” reported that “82% of CFOs are seeing measurable business ROI from digital finance investments. The report goes on to state that CFOs recognize that value is realized by those that innovate and execute at speed, and that technologies such as AR, 3D printing and others are driving change in operating models and costs, among others. They believe that to benefit from the true value of the “Digital Transformation Wave” they need to have a clear vision and strategy, deal with legacy technologies, and understand digital capabilities, so that by activities such as reducing and developing staff via automation, the CFO will become a leader in linking digital technologies to ROI and “unlock a world of new opportunities.”
Opening and entering this new world requires a shift in paradigm in relation to ROI, and reassess how ROI is traditionally viewed, in relation to technology Investment. A report by the MAPI Foundation, states that deciding on technology, such as integrating a Translation Management System, should be evaluated beyond traditional return on investment (ROI) metrics. The study is very detailed and outlines new criteria that are needed to capture the expanded benefits, costs, and likely productivity gains associated with new technology investments.
Regarding TMS systems, some LSPs and corporate Localization departments might consider either building or buying technology to access these ROI benefits, in addition to the many other benefits such as improved operations and heightened customer satisfaction. The issue is that as a business grows and evolves, homegrown or fully purchased technologies can become difficult to manage and expensive to maintain. In comparison, SaaS benefits include many benefits, including much lower initial investment, long-term cost savings, increased out-of-the-box functionality, lower risk, and worldwide online access.
Now many may be wondering that through technology and automation sound great, how will we even know if it is working, meaning, how do we measure “Technology ROI”. An article by AllBusiness discusses this and highlights that one needs to “go beyond the direct cost of the product or service” and consider measurements such as:
- Time savings from faster performance
- Time savings from greater reliability
- Direct cost savings such as lower fees or vendor costs
- Time and cost savings from a reduction in errors
- Increased customer and employee satisfaction
- Improved functionality
They conclude by stating that the SaaS environment includes additional benefits such as upgrades, the providers IT team handling updates, and the fact that it is easy to scale up and down as needed.
XTRF’s online Project Management System considers the fact that an effective TMS must have easy-to-use technology and be automatable to help reduce time and effort. These, in turn, are what drives ROI and customer and employee satisfaction. Our technology delivers an online SaaS platform that is accessible by desktop or mobile from any region 24-7, by staff, vendors and customers. XTRF empowers users to customize translation project processes and workflows, start and deliver projects, and automate vendor selection and then issues invoices and reports. The automations help the team reduce costs, such as minimum charges while increasing the number of projects that the team can undertake. The reporting and analytics provide a clear view of what is happening, and a roadmap on what type of projects are happening most often and where more automation is possible.
This level of technology is both daunting, complex and robust, yet incredibly simple and easy to understand. Our best feature is the one that is most important to you, and we can help you integrate that into your own Translation Management platform. We are here to make the complex simple. Reach out and let us know how we can help you stop worrying and love TMS technology and automations.