LOCWORLD37: DIGITIZE THIS!


On June 6-8, one of the largest and most significant events for translation and localization professionals, the LocWorld 37 conference, was held in Warsaw.

LocWorld conferences are emblematic networking events that are held 3 times a year. Every year, a theme is selected in accordance with the most relevant trends in the industry. 2018 is the year of "Digital Transformation".

As a company that keeps pace with the times, Technolex closely monitors the main tendencies within the industry as well as global social trends; therefore, it is a frequent visitor to the LocWorld events.

LocWorld 37 was no exception.  Here is what we took away from our visit:

Binary business: 1/0 - in/out

Binary code, which uses 1s and 0s to represent more complex data and laid the foundation for the entire digital era, now stands as a perfect symbol of digital transformation: nowadays companies either introduce digital technologies into their business processes and look to the future with confidence – 1, or they ignore the fact that times are changing, bury their heads in the sand and gradual get left behind - 0. Being successful is no longer just about being a good professional: you have to get involved in the global social context.

Rapid social transformations such as globalization, the blurring of borders, ever-growing multilingualism and, of course, digitization, to which the conference is dedicated, are all social trends that LSP companies should take into account if they intend to stay on the international market for a long time.

Rise against machines

The intrusion of digital technologies, including AI, inevitably raises the question of whether the human factor will be displaced from most processes – an idea which provokes much fear and protest among language industry professionals.

However, much like when swimming in the open ocean, it is useless to contend with a force of nature. You have to embrace the tide and let it take you where you want to go! Speaking about social processes - which can neither be stopped nor controlled - it is advisable to apply the same principle.

Do not forget that innovation brings not only risks, but vast new opportunities.

According to the Nimdzi analysis, machine learning and AI are currently the second largest venture investment. Moreover, artificial intelligence systems have to be trained, which opens up good opportunities for LSPs to make profitable use of their resources.

The International Data Corporation (IDC) forecasts a fourfold increase for this market segment over the next 5 years, from $ 12 billion to $ 57.6 billion. Inspiring, is not it?

Homo ludens

The development and rapid growth of the gaming industry offers incredible opportunities for global LSP market players. Today's LocWorld37 conference also held a separate forum dedicated to the gaming industry, a clear reflection of the growth of the videogames market.

According to an open report from the company Newzoo, at the end of 2017 the value of the video games market amounted to $ 108.9 billion, a figure which is projected to grow further to $ 128.6 billion by the year 2020. This presents promising prospects for the translation and localization industry. So, let’s play!

Head in the cloud

Speed is the main challenge and philosophy for the digital age. Easier, simplier, faster! Everything that can be simplified, facilitated and accelerated should be!

‘3 clicks’ is the reference model for any process today. At the same time, top quality is a must.

Of course, this can only be achieved through the use of innovative technologies. This is where "analog methods" do not give the necessary results and delegation of routine tasks to digital systems (TMS, TBMS) goes from being a useful tool to being an absolute necessity.

According to the Nimdzi analysis, conducted within the framework of the LocWorld37 conference, almost every company surveyed is looking for a TMS system for its business processes or intends to change its existing system to a streamlined cloud service.

Most companies buy ready-made solutions while others develop exclusive services to fit their needs, but some companies go further and bring their own IT products to the international market. Since 2016, Technolex TS has been successfully selling its two TMS products, Protemos and TQAuditor, on the open market.

One thing is certain: the "digital maturity" of a company, i.e. the optimization of its processes through digital automation tools, has now become one of the key elements of its reputational capital. Digital technologies are evidence of reliability, speed and quality, a sign of systemic thinking and a global vision of the social context in its dynamics.

Other news

Technolex to take part in the ELIA’s Networking Days on 4–5 of October 2018 in Vienna, Austria

01.10.2018 During four years, Technolex has been a member of the Industry Linguistic Association (ELIA), which provides ample cooperation opportunities for the international translation services market players.

The already-legendary ELIA’s Networking Days conference unites hundreds of companies interested in new business cooperation opportunities and expanding their business contact network.

TOP 10 TRANSLATION AGENCIES IN UKRAINE 2018

29.10.2018 For quite a long time, Technolex Translation Studio has been occupying leading positions in ratings of Ukraine’s largest translation agencies. This year, we are glad to find ourselves among the top 5 best Ukrainian LSPs again.
According to the reputable ranking in translation and localization industry Translationrating 2018 generated by the famous analyst Konstantin Dranch, who is currently also acting as a leading specialist at Nimdzi, Technolex has been recognized as the 4th best big player at the Ukrainian translation market for the 4th year running enjoying the profit of about $0.87 million.

Meet Central Europe 2018: the takeaways for Technolex Translation Studio

13.11.2018 On October 30-31 Meet Central Europe 2018 international translation and localization industry summit took place in Budapest.
We met with our delegates Maria Malykhina and Igor Marach, who had just got back from the forum, to ask them a few questions about their takeaways from the conference.

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