Business Intelligence for Smart Localization Strategy
This week, we announced a new update to our Venga Gateway Client Portal: version 1.2. In addition to streamlining everything into a single user interface, the Portal now includes business intelligence tools.
Business Intelligence (BI) is rapidly becoming a valuable asset to a company’s decision-making process. BI includes the processes, applications, and tools by which a company can access and analyze its information in order to make optimized business decisions. You may have heard of BI’s cousin, operational reporting, which is a standard practice at most companies. The big difference between operational reporting and BI, though, is that operational reporting tends to be focused on making employees’ day-to-day tasks easier, while BI is focused on improving a business’s performance over time.
Ideally, a smart business strategy includes both operational reporting and BI, and you should use these tools in all aspects of your business. One often-overlooked area that can benefit from BI is translation and localization. We touched upon why you shouldn’t leave translation as an afterthought in our recent interview with Erica Haims, and the same principle applies when using BI. So, what should you be tracking to make sure that you are making the right business decisions?
When developing KPIs, you want to gather data on both the translation/localization process and your marketing objectives. We’ve listed some sample process and outcome KPIs here, but be careful to choose your KPIs thoughtfully. Choosing a handful of strategic KPIs is a much better idea than developing a comprehensive list and getting lost in the data.
You may also want to consider your translation memory as something to leverage in business decisions. The data you gather may reveal that you can rely on translation memory more, and that can speed up your product delivery time and lower your costs.
For example, if you have $100, you need to know how much translation you can get for that money, and using translation memory changes that value over time. Imagine you began working with a translation partner a couple years ago to translate a section of text 650 words long into Arabic, and you didn’t have any translation memory yet. They quoted you 15 cents per word and a final price of $100 to translate the entire text. After a couple years, however, you’ve been doing translation, and now you have a pretty good TM buildup. When you run your 650-word text through the TM you find that you actually have used 25% of the text before, and don’t need to pay for the translations of those parts again. This means that you only have about 485 words to translate which will be much cheaper and faster. You can then focus your remaining budget on your second priority translation projects.
So how does business intelligence data help you?
Business intelligence findings can help you learn about your products and process from multiple angles. Where is your translation bringing you the best ROI? If you are currently translating a bunch of content into Hindi, what is the response? If it is lower than you’d like, is this because of poor translation? You might want to invest in an additional review round or try transcreating your content and then measure success.
Business intelligence can also help you identify what you’re doing well and replicate it in other markets. If you find that in a certain target market, you are happy with with the results coming from your English language content, you might relook at your target market strategy and re-prioritize your translation tiers.
Our new Client Portal includes tools to help you align categories, languages, and phases in order to prioritize your needs. When we talk about priorities, what exactly do we mean? Here is a rough example of a website content matrix to manage your marketing strategy and translation tiers for your reference:
The business intelligence built into our new Client Portal can help you budget where to spend your money for the greatest benefit.
At Venga, our goal is to simplify life for our clients and enable them to adjust to the ever-changing market and grow their business through making the best decisions. To this end, we have developed our Gateway Client Portal to assist in both the day to day reporting and management of the translation part of your projects and provide business intelligence. If you would like to know more, contact us or click here to download our service description of the portal.