How Fiserv Scales Global Payments with Smartcat’s AI-Driven Localization

A translation management system (TMS) is an interconnected set of features that are core to the overall translation process. It facilitates translation tasks by meeting the needs of the translation lifecycle along its various stages. For instance, a typical translation supply chain may be: user uploads documents to be translated to the TMS; the translation step itself, via automation or human translators, or both; post-translation editing; a final proofreading stage; documentation reconciliation; issuance of translated documents to the user; and the option of the user asking for further changes to the translation. 

A strong TMS also incorporates translation intelligence assets, including an advanced computer-assisted translation tool (CAT tool), translation memories and translation glossaries. Moreover, a leading TMS will accept a large number of file format types and integrate with many third-party apps and programs.

Translation management systems (TMS) can differ widely in what services they offer, the technology they use, and how their supply chain works. Best evaluation of a TMS should always be in line with your specific company translation needs and how your own processes and resources can fit.

To get a very specific, detailed understanding of how a TMS can fit your needs, a good translation service provider should be happy to respond to a translation request for proposal.|

To get a high-level snapshot understanding of a TMS, you can evaluate the following elements:

Does the TMS enable automatic upload and download, work with all your document formats, and integrate with other software systems that you use?

Does the TMS provide machine translations? Does or will the TMS service provider issue details on machine translation accuracy?  Is it static machine translation or does it incorporate adaptive translation assets, including translation memories and glossaries?

Does the TMS offer its own professional human translator marketplace? Does it include translators who specialize in your field? Can you communicate with them directly? How transparent is it? How fast is sourcing of these linguists? How much “red tape” is there with regard to contracts, compliance, and payment?

Does the TMS provide a centralized platform with different user controls and collaborative workspaces or is the project lifecycle all done in-house, off-site at a translation agency? How transparent is the workflow and supply chain? How efficient and intuitive is the user experience?

More traditional translation software – known in the translation and localization industry as CAT tools (computer-assisted translation tools) – work by providing human translators with an editor split into two sections: source and target languages. This facilitates the translation process by splitting a document into much smaller sections of text, which are populated under the source language section. The human translator translates each of these sections – usually phrases, sentences, or even whole paragraphs – inside the target language section.

Leading CAT tools also use translation assets known as translation glossaries and translation memories. These assets prepopulate the CAT tool editor with client language preferences and content that has already been translated in past translations. As a result, there are fewer words to translate, which reduces cost, saves time, and drives linguistic consistency.

More modern translation software can also incorporate machine translation technology, which involves the automatic translation from source into target languages. A client may accept this machine translation as final, carry out their own edits, or hire a human translator to edit and proofread the machine translation.

The average cost of professional translation is $0.16 per source word, according to extensive research carried out by Smartcat, which calculates the average fee across language pairs that hundreds of the world’s leading large and boutique translation agencies charge. However, the rise of AI translation has enabled all-new technology-driven translation and localization workflows, which can result in markedly reduced prices, with companies saving as much as 50–80% versus traditional pricing models.

Translation services enable companies to communicate with prospective customers in the customer’s native language. As a result, they are far more likely to make sales and develop brand loyalty. 76% of consumers are more likely to buy a product if it is presented in their native language, according to CSA Research. And according to Harvard Business Review, 72.1% of customers spend their time online on websites in their native language.

Accurate translation and localization provides the platform from which communication and promotional campaigns can achieve optimal success. Speaking a target market’s language positions companies to enter and grow in new markets.