Scale of Fail
The industry revolving around language services sure is a peculiar one – whether providing interpreting services, translation, transcreation, localization or subtitling, most of enterprises within this sector were founded by language enthusiasts and freelancers, not marketing or business specialists. Successful endeavours in such a competitive field might make us wonder what stands behind a success story – so let us investigate this matter closer.
Upon its launch, the positive outcome of a business venture is fully dependant on founder’s personal traits and their ability to receive a sufficient amount of work and deliver work of a satisfactory quality. In the beginning all they need to manage margins, invoices, projects and customers is a simple Excel spreadsheet.
But with heavy workload that is impossible to render by a single translator comes something more than a simple realization of one’s inability to provide reliable services to everyone at this volume. A new chapter in company’s development has just started: a freelance specialist has started searching for a reliable associate, former university friend or a colleague willing to help them. It doesn’t matter what their job will be – they might provide support in translation, proofreading, website management or finances – what matters the most is the fact that now one has to keep track of the other persons’ commitments and work progress. Regardless of the workflow, however, they still have to remain responsive to client’s demands.
Such events promote company’s organic growth, necessitating the emergence of new job posts; a sole entrepreneur might need a finance assistant, project manager, quality assurance specialist and more language professionals to succeed. While company development is something many strive for, they often do not realize the amount of paperwork or time required to effectively manage vendor pool and customers that comes with it.
That’s precisely the moment when an ordinary Excel stops being useful. Choosing a translation management system (TMS) is a giant leap towards success – such software has multiple uses as it might serve as a database and offer valuable insight into a number of metrics and analyses.
Now you can measure everything you’ve ever dreamt of: ever wondered how profitable your loyal customers are or whether some projects were really that lucrative? TMS constitute an amazing opportunity to optimize the enterprise. Before making a bold decision to specialize in a given field, spend a while on a thorough analysis of the data. Will it be that profitable to specialize in a given language combination? Or are legal translations still as demanded as they used to be? Check how common beliefs apply when it comes to your own company and find whatever works best for you.
TMS software often provides Key Performance Indicators (KPI). One of their greatest advantages is the possibility to use them as a tool for human resources policy optimization; keeping track of in-house professionals’ and freelancers’ performance makes it easier to make staff-related decisions and increase the revenue.
Last but not least, TMS offer one function that one should never underestimate: automation. Find an easier and more effective way of completing tedious, mundane tasks that project managers have to deal with – or simply turn their managerial job into the one which requires more supervisory activities.
TMS constitutes a perfect solution for anyone undergoing the turbulent process of transformation into a conscious businessperson fostering their company’s development in a wise and controlled way.