How do you know that your company is doing well? You can figure it out it by simply analyzing day-to-day operations, but measuring performance is every company’s best friend, and establishing the right KPIs will help you do this. That’s why today, we will discuss translation KPIs.
What is a KPI?
A Key Performance Indicator (KPI) is a measurable value of activities, processes, and progress of projects that shows how effectively a company is achieving key business objectives. Of course, different companies may have different KPIs based on their business niche and individual goals.
For translation projects, these indicators will most probably include translation volume, revenue growth, and reputation. How to define and understand these properly?
When you first start to handle translation projects, you will very quickly come to understand that the right Translation Management System is absolutely essential and the backbone of every localization success. It is also the TMS that will allow you to extract and define project metadata.
This skill is essential because the better you are at this, the more information you will be able to extract and utilize for analysis.
In Text United’s TMS, for example, you can find the following useful project metadata:
- The start date of a project
- The end date of a project
- The number of words a project contains
- The number of words your translators can translate and/or proofread per day
- The number of resources connected to the project (Translation Memories)
- An analysis of the project and cost estimation (how your Translation Memories impact the price of the project)
How to work with translation KPIs?
Translation KPIs are unique in the sense that they not only indicate what’s working or not but also immediately give you information on how to improve your overall workflow efficiency.
By analyzing existing data from your previous translation projects, you can filter out which translators can translate the most words per day. Next time, instead of using only one translator for a large project, you may also split the work among multiple translators and boost the speed and efficiency.
If all of your projects are large projects with tens of thousands of words, you can analyze your KPIs and plan to leave more room in the delivery deadline, and extra time for proofreading. The metadata mentioned above can be found in your dashboard (list of projects) and the project setup window.
You are what you measure
Remember that the more data you can interpret, the more you come to understand how to successfully manage translation projects, even when they seem tricky! Do you need help in establishing and analyzing your translation KPIs? Don’t hesitate to contact us: we will gladly help you do that, and more!