In a world where every city has turned into a global community, language translation can increase profits for any industry, big or small.
The global language services industry reached a market size of over US$43 billion in 2017 and statistics expect it to reach 47.5 billion by 2021. This growth is a result of big industries trying to increase their market share by making their products and services accessible to multilingual customers.
Currently, most of the industry’s revenue is generated by the government and private industries alike. An increase in immigration and globalization will keep the demand for language translation increasing in the coming years.
In this article, we will discuss about the big industries who can widen their reach and increase their profits with language translation.
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Medical Translation and Interpretation For The Health Industry
Life science, medical and pharmaceutical industries can benefit immensely by using a good language service provider. In this industry, accurate translation can mean the difference between life and death, cure and complications.
The medical industry requires a variety of linguistic services to meet the needs of a multilingual community. These include:
- Medical documents
- Patient histories
- Doctor’s instructions
- User manuals for medical devices
- Doctor-patient interpretation
It’s not just about the documentation or interpretation, but how hospitals and clinics can improve patient care, hospital policies and the performance of their medical staff.
Translation can also help ensure compliance, enable accurate diagnosis and avoid costly lawsuits. This will result in serving patients better and increasing profits.
Law Firms Benefiting From Legal Translation
Law firms rely a lot on language translation service providers to be able to provide their clients with accurate documents and services. Legal translation can be extremely beneficial to lawyers and companies who are struggling to meet their global caseload demands.
Legal matters are complex and multilingual cases involving several foreign-language documents make them even more challenging.
To achieve fast turnaround time, precision and desired results, it’s important for law firms to partner with a reliable language service provider.
Language translation plays a big role in the legal industry for:
- Immigration documents
- Contracts for overseas transactions
- Financial documents involving overseas banks
- Copyright, patents and trademark
- International claims
In addition to the above, legal clients of foreign nationality who may be presenting documentation to the US Government or any such authority may require certified translation.
Interpreters also play a vital role in enabling multilingual communication during client interviews and court hearings.
If your law firm doesn’t offer these services, your clients may find your competitor who does them. Eliminating language barriers will help you to deliver better services and present stronger cases.
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Language Translation For Travel And Hospitality
To deliver the best travel experience for customers, all the leading players in the hospitality sector are now offering multilingual services. The travel industry has to reach customers across the globe.
Offering content and services in multiple languages will help them stand out and create excellent opportunities for growth.
Website localization is a must for any industry but more so for those who are in the travel domain. To be able to offer customized travel products and serve site visitors in their preferred native language, localization is absolutely essential.
Providing a localized experience makes a big difference in customer experience. Online travel companies benefit the most from language translation. By creating a personal relationship with their customers, they add tremendous value to their services.
Localization For Technology Companies
Globalization is a key growth factor for technology companies striving to meet international demands. To cross boundaries and take their products to global consumers, they are dependent on localization experts.
In this industry, if you are not localizing your products you are reducing your chances of becoming a global player. The world’s leading technology companies have found success through localization.
Translation For Banking And Financial Companies
Complex financial information requires specialized translation and therefore the industry is dependant on competent language service providers.
Banking and insurance concepts vary across the globe. Formatting, numbering and terminology are all different from country to country. To use the correct nomenclature and adhere to specific guidelines, financial companies need language translation services.
Financial documents requiring language translation include:
- Annual audit reports
- Income statements and balance sheets
- Tax statement
- Cash flow statements
- Insurance documents
- Shareholder communication
Banking/Financial documents run for several hundreds of pages and translation may be time consuming and demanding. If your company can handle the multilingual needs efficiently and quickly, you will find your profits increasing exponentially.
For all the big industries discussed above, it can be a challenge to balance regulatory compliance with good customer experience.
Accurate language translation can help you strike the right balance and bridge the gaps. When you cross the language hurdle, you will find yourself growing into a industry leader.
Improve your market share, retain your clients and increase your profits by working with a language translation partner who can help you reach a global audience.
While choosing a vendor look for a company who follows strict quality control processes, understands the complex requirements of these sectors and aims to help you increase profits through better customer experience.