Translation tools have evolved to such an extent that they are unrecognisable compared to early iterations – they pose a huge opportunity for analyst firms looking to scale and grow their international reach.
The evolution of translation tools
Early iterations of digital translation tools were notoriously unreliable. Overly literal interpretations, an inability to contextualise phrases, and inaccurate representations of complicated tenses and sentences were the norm.
Today, the huge strides made in the Artificial Intelligence (AI) and Natural Language Processing (NLP) fields have transformed the quality of translation tools. Tech giants, including Meta, Google and Amazon to name just a few are pouring huge R&D budgets into developing comprehensive, reliable translation tools. They are highly accurate, can quickly generate translations, and easily integrate into content delivery systems.
These tools are now far better at identifying:
- Context – the relationship between words, not just the individual terms.
- Tone/style – these tools can distinguish between different styles i.e. formal or informal and translate text accordingly.
- Cultural signposts – NLP systems have a greater understanding of the cultural and societal relevance of words and adjust translation to fit with these considerations.
The nature of NLP/AI development means that these tools will become ever more authentic, culturally aware, and accurate with time. As these systems are exposed to more data, the better they become.
This new generation of translation services presents an opportunity for market analysis firms looking to scale their global reach and strengthen client relationships.
Distributed teams, global audience
Digital audiences today are truly global. Enterprise teams are no longer confined to narrow geographic regions and analyst teams must accommodate this new reality. While one enterprise account may be headquartered in an English-speaking city, such as New York or London, they likely have teams distributed in other major non-English-speaking cities, such as Tokyo, Paris, or Rome.
These teams may know the language spoken at company HQ but likely feel more comfortable reading a complex, nuanced report in their first language. Providing translation as part of your content delivery service increases the value of your offering to the whole account, not just those based in your linguistic area.
As workplaces become increasingly distributed, positioning your organisation as a global analyst firm keeps your organisation up to speed and opens your research up to a broader market. Greater linguistic inclusivity strengthens relationships with existing subscribers and attracts new users to access and consume your content.
Internationally renowned analyst team
Machine learning translation tools allow your analysts to be truly international in their reach. No longer restricted by linguistic boundaries, their analysis can reach beyond the confines of their first language and be read by information consumers around the world.
In the era of flat PDF delivery, international reach was not easily possible. Now, digital publishing platforms are enabling this change with their dynamic format compatibility and interactive functionality.
Not only does it render content more accessible, but your analysts can communicate and answer questions from customers around the world. Interactions with a broader audience open up the possibility of consulting projects, sales of new products and other revenue-generating opportunities that, in turn, grow per-account value.
Growing per-account value is essential for analyst firms looking to scale. After all, it costs up to 5x more to acquire a customer than retain an existing one. Offering additional membership services not only increases the value of your content, but also the perceived value of your company as an entity among your subscribers. Once customers realise the unique value you provide, you will see increased ROI, less subscriber churn, and fewer commercial overheads.
Translation tools already bringing success to global analyst firms
Content Catalyst clients are already utilising translation tools to improve content engagement and scale global reach.
Oxford Economics, a leading economic forecast provider, has a global audience and workforce. One of the unique selling points of their service is their international economist presence: their analysts are stationed around the world and provide hyper-specific economic coverage on over 8,000 cities and regions.
“For the first time, at the click of a button, clients can see a report in their chosen language – that was a big step forward”, comments Oxford Economics’ Chief Information Officer, Ben Nicaudie, on the impact translation tools have had on their international subscriber base who access the firm’s Content Catalyst-powered My Oxford subscriber portal. Improving linguistic accessibility was crucial for an organisation as global as Oxford Economics and planned development work will enhance the feature further, including the generation of email notifications in a client’s chosen language.
In-platform translation tools have transformed the My Oxford end-user experience and provide the framework for Oxford Economics to grow and scale its global reach.
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Scale your analyst business with translation tools
Translation tools are now too easy to incorporate into your content delivery platform and too accurate to ignore.
Implementing AI or NLP-generated translation tools provides the foundation to scale your international reach, grow per-account value (PAV), and generate additional revenues.
Today’s information consumers are truly global and distributed. Remove linguistic barriers, which prevent a massive segment of your potential audience from reading your content in their first language and watch your market analysis business grow.