The manufacturing industry produces goods. It tries to maximize the throughput while at the same time reducing the operational expenses and total inventory. Think now of the translation industry. The goal of any Language Service Provider (LSP) is to maximize the number of processed words, while keeping operational costs controlled, and reducing the number of words at every step of the production chain. In order to achieve this goal, the Theory of Constraints (TOC) might help improve the processes. In my opinion, since the base of freelance translators is high, the main bottleneck for traditional LSPs is the amount of work a Project Manager (PM) can handle. Besides, as the TOC shows, it might not be a good tactic to carry out the First in First Out (FIFO) process, but rather try to group projects before outsourcing the tasks. However, in this article I would like to discuss  new business models and innovative ways to position your company in an overcrowded marketplace. More.

Read the full article in The Big Wave here: http://thebigwave.it/home/new-business-models-for-the-translation-industry/

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