Sunday, May 24, 2009

Thoughts on today’s translation industry

A crisis can be a real blessing to any person, to any nation. For all crises bring progress. Creativity is born from anguish. Just like the day is born form the dark night. It’s in crisis that inventive is born, as well as discoveries, and big strategies. He who overcomes crisis, overcomes himself, without getting overcome”. A. Einstein

Major economic organizations and business leaders are talking about "a global recession", a period of global economic slowdown. The majority is overcome by a kind of fear and sense of necessity of better cost control. News journals, magazines, newspapers are full of market forecasts, updates on the stock market. Various companies, regardless of their area of expertise seem to be affected by the so called “worldwide recession”. Who knows how much of that is true? This makes us wonder what does this mean for the translation industry?

We, at Day Commerce and its divisions Day Translations and Your Spanish Translation keep up our positive attitude! Global economy is more competitive than ever during hard periods and we are dedicated to bringing communities and businesses closer through full language translation services. There’s no challenge without a crisis, just as there’s no merit without a crisis, no matter if it occurs on a personal or societal level. It may be a stressful change in a person's life, or an unstable and dangerous social situation, in political, social, economic, military affairs, or a large-scale environmental event. “It’s in the crisis where we can show the very best in us. Without a crisis, any wind becomes a tender touch. Let us work hard instead.”

It’s quite surprising, but a sizeable number of translation jobs have been generated due to this crisis! We think that translators with a good reputation and an established clientele will survive any hard period. So far Day Translations and Your Spanish Translation did not experience any recession or even slowdown in our translation business. An interesting article published in Reader’s Digest seems to suggest that the translation industry will not be hit in case of a recession. According to a study that was made, corporations, consulting firms, nonprofit organizations, and even governments are going after global markets. People with international expertise, foreign-language skills, or a willingness to move abroad will be in demand. “The global economy is only going to grow,” says John Challenger. “U.S. involvement will expand, short and long term.” Interpreters and translators, International management analysts, Market research analysts seem to be in high demand. If you are a company that wants to expand globally into other markets, after you have completed all feasibility analyses and business plans, the next step that you would want to take would be to translate all of your information into the language of the countries that you are moving to. Our expert business and financial translation professionals will translate all of your business documents into the language of the country of destination in order to help ease the transition of your company into the global marketplace. With the right linguistic and cultural support you can get the edge over your competitors and put your products and services on the international stage.

Professional translation companies are still recording an increase in income and number of translation orders from selected market sectors, such as finance and IT. Most of the news coming from the language services industry seems to be positive therefore, the situation does not appear to be tragic. Still, it is worthwhile to pay close attention to the market and planning investments.


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