As year-end approaches, there’s no better time to appraise and adjust your annual translation budget. To do that in the most effective way, it’s a good idea to bolster your budgeting skills.
After all, establishing a level of mastery with your translation budget empowers you to make informed decisions around translation investment for next year and beyond.
More of a budget influencer than owner? These best practices can help you serve in an advisory capacity and help steer your company down the most appropriate path.
Wise budget managers know that a company’s translation budget is an indispensable tool for:
Looking at translation project invoices in isolation is misleading. Educate other budget stakeholders about all the benefits of localization to drive home the point that strategic investment equals impressive gains.
On that note, it’s a good idea to join forces with everyone who holds a stake in the localization budget. If you’re a localization manager, be sure to include the finance team when making decisions. This way, you’ll be able to align with all company interests.
Recent surveys indicate that it’s uncommon for one person to own a single, all-encompassing localization budget. These days, it reaches into many different areas of the company – from marketing to product management to HR and more – and the various aspects of a localization project must also be considered.
According to industry analyst firm Common Sense Advisory,"Only 25 percent of survey respondents own a centralized localization budget."
As a savvy translation budget manager, you already know the critical importance of data tracking. The same close attention should be paid to your localization budget. Be sure you’re tracking your translation spend monthly and yearly. Measure spend against your localization achievements – your return on investment – and tally up what still needs to be done.
If you need help with reporting, we can provide you with in-depth reports on your translation spend and how it’s trending over time.
Another key element of translation budget mastery is understanding just how much money you’re saving the company by using translation memory technology. You can save a great deal on translation costs with the use of translation memory technology. Remember that the more content you translate, the lower your average per-word rates generally become.
Of course, the more data you gather around spend and savings – and the more year-over-year analysis you do – the more accurate your forecasts will be for your localization budget.
You now have the tips to be a true translation budget master, but perhaps you still want guidance? Read our complimentary white paper: "Planning a realistic budget for your translation requirements"
Rory Sampair is a Global Solutions Architect within the Global Solutions team at AMPLEXOR. Rory collaborates with new clients to formulate customized localization programs and other solutions to effectively attain client goals and key performance indicators.