By all accounts, economic indicators for the localization industry are supporting continued growth to reach US $79B by the 2024. The language services sector has once again proven to be recession proof; economic activity appears to be rebounding quickly in verticals such as pharmaceuticals and manufacturing; and the acceleration of globalization will continue to drive demand in the language market.
We are also witnessing structural shifts in our industry with a fresh round of mergers and acquisitions reinforcing the position of “super agencies”, and potentially creating more opportunities for mid-size players to carve a niche for themselves. More than ever, the ability to adapt quickly to changing norms and regulations of our fast-evolving digital world will provide those offering agile and innovative solutions an edge over the raging competition. As they often say, the early bird gets the worm.
Consolidation is positive for our industry. It raises the status of the language services market as players seek to respond to increased demand for multilingual content; drives advancement of artificial intelligence technology to power customer engagement; and helps corporations in rationalization cycles create more inclusive environments for customers, users and internal stakeholders. All together this will undoubtedly help elevate the conversations about the importance of localization at CX level, specifically about the value creation it represents, i.e. increased revenue, CSAT, and brand expansion.
However, the consolidation of larger market players could also render some of your legacy content and localization infrastructure obsolete, which would trigger a forced data migration exercise which is a daunting task for all organizations. There is possibility that technology consolidation will provide an opportunity for you to take a fresh look at next generation tools and the value they can bring to your bottom line. Here are some of the main points to consider when planning for success:
1) Business continuity during the transition will be paramount for customers and your revenue operation. Our experts in data migration analysis will help you assess if “Big Bang” or a “Trickle” migration approach fits your needs best.
2) In this age of increased cyber breaches, the security of your data during the migration process, as well as the continuous preservation of your protected must fully planned out and executed flawlessly.
3) Sanity and integrity of your localization assets will also prove to be a crucial item of your product selection process, as it will affect your translation memory leverage and content repetition levels. You will need to ensure that your data is tested and validated at each step of the ETL process (Extract, Transform, Load). Failing to do so could result in not achieving planned operational KPI’s and other additional costs.
4) The overall scope of the transition project needs to be outlined meticulously to define goals and priorities, mitigate risk, and mostly to ensure that all stakeholders are in full agreement with clear expectations and contingencies. It is highly recommended to have an independent third party manage this transformation engagement as it requires full participation of all parties involved, and will without a doubt involve negotiation and mediation across several teams.
However daunting the prospect of data migration may be, keep in mind that this will certainly result in re-aligning your content and localization strategy to better support corporate growth, customer experience and the continued international expansion of your brand. Today’s technology advances enable corporation to offer tailor-made customer engagement to drive your brand above the competition.
Loquell BV is a data and content services consultancy company. With over 75 years of combined experience in content methodology optimization, technology powered customer engagement, data management and artificial intelligence, Loquell delivers integrated technology driven content and data strategies to drive measurable business results and support world-class customer engagement through digital content. From best practices to proven methodologies and the implementation of a technology infrastructure aligned with your corporate goals, our global experts are here to guide you.
Our teams of dedicated solution architects and experienced consultants can provide you with the best practices, solid processes, technology infrastructure and workflow management you need to optimize your localization efforts. Whatever the expertise you need to go global, our cross-functional team can deliver.