The economic center of gravity is shifting, and fast. Europe is crippled by a severe debt crisis, and growth remains sluggish in the United States. Meanwhile, business is booming in emerging markets around the world, none of which speak English.
The most important of these are the “BRICs”: Brazil, Russia, India and China, which together account for more than 40 percent of the world’s population. It’s reckoned that within twenty years the BRIC economies will overtake the “G7” group of rich countries.
Anyone with a shred of business acumen knows that the emerging markets are where new fortunes will be made. But if you’re not already using translation agencies to help your business communicate effectively in Mandarin, Hindi, Russian, or Portuguese, you’ll be swept aside by the companies that are.
The logic of outsourcing your translation
Few doubt the importance of business translation; the question is how to go about it. Should you manage your campaign internally, or seek outside assistance?
There are three simple arguments for outsourcing: It’s cheaper, faster and more effective. If you look at how a typical Fortune 500 company operates, you won’t find many translators on the payroll. Foreign language services are rarely performed by in-house teams, due to the highly-specialized nature of the work and are instead outsourced to translation agencies.
Outsourcing gives you access to the expertise and technical resources that translation requires, without having to invest in hiring and training your own staff.
Forming long-term relationships with translation agencies
While outsourcing is certainly the most cost-effective way to handle your translation, beware the temptation to hire the cheapest agency for every project.
There’s no shortage of cut-rate translation agencies out there, but chasing the lowest bid on every job will do your company more harm than good. The quality of translation agencies are reflected in their price, and the first danger of this “race to the bottom” mindset is that you often get what you pay for.
The second and more pertinent issue is that you miss the opportunity to build a stable partnership. Trust and familiarity are the keys to success, and the best results happen when your translation agency has an intimate understanding of your business. The longer you work together, the more you learn from experience.
If you’ve got big plans for the global market, you need a strategic partner who’s in it for the long haul. Discover more about our business translation services.
Flix Translations, translation agency, translation service,linguistic solutions.