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Financial Services & Asia

Financial Services

Financial Services

The big multinational financial services institutions that are affected by the financial crisis have another issue to manage; addressing Asian consumers’ anxiety! As a result, the consumers in developing and developed Asian nations would prefer local banks over multinationals.

According to McKinsey Global Institute, “Almost 81 percent of consumers in emerging Asian markets and 63 percent of consumers in developed Asian markets consider it important to deal with a local institution.” Moreover, this preference is more attributable to upper and affluent segments across Asia.

As if there weren’t already enough challenges to manage for multinationals!

On a positive note, consumers across Asia do want to consolidate their banking and deal with one financial institute that can meet all of their financial services needs. Herein lies the opportunity.

But in order to take advantage of this opportunity, multinationals will have to dig MUCH deeper in localizing their offerings. More often than not, financial products / services and their corresponding content are derived at the home office. It is yet to be seen whether this role can be handed over to the local office/branch.

When it comes to localizing your products and services nothing will compare to your employees going out of their way to service customer needs. This factor might be the deciding factor in retaining customers. But in order to bring in these customers, customers need to be acquired and nothing works better for acquisition than localizing your Marketing campaign(s) for the various countries where your firm operates in Asia. Even within a single country there might be a necessity to further localize your Marketing campaigns. For example, there are cities in China that are close in proximity, but citizens might speak simplified version of Chinese in one and traditional version of Chinese in the other city. Not to mention Indonesia where every province has its own language, culture, religion, and history.

Why workflow matters

Why workflow matters

Why workflow matters

Why Document Translation Workflow Matters

I’m sure you’ve heard the saying that not all cars are made the same way! Similarly, not all documents are translated the same way. The final quality of the translation is completely dependent on the type of workflow employed for your specific translation. Generally speaking, every document translation workflow should go through at least 2 linguists. But there are instances where more than 6 linguistic resources may be necessary in order to create the best possible translation of a document.

Why such a difference? I’m glad you asked! Let me explain.

A document such as a birth certificate can be accurately translated by a single well-experienced linguist with a careful review by the project manager.

A document such as a legal contract, technical manual, medical record, financial statement, adoption application, etc should never be translated by a single linguist. Instead, it should be translated by 2 linguists with a careful review the project manager.

A document such as patent application, high-level business expansion plan, and drug application should go through the back translation process which might include 5 to 6 linguists plus the project manager.

All in all, the type of workflow used for your translation will ultimately influence the quality of your translation. When you speak to your LSP, be sure to discuss your various options I’ve mentioned above.

 

Read: 6 Step Translation Protocol

Why select EPIC Translations as your LSP?

Select EPIC Translations As Your Language Service Provider

Remember the age-old story of the Tower of Babel? According to it, people used to speak one universal language until they were punished by suddenly speaking in different tongues. Hence, the difficulty we now have of understanding each other when each one is speaking his or her native speech. If you’ve tried going on a trip to a country where everything sounds strange, you’ll know exactly how frustrating this can sometimes be. And this is true for language both in the spoken and written form. It’s quite hard for communication to happen when you have a document in Italian and the person who is supposed to read it only knows English or Spanish.

Best Document Translation Services

Like the story mentioned above, we at EPIC Translations provide equally epic services in document translation. Our company believes that while the various languages of the world are unique in their own right, these differences should create no barrier to effective communication. To this end, we offer the best document translation services to ensure that you won’t have to struggle with attempting to read words you’re not familiar with.

EPIC Translations knows that time is no man’s friend. In this modern world where everything is fast-paced and instant gratification is the demand, we provide unparalleled translation services that meet our client’s time constraints. We know that the success of businesses hinges on certain requirements, and we are up to the task of filling them. We have consistently met deadlines set by customers and continue to give the utmost dedication to others that seek our expertise. In fact, our confidence in conveying order on time is seen in our Deadline Guarantee, an offer unique to EPIC Translations.

We have a team of highly specialized professionals to perform all language translation services of all kinds, be it for technical translation or documents in other industries. These translators have the necessary experience and skill for delivering complete and accurate content to our customers. We offer document translation in the following languages: English, Arabic, Italian, Chinese, Russian, Hindi, Thai, French, Spanish, German, Portuguese, Japanese, Korean and African languages.

Task Life Cycle

EPIC Translations uses a Task Life Cycle (TLC) in order to perform quality professional translation services. Using a 3-person team, we follow certain steps that involve project management, editing and strict proofreading to make sure that translation has been rendered well. In addition, we have an internal tracking system to monitor progress in all document translation projects, likewise allowing us to link clients and translators from different locations around the world. This system helps us to tailor-make translation services to your specifications for more effective document translation.

Knowing the value of communicating properly, we at EPIC Translations guarantee to keep you informed of how your project is going every step of the way. You can log onto our website as a customer to check on updates regarding the translation services you want us to do. Unlike other companies, you won’t have to keep wondering if your document is going to be delivered soon or continue doubting the authenticity of your translator.

EPIC Translations has been doing business with customers globally, and have a roster of contented clients who have seen first-hand what we can do. We offer our translation services at the most competitive prices in the shortest time possible and can reduce your total costs with software that creates translation memories. This means you won’t have to keep getting a certain document translated several times over. In addition, we have strict confidentiality clauses to protect your company’s privacy and document content; we never give out our customers’ information to other parties.

So come to us for your needs in translation services! We have an easy quote box for you to let us know in the quickest time just what it is you want. By filling in the form, you’ll be well on your way to receiving best document translation services that are sure to satisfy you!

BRIC – where to go

Once you have decided that you want to start exporting to BRIC countries, the next step is to decide where exactly to start at! Simultaneous expansion to all 4 countries should be undertaken only if you have significant resources at hand, otherwise it’s a smarter idea to tackle one country at a time.

We tell our clients the following criteria (among other things) to use when making such a decision.

  1. If B2C, what country has most demand for my products / services?
  2. If B2B, what country has the most footprint of my clients?
  3. What country has more qualified human resources?
  4. What country has a more dependable transportation infrastructure?

It is vital that you respond to these and other questions in as much details as possible. Your responses should be based on independent market research.

At the end of the day, no mater what country you decide to expand to, having a world class translation of your content might be the deciding factor between success and failure. We tell our clients to translate the following content in order to correctly get started:

  1. Website
  2. Product / Service manuals
  3. Legal contracts
  4. Company policies

Money spent on translation services will have an immediate return on your investment as you will be able to connect with your customers / clients at a deeper and native level.

Benefits Of Translations Memory

“Research indicates that many companies producing multilingual documentation are using Benefits Of Translations Memory systems. Usage of TM correlated with text type characterised by technical terms and simple sentence structure (technical, to a lesser degree marketing and financial), computing skills, and repetitiveness of content.”

Translations Memory

Those companies that have used translation services in the past know the benefits of translation memory. But if you’re just getting started with translating your content and are not sure how to leverage your translated content to reduce your future translation costs, you’ve come to the right place! I’ll keep this post short & sweet so you can take away the necessary information:

In the simplest form, a translation memory, or TM, is a database of sentences or paragraphs that have been previously translated. Each unit that contains source text and target text is called a segment.

So, there you have it. Feel free to contact us should you have any questions as you dive into the world of translation services.

Importance of client feedback

Client Feedback

Client Feedback

When you’re doing a large project with a LSP that requires multiple linguists and your company specific terminology, the importance of providing feedback for the first few batches of files can not be over emphasized. In this scenario you should not expect total quality until at least 2 to 4 batches of files have been completed, feedback has been provided, and the linguists have had the opportunity to integrate the feedback into the current and future batches. Moreover, if you maintain your own terminology database, there might be technical issues that have to be addressed before total quality can be realized. For example, is your terminology database based on industry standards? If not then there might be a great deal of technical challenges to get thru (32 bit vs 64 bit or OS incompatibilities.)

While it is reasonable to accept total quality for the entire project, it can not be realized without giving enough time to implement your specific feedback. It is best to work with your LSP contact to ensure your feedback has been successfully integrated into the project.

Does your LSP adapt to YOU?

It’s difficult enough managing business operations in a single country let alone in multiple countries. Some of the challenges for multinational companies (MNCs) might include the shortage of qualified human resources, unfriendly business environment, conflicting interests, corruption, language barriers, and labour cost to name a few. When all of these challenges are combined together, organizations can face a great deal of uncertainty.

Reliable Language Services Provider

One area where MNCs can really benefit by having a reliable business partner is in the area of addressing language barriers. While some companies prefer to keep language services a strictly internal operation, most companies will use a hybrid approach where some of the language services are carried out internally and some are carried out externally with a reliable language services provider (LSP.)

When using an external LSP it is vital that they adapt to your needs. Business operations are never static and the information/content being localized/translated might need to be changed to reflect the dynamics of your business operations.

For example, if the source text in the product manual your LSP is translating needs to be changed for any reason, your LSP should not only be able to accommodate this change, but the change should be reflected in the terminology database and the translation memory.

Moreover, if you’ve decided to target the Canadian French market, your LSP should be able to minimize your translation costs by localizing the existing French translation for the Canadian French market instead of doing a completely new translation. In other words, your reliable language services provider should be operationally well invested in your business and your business goals.

Fast turnaround ability

Fast Turnaround Ability With Language Service Provider

Not surprisingly, more and more companies are listing “fast turnaround ability” as the most important factor when working with language service providers. Fast turnaround ability is important for some very good business reasons. For one, the global economy runs on information. And two, companies that operate globally have to deal with different time zones. And more importantly, the global economy demands it.

The ability to not only provide translations quickly but doing it with quality and having the ability to handle your increased demand are also essential.

How to Measure Language Service Provider Abilities

How can you measure these abilities when looking for a new language services provider? The answer really lies in your gut feeling based on your initial interactions with the LSP. Were they quick to respond to you? Did the responses sound professional and quality driven? Does the LSP have case studies on their website? Does the LSP have the infrastructure needed to support your needs? Another approach is to have the LSP do a short sample to test their abilities.

Most common requested languages

World Languages

World Languages

Did you know that the following 15 languages constitute 80% of global GDP?

  1. English
  2. Chinese
  3. Japanese
  4. Spanish
  5. German
  6. French
  7. Portuguese
  8. Italian
  9. Russian
  10. Arabic
  11. Hindi
  12. Korean
  13. Dutch
  14. Bengali
  15. Turkish

Now compare that with Cisco’s annual Visual Networking Index that  estimates how different countries will consume internet traffic by 2015.

Consumer Internet Traffic by 2015

Needless to say, if you’re looking to grow your company, you must be open to the idea to selling your products and services globally. If you decide to take the global route then you should also know that according to research done by Common Sense Advisory, “the vast majority (85.3%) of respondents feel that having pre-purchase in formation in their own language is a critical factor in buying insurance and financial services. Conversely, just 45.8% of the sample told us that language is important to buying clothes on the web. The more valuable an item, the more likely it is that someone will want to read about the product and buy it in their own language.” So, all in all, the language in which you sell your products and services in does matter.

Credit: Cisco, The Economist, and Common Sense Advisory.

5 LSP attributes to seek

5 Amazing LSP attributes to seek

When and if you’re looking for a Language Services Provider, there are 5 LSP attributes that you should look for in order to ensure that your localization/translation objectives are going to be successfully achieved. If the LSP you’re considering is not able to demonstrate these 5 attributes, you should keep your options open to speaking with other LSPs.

The 5 LSP attributes are:

  1. Turnaround time
  2. Quality assurance guarantee
  3. Use of a translation management system
  4. Cost
  5. Ability to access your own translation memory or glossary files

Turnaround time

When companies are localizing their content, they are almost always operating with tight deadlines and sometimes cost overruns. The ability of your LSP to provide a quick turnaround time regardless of the amount of content being localized is simply priceless. Imagine your company is going to be releasing a product in a foreign country next week. Not only do you need to have the content localized, but it needs to be printed and made available via several mediums: online, offline, mobile devices, etc. In this context, ability to provide localization services at YOUR speed is of vital importance.

  • Click Here to learn how EPIC Translations completed a MASSIVE 2-million-word project in record time!
  • Click Here to read EPIC Translations’ guarantee!

Quality assurance guarantee

Sure, everyone says that they’re committed to quality. But can they back up that claim with a written or signed guarantee? This might not seem like something important, but rest assured that if your localized/translated content is not driven by quality, you might be putting your company’s product launch in jeopardy. It is better for you to define your own quality expectations and then having a written agreement from the LSP that your quality expectations will be met.

Use of a translation management system

If you’re a occasional buyer of translation services, then this might not seem like a big deal. But if you will need translation services often then the LSP’s ability to automate your service requests based on a translation management system will make things somewhat less crazy for you. Imagine being able to automatically send translation service requests, or being able to see the status of your requests in real time via an online portal. Or better yet, having the ability to download your company’s specific glossary file or TM file for internal use. These are all technical capabilities that your preferred LSP should offer at no extra charge to you.

Cost

While receiving a discount on large requests is fine and dandy, but you should really set up a consistent cost structure with your LSP. This will ensure that your localization costs are kept under control and there are no surprises when you receive the invoice!

Ability to access your own translation memory or glossary files

This is important because it is in your best interest to make sure your LSP keeps your translation memory files recent and up to date. Having the ability to access your TM file at your convenience will allow you to not only monitor it but also give you the ability to use it internally independent of your LSP.

So there you have it. These might seem trivial to some, but they can be a lifesaver if you’re a regular buyer of translation services. Contact EPIC Translations today for a free no-obligation price quote for your localization needs.