In today’s globalized environment, it is common for businesses from different industries to interact with foreign investors and partners. Enterprises have realized the strategic importance of globalization and in 2016, a study disclosed that 58% of small businesses already have international customers. One of the most important aspects of the global expansion process includes the ability to present and communicate a business’ product and message to a foreign audience. To do so effectively, businesses, regardless of their field, need to adopt good language translation practices that would allow high-quality communication. Here, we present to you 5 of the biggest industries on the market, which can benefit from using language translation as a part of their business strategy:
Banking & Financial Institutions
When it comes to money management, it isn’t a recent practice for people to operate with their money through multiple accounts at various locations. Therefore, it is important for banks to be able to accommodate their international clients by offering translated materials on their products and services. Failure to do so would result in the loss of valuable clients and decrease in overall customer satisfaction. Building trust and effective communication with people in their spoken language is of significant benefit for businesses in the finance sector. The truth is people are genuinely apprehensive to trust someone with their money and speaking their own language will make you a more reliable partner. Professionally-handled translation is a prerequisite for good communication and seamless customer experience. This, in turn, can result in returning customers and increased revenues for the company.
Tourism
Today, tourism is highly-saturated and competitive, with innumerable different agencies and airlines fighting to offer the best low-cost flight or budget trip. As a result, it is difficult to differentiate yourself from other competitors on the market and establish a profitable business model. One way to do so is through customizing the content for your targeted customers, ensuring that you provide adequately-translated materials in the clients’ preferred language. As the traditional brick-and-mortar travel agencies become more and more outdated, the emphasis is shifting towards high-quality, localized online content. The customer today not only appreciates but also expects to be provided with materials in their preferred language – professional translation services give the opportunity to meet this requirement.
Information & Technology
The IT field is one that is constantly changing, with new products being developed at an ever-increasing pace. It is important, therefore, for a business to keep its customers up to date by providing multilingual information on a product’s technological specifications and dimensions. Translating these kinds of materials requires a professional translator’s expertise in both the industry’s terminology and language specifics.
Collaborating with professionals can ensure that businesses avoid poor translations and profit from the adaptation of content into different languages. Implementing a translation management system is a great example of how technology can maximize efficiency in a business.
Healthcare Industry
From medical device manufacturers to pharmaceutical companies, the healthcare industry can greatly benefit from employing high-quality language translation services. For instance, one of the main objectives of pharmaceutical companies is to provide medical patients with reliable information on medications’ ingredients and side effects. Creating leaflets, informed consent forms, packaging labels, etc. in multiple different languages helps businesses in this field avoid irreversible incidents. When catering to a foreign language audience, culturally appropriate, clear translation is a must, if a company wants to maintain its profitability while complying with government healthcare laws and regulations.
Legal Industry
The legal industry is a field-based around the art of communication and negotiation. For that reason, the viability of all law firms and organizations to a large extent depends on efficient translation. When translating various documentation, from contracts, to email correspondence, to legislation, a company needs to ensure that the materials are accessible for multilingual clients and that the information’s content is consistent with the original. Today, legal translation is a necessary requirement for businesses to maintain their credibility and the number of both local and international customers.
Language translation is essential for businesses from all major industries. Interpretation as a part of a larger globalization strategy helps enterprises remain competitive in the market and increases their revenue. While the translation practices may differ from one field to another, they all aim towards the same goal – providing customers with a high-quality experience through coherent communication. Personalization and attention to detail in every interaction is what makes customers willing to pay more for a professional service. Businesses can therefore benefit from the help of professional translators who have the necessary expertise in the particular industry’s terminology and requirements. Combining linguistic and cultural knowledge with a well-thought out business strategy results in not only increased revenue, but improved brand image and a good relationship with foreign customers.