3 Ways Financial Translation Services Can Transform Your Business
Translation agencies provide many vital services to their clients, one of those being financial translation services. Most companies that operate internationally can benefit from these translation services, not just ones in the financial industry. Some examples of these services include the translation of financial documents, statements, audits, and reports. Financial translation services also include the review of rules and regulations to make sure companies are compliant with the laws of every country they operate in. The proper implementation of these services is essential for a company that has a global presence. The following paragraphs go into more detail on what to expect from translation services and why they are important.
Financial Translation Services And The Regulatory World
Companies that operate globally need to be compliant with the financial rules and regulations of each country that they work in. This means filing the right paperwork, providing documentation, and cooperating with the appropriate financial authorities. It is nearly impossible to provide all these documents without the help of a translation service company. Countries and languages differ in how financial terms are used. When submitting documents to regulators and other officials, special attention has to be made to how the documents are translated. Mistranslations could be costly, and could lead to serious problems in the future. This is why it is imperative to use professional business translation services for all financial needs.
Translation For Important Financial Materials
An important component of financial translation is the translation of reports, statements, audits, and other documents. Companies that operate offices around the globe will find this particularly useful. Offices of the same company in different countries might work in other languages. For example, a German speaking office might need to report important information back to the company’s headquarters, which operates in English. In this case, document translation will be necessary to make sure information is properly transferred back and forth.
Financial Translation Services And Its Challenges
There are unique challenges associated with financial translation services that are important to understand. Translating financial materials is not the same as legal translation or marketing translation. The translator must be experienced in financial matters; if not, they could miss potentially important details that could derail operations. This is why reputable translation service companies will often have accountants, economists, other financial professionals take on cases that require financial translation services.
Language Connections Inc.
2001 Beacon Street, Suite 105,
Boston, MA 02135
Phone: +1-617-731-3510 Email: service@languageconnections.com
5 Ridiculous Contract Translation Mistakes
Contract translation is an important part of the wider range of legal translation services provided by many translation agencies. Many corporations are doing business overseas with foreign companies, governments, and contractors. In order for there to be stable business relationships, contracts between parties with different language backgrounds need to be translated accurately. Additionally, interpreting services must be used for any high-stakes meetings. Mistakes in these translations can often lead to embarrassing and economically costly outcomes. The following five examples poignantly demonstrate the importance of professional translation services when translating contracts and other legal documents.
1. South Korea’s Free Trade Contract Translation Snafu
In 2011, South Korea was in the process of drafting multiple free trade agreements with the EU and the US. The draft of the agreement between the EU and South Korea contained so many translation errors that it had to be put on hold, twice. Whatever language translation service the South Koreans used apparently didn’t learn from their mistakes. The South Korean cabinet had to withdraw its bill in the middle of negotiations with Washington due to numerous translation errors.
2. Poor Contract Translation Can Have Serious Financial Repercussions
In 2006, an American oil company, Occidental Petroleum, brought a case for arbitration before the International Center for Settlement of Investment Disputes. The Ecuadorian government seized one of Occidental’s interests in the Amazon rainforest, causing significant financial damage while also apparently violating a previous agreement between the Ecuadorian government and Occidental. The Ecuadorian government settled with Occidental, but due to poor legal translations of Ecuadorian case law, the damages awarded to Occidental were increased by 40%. Even though that amount was eventually annulled, both parties had to spend time and money on further legal expenses.
3. A Bad Contract Translation Leads To A Missed Opportunity
In 2018, the Argentinian soccer club Independiente sought to re-sign Bryan Cabeza, who was playing with Atalanta, an Italian club. Bryan had previously played for Independiente before, and the Argentinian club was looking to get him back. Instead of relying on a translation service company to professionally translate the contract, Independiente simply used machine translation to translate their contract into English. Unfortunately for them, the software they used translated Bryan’s name into “Brian Head” (Cabeza being the Spanish word for head). The contract was invalidated and Cabeza stayed with Atalanta. Independiente’s poor contract translation led them to fail to achieve one of their goals that season.
4. Translation Errors In China
According to various Chinese sources, some 5% of disputes between Chinese and foreign companies arise from poor contract translation. In 2011 a dispute arose over the English word “drydocking” being mistranslated as “tank washing”. In the same contract, the English sentence “except fuel used for domestic service” was translated incorrectly as “except fuel used for domestic flights”. These errors lead to confusion and unnecessary legal expenses. Using the translation and localization services of a reputable translation agency would have saved both parties a headache and financial expenses.
5. Poor Translations Have Consequences For The Future
This final example may be from 1840, but the ramifications were felt for decades after the initial event. In 1840, officials representing the British government signed the Treaty of Waitangi with the Maori people of New Zealand. The Maori version of the treaty stated that the Maori would be ceding governance rights to Britain, but not sovereignty. The British version of the treaty stated that the Maori were to cede governance, land, and sovereignty rights. This poor legal document translation led to a series of devastating wars whose effects lingered for at least a century.
Language Connections Inc.
2001 Beacon Street, Suite 105,
Boston, MA 02135
Phone: +1-617-731-3510 Email: service@languageconnections.com
Top 5 Worst Website Translation Services Mistakes to Avoid For Your Organization
Translating your website is an important step in expanding your business to new markets. A translated website will allow potential clients to view your product who otherwise might not have due to a language barrier. When pursuing website translation services, it is important to keep in mind the common errors that businesses make when translating their websites. These mistakes can make your website look amateurish and unprofessional. The following are five of the most common mistakes that are made when translating websites; understanding these is the first step to successfully translating your business’s website.
1. Website Translation Services Reliant On Machine Translation
While it may be convenient and cheap, an over-reliance on machine translation like Google Translate can lead to a website littered with errors. Long samples of text translated by a machine will tend to have awkward sentences and mistakes in grammar and vocabulary. A website that has been mostly translated with the help of a machine will end up looking silly and unprofessional. Your time and money would be better spent on professional translation services that specifically offer business translation services that will accurately translate your website without any of the mistakes listed above.
2. Website Translation Services Without Localization
Your website might be translated well, but in order to be fully deployable, your website must be localized. A website that lacks localized translation will not resonate well with its intended audience. Localization takes cultural and linguistic values of the target audience into account, which can make all the difference to the reader. In addition to providing accurate translations, translation agencies that provide website translation and localization services will make sure that your website’s content is adapted to match the particular cultural values of your target audience.
3. SEO Is Not Taken Into Account
A website might be translated and localized well, but it won’t be successful if it doesn’t generate traffic and conversions. Having great SEO in English does not immediately transfer to multilingual SEO. SEO best practices need to be kept in mind when implementing website translation services. Keywords that perform well in English might perform differently in their translated form. A competent and experienced translation service company will do the necessary research to make sure that your keywords, meta tags, and other marketing components are translated correctly to maintain strong SEO.
4. The Website Is Not Optimized For Mobile
Most people have experienced the frustration of interacting with a website that is not optimized for mobile viewing. It is estimated that roughly 80% of the world’s population uses a smartphone. With the number of people interacting with websites on their phones, it is practically a crime against marketing not to optimize your website for mobile viewing. Making your website look good on mobile is well worth the time and cost.
5. Website Translation Services That Forget About Forms
This is not a difficult mistake to correct, but it is often overlooked when websites are translated. Potential clients and costumers interact with your business through the sign-up and contact forms. If a potential buyer can’t read the form, your website will struggle with conversions. You can avoid this mistake by relying on the professional translations of a dedicated translation service company.
Language Connections Inc.
2001 Beacon Street, Suite 105,
Boston, MA 02135
Phone: +1-617-731-3510 Email: service@languageconnections.com
3 Ways Simultaneous Interpreting Can Benefit Your Business
Despite the fact that simultaneous interpreting is one of the most efficient types of interpretation, it is also one of the most demanding for the corporate interpreter. One should know that there are two main types of interpretation: simultaneous interpretation and consecutive interpreting. Whereas simultaneous interpreting is done without any breaks in a very limited time, consecutive interpreting is provided after a pause or at the end of a few sentences. Hiring a translation company for simultaneous interpreting is a great idea if your business hosts conferences or negotiations where time and spontaneity are an essential factor. Conference interpreting services are an excellent resource, as they ensure language is not a limiting factor. Having a business interpreter to translate a conference for your company can help to portray your company as a detail-oriented brand committed to cultural sensitivity and transparency.
Here are three ways your business can benefit from simultaneous interpreting services:
1. Simultaneous Interpreting Ensures Spontaneous Communication
If you hire a company interpreter for your business, all parties involved in an important meeting or conference are able to communicate in a spontaneous manner. If your company is able to hire a dedicated language service provider, your organization can rest easy knowing that important linguistic nuances are taken into account by the provided interpreters. Simultaneous interpreting offers the possibility and opportunity of having a meeting as natural as possible. For instance, if you have to negotiate price for a new product or service, the spontaneity of simultaneous interpreting can make sure that all parties involved in the negotiations can express themselves freely without important information being lost in translation.
2. Time Can Be Saved Thanks To Simultaneous Interpreting
Time can be a limiting factor for both the company as well as the interpreter. Since simultaneous interpreting as well as translation services can be expensive, your organization can save some money because the interpreter can work more efficiently. Additionally, saving time is a plus as most companies are really busy. As a result, using this type of interpretation can help meetings go straight to the point and save more time to work on strategy.
3. Interpreting Eliminates Language Barriers
In addition to ensuring spontaneous conversations and saving time, simultaneous interpreting can eliminate the language barrier. This type of interpretation can help the conversation go so smoothly and naturally that participants might forget that they do not speak the same language as other participants. However, it is important to choose your translation company carefully to ensure accuracy and efficiency. For example, if conducting a conference at the UN, only experienced government interpreters with experience with relay interpreting should be hired. As good as it can be for your business to invest in simultaneous interpreting, hiring a bad interpreter for the job could greatly hurt your business.
Language Connections Inc.
2001 Beacon Street, Suite 105,
Boston, MA 02135
Phone: +1-617-731-3510 Email: service@languageconnections.com
Top 3 Regulations Governing Business Translation Services
Although you might not be aware of it, translation services are governed by many different regulations. For organizations with employees that speak foreign languages and/or conduct business internationally, hiring an amateur or relying on machine translation is not an option. These organizations must consult a with a skilled language service provider with years of experience navigating the regulations for both the language industry as well as the industry of their clients. Most business translation services follow ISO 17100:2015 regulations, which constitutes one of the best-known quality system managements. However, regulations often vary between countries and between industries. For example, there are many rules concerning medical translation that are completely unique to the medical sector.
For this purpose, we suggest going over three regulations that can affect the translation services industry:
1. Business Translation Services Must Comply With Safety Regulations
Depending on what industry a translation is for, there are important safety rules that need to be followed at any given time. Clear communication in essential in industries that involve heavy machinery or other types of dangerous equipment, especially when employees only speak foreign languages. Luckily, business translation services and even interpreting services can help. For instance, manual translation can ensure that employees working in a dangerous manufacturing environment understand and follow safety procedures. Similarly, a professional interpreter could be used for important business meetings between employees who speak a foreign language and their superiors.
2. Business Translation Services Must Follow Their Client’s Regulations
As stated earlier, providers of business translation services have to comply with rules that are specific to the industries of the clients they serve. For example, medical translation is governed by regulations such as ISO 13485:2016, which sets quality standards for medical device organizations. Under this regulation, medical device organizations must ensure that all packaging and labeling describes their product in an accurate way. Without effective medical device translation services, medical device companies can risk violating this regulation due to packaging and labelling translation errors.
3. Business Translation Services Must Follow Language Industry Rules
Finally, there are many regulations that a translation company must follow when providing services. For example, ISO 17100:2015 regulates the “requirements for the core processes, resources, and other aspects necessary for the delivery of a quality translation service that meets applicable specifications”. It also establishes a multi-step quality control process that ISO-certified providers must comply with. Although these regulations can cause difficulties and delays for both the client and the LSP, they are important to follow in order to ensure accurate translation and deliver exceptional results for the client.
Language Connections LLC
2001 Beacon Street, Suite 105,
Boston, MA 02135
Phone: +1-617-731-3510 Email: service@languageconnections.com
5 Ways Document Translation Can Help Your Business Grow
There are many different ways a company can grow internationally ranging from effective marketing to efficient customer service. However, all of these methods require careful attention to the target market’s linguistic needs in order to expand the company’s international footprint. In particular, document translation can help expand your business by attracting more global clients and forming international partnerships. Document translation services include the translation of many types of documents including basic marketing materials to complex patent documentation. Effective translation reflects on the business’s reputation and revenue growth. While we cannot stress enough the importance of digital marketing and website translation, a company must first begin with document translation if they are serious about international expansion.
Here are 5 specific ways accurate document translation services can help your business grow:
1. Document Translation Shows That Your Business Is Detail-Oriented
Investing in document translation establishes your company as a detail-oriented organization. This is especially important for organizations in sectors that require careful attention to technical terminology. For instance, failure to invest in professional life sciences translation services can derail the clinical trial process by creating misunderstandings that disrupt workflow. Similarly, professional business document translation services can help your marketing department create engaging copy for target markets that speak foreign languages. In other words, hiring an experienced translation provider can help portray your company as a competent player within its industry.
2. Document Translation Shows Cultural Sensitivity
Being detail-oriented also requires attention to the cultural dimensions of your target markets. In contrast to an amateur translator, a professional translator can produce culturally-adapted translations that instantly connect with global prospects. For instance, a bi-lingual employee without professional translation experience might fail to understand the cultural nuances of certain languages such as when to use formal pronouns. Additionally, they might not understand the international legal regulations that govern translation, such as ISO 9001. Therefore, it is best to hire a professional with experience translating documents for your company’s industry.
3. Document Translation Ensures Accurate Terminology
Certain industries require careful attention to terminology when translating important documents. For example, employee manuals for those who work in dangerous work environments need to be properly translated in order to decrease misunderstandings and create a safe workspace for all workers regardless of language. Whether your company needs white paper translation or clinical trial translation, document translation must be provided by a professional translation company with a reputation for accuracy and efficiency.
4. Document Translation Makes Sure There Are No Design Issues
Design and layout issues can often happen when translating certain documents because of linguistic differences. For instance, a word or phrase in English might not have the same length or even be the same character size in another language. In order for the design to be maintained when creating separate materials for different languages, companies should make sure to hire providers with desktop publishing experience.
5. Document Translation Helps Build Your Brand
Your brand is everything. If prospects fail to recognize your organization as a solid and trusted brand, you will fail to expand internationally. Luckily, translation services can help build your company’s international image and provide the first step towards growth.
Language Connections LLC
2001 Beacon Street, Suite 105,
Boston, MA 02135
Phone: +1-617-731-3510 Email: service@languageconnections.com
3 Ways Global Translation Can Aid the Supply Chain Industry
Considering the complexity of the global supply chain, special attention must be paid to certain details, especially language services. Translation is incredibly important to the supply chain industry. Because many goods are shipped internationally, language barriers can create misunderstandings that could have serious business repercussions. As a result, global translation services and interpreting services are worth the investment in order to avoid common supply chain issues. For instance, language service companies can make sure that all legal regulations are followed when translating documents from one language into another and that negotiations between foreign business can proceed smoothly.
1. Global Translation Can Add Unique Expertise To Your Team
The supply chain industry is incredibly large. In 2020, the size of the global supply chain management market was estimated at over $15 billion; in 2026, its size is expected to climb to over $30 billion. As a result, working in the industry as a language service provider requires extensive industry knowledge. Luckily, many language companies employ industry experts who can add their expertise to your team by accurately conveying critical information from one language into another. For instance, a professional translator with experience working in the global supply chain industry could ensure that all warehouse receipts and invoices are translated with attention to the needs of supply chain industries. By doing so, nothing is lost in translation, ensuring that supply chain operations run efficiently.
2. Global Translation Ensures Legal Compliance
International logistics is governed by many laws and regulations. For instance, under the terms of NAFTA, all supply chain documents must be translated into both Spanish and English in order to make sure that Mexican and American workers are on the same page. Additionally, there are many laws that require contracts to be translated into the languages of all parties involved so that everyone can understand the provisions they are agreeing to. Fortunately, global translation providers can offer legal translation services provided by industry experts in order to guarantee legal compliance.
3. Global Translation Can Facilitate Negotiations
Finally, interpretation services can facilitate negotiations between firms involved in supply chain operations. When conducting international business, cultivating relationships with business partners in foreign nations is essential. Without a professional interpreter, misunderstandings can arise, which can lead to confusion and even mistrust. This can be disastrous if your business or organization plans to expand into foreign markets. For instance, a language service provider could provide remote interpreting services for Zoom calls between a firm and supply chain workers working on the ground to deliver the firm’s products. Clearly, hiring a global translation provider can be a great asset for your business and lead to favorable business outcomes.
Language Connections LLC
2001 Beacon Street, Suite 105,
Boston, MA 02135
Phone: +1-617-731-3510 Email: service@languageconnections.com
5 Times Localization Services Helped Popular Brands
Have you ever wondered how brands market their products around the world? Even when the same language is spoken, there are significant differences from place to place that need to be addressed, especially in terms of culture. As a result, localization services are needed in order to bridge cultural gaps, as translating without localization can lead to very awkward situations and put a company’s brand at risk. Localization services and translation services put together are an amazing tool to target a set group of people with common habits and customs. A whole set of world-wide brands use those services in advertising campaigns. Luckily, language service companies sell different types of services such as video translation and video localization, which help tailor commercials to a target group.
To better illustrate the advantages of localization services, we listed five times where localization helped popular brands:
1. Coca-Cola And Localization Services
Coca-Cola is perhaps one of the most recognizable brands on the planet. Given their status as a global company, they often use localization services to ensure that they target the right people through their ad campaigns. For example, when Coca-Cola launched a campaign where they decided to put names on the Coke bottles, the names they chose for each company were localized to reflect the most frequent names in a given region. For example, although “Josh” is a popular name in the US, it is obviously not as popular in Thailand.
2. Localization Services For Netflix
Netflix is another big name that knows how important it is to hire a professional translator and purchase website localization services. The most obvious example is the translation of their movies and series through dubbing and subtitling services. For instance, it is essential to localize the different notifications that pop up on your phone when a new show becomes available. According their strategy, you won’t get the same message if you live in England instead of France.
3. Nintendo And Localization Services
If there is one brand that is aware of how important it is to invest in localization services, it is certainly Nintendo. They have been purchasing localization for decade because they knew that if they wanted to be recognized by all customers regardless of language and custom, they had to make concessions and get rid of violence and sexual references in their games that can be inappropriate for certain audiences. As a result, they became a world-renowned brand used by both children and adults.
4. Samsung
This big smartphone brand was not in the many international markets for the longest time. To make its way into them, they had to use localizations services in an intelligent way. For example, they made their way into the French market by appealing to the French taste for art by hosting an art exhibition in Paris to promote the brand.
5. Domino’s
The pizza chain did something similar to Samsung when they introduced themselves to the Indian market by picking Indian cooks who personalized the pizza toppings.
For all those reasons and to make sure your marketing can be easily understood in all target markets, you need to have the best translation company by your side, whether it is for brand deals or for more conventional requests like academic translation.
Language Connections LLC
2001 Beacon Street, Suite 105,
Boston, MA 02135
Phone: +1-617-731-3510 Email: service@languageconnections.com
5 Ways Marketing Translation Can Transform Your Business
If you want your business to expand and succeed, you should take marketing translation into serious consideration. There are many factors at stake when translating content and mistakes can be easily made if you do not hire a professional translator. You might ask for what would you need marketing translation in your business besides for written content. However, marketing translation services are about much more than written content; it can also include conference interpreting, legal translation and even digital marketing translation services. For example, if a legal document is not translated in accordance with the marketing strategy, it could derail a company’s plans. Additionally, a business interpreter with knowledge of the marketing strategy could help facilitate communication during a conference between different branches of company from across the world.
Here are 5 ways marketing translation can strengthen your business:
1. Marketing Translation Improves SEO
SEO (search engine optimization) is essential for business in the digital age. Using marketing translation for SEO has been proven to help your site rank higher because the more languages you can translate content into, the more likely that your content is to appear all around the world for a search in a given language. Investing in SEO translation is investing in your business’ success.
2. Marketing Translation Increases Your Audience
It might sound obvious, but marketing combined with translation attracts more people to your website and therefore to your company. If marketing translation is both accurate and culturally-appropriate, it can help companies preach its message to potential clients who belong to foreign language groups. Additionally, if the content is localized with professional localization services, the audience will significantly increase.
3. Marketing Translation Gives You A Competitive Advantage
If you think about it, using marketing translation also makes you more attractive compared to other competitors. Purchasing translation services for marketing efforts, including website and social media content, can make your organization the one company to which everyone turns to regardless of language or cultural background.
4. Translation Makes Sure All Legal Regulations Are In Order
On a more serious note, translation is a vital asset in order to follow legal regulations. If not taken care of correctly, laxity towards legal matters can lead to accusations of false advertisement, which can have a terrible impact on your company’s name and reputation.
5. Translation Ensures Inclusivity
Inclusiveness is a word we hear everywhere nowadays and that’s why we should pay attention to it. In order to achieve business success, it’s important to take a look around the world and create a brand that is inclusive of all cultures. Luckily, translation can help, especially when combined with product localization.
For all these reasons, purchasing translation services can be a huge asset to the success of your business.
Language Connections LLC
2001 Beacon Street, Suite 105,
Boston, MA 02135
Phone: +1-617-731-3510 Email: service@languageconnections.com
3 Ways Business Translation Can Help Your Organization Succeed
International expansion can be very difficult even for experienced business leaders. Although for many companies, logistical and personnel issues first come to mind when considering expanding international markets, language barriers can also create headaches. Luckily, hiring an experienced language service provider can help. Corporations that use business translation services see their organization grow considerably, as translation services enhance website content, broaden their marketing audience, and solve international HR issues.
Here are three ways business translation can help your organization succeed:
1. Business Translation Enhances Website Content
An organization’s website reflects the image of a company, so you may as well invest in having your website content translated. Nowadays, a new client will first look you up on Google to find your website rather than call or fax you like in the old days, so you may as well look into website translation services. Hiring an international translator for your company can be highly beneficial not only in terms of visibility but also in terms of quality of service. You can even personalize your client’s experience by purchasing localization services which adapt content to fit the cultural context of your target market. Clearly, business translation is a valuable asset when creating website content.
2. Business Translation Broadens Your Marketing Audience
In business, your brand is everything. When marketing products and services internationally, it is natural to question whether or not your brand will attract customers abroad, especially if they speak different languages. Fortunately, hiring business translation professionals should alleviate your concerns. Marketing translation services ensure that the message of your marketing strategy is not lost in translation, especially when combined with localization. One thing you should take into consideration is that marketing translation takes more time than standard translation, as it aspires to be the most accurate to the original. Not only are these services useful for marketing your company’s name; they can also be helpful when hiring new employees.
3. Business Translation Aids Human Resources
Finally, business translation can serve as an integral part of your onboarding process. When hiring new employees, HR may need manual translation, especially when hiring foreigners who do not speak the local language fluently. Manual translation facilitates an employee’s training and lightens HR’s workload, ensuring that all employees are on the same page with regard to your organization’s rules and policies. This is especially important for organizations where workplace safety is paramount; a mistranslated instruction manual could create unnecessary confusion and lead to dire consequences for employees. Another way to train your new employees is elearning localization. Since elearning’s popularity has increased due to the pandemic, localization of e-materials is essential when training new employees remotely.
For these three reasons and many others, you should seriously consider business translation for your organization in order to improve its visibility, audience, and workflow.