We recently reformatted our estimates to simplify and consolidate the information to make the information easier to understand. As part of that project we were able to also compile data by contact and by client into very useful quarterly reports.
Pricing for translation services can be very complex. Our latest update to our project management system provides complete transparency in terms of all of the components that make up the net cost of a project. We have extended these abilities to provide the data to our clients on every estimate and in a quarterly report.
The report has four key components:
The list of completed projects for the quarter section features key information by project like the number of words, gross cost, translation memory deductions, net cost as well as project duration and an on-time delivery indicator.
The next section is a bar chart illustrating the amount of money spent by language.
The next section lists all open estimates and projects awaiting approval.
The last section lists the total expenditures by year along with a percentage increase or decrease year over year. We also feature a column listing the amount of money saved due to translation memory discounts.
By surveying our clients we discovered that this data is extremely helpful for building budgets, gauging costs of entering into new markets (new languages for products) and to generally understand the level of activity for each quarter and year.
We are pleased to continue to extract as much useful data for our clients as possible. Our goal is to continue to simplify the pricing and budgeting process for translation services. Any feedback or ideas you can offer would be greatly appreciated.
Peter founded Argo Translation, originally based in Milwaukee, WI, in 1995. Prior to transferring his love of all things international and his savvy business expertise into Chicago’s premier translation agency, he attended the University of Wisconsin-Milwaukee, where he graduated with a major in finance and human resource management. After graduation he went on to become an Italian translator and project manager for an international medical equipment manufacturer and major airline.