The estimated revenue of the commercial Terminology Management Systems exceeds USD 30 million per year. Why are such huge amounts of money invested in terminology management?
For a terminology database (or termbase, TB) to be successfully reused, its content needs to be trusted, and therefore regularly verified and managed. The interested parties have to agree on how they approve terms and distribute them throughout the organization. And this is not a new idea.
For example, a Tekom survey found that:
In 85 percent of cases, different departments within an organization use different terms for the same product.
Another research carried out by Acrolinx showed that:
“Although companies are increasingly recognizing that their words and phrases are an important pillar of an effective content strategy and already have the basics in place, many struggle to adopt a more sophisticated, efficient, and holistic approach. This is often due to a lack of interdepartmental collaboration combined with insufficient resources and technological solutions.”
8 reasons to invest in terminology management
Source: Acrolinx
One can find many similar quotes from different sources, but the idea is that the need to manage terminology enterprise-wide in the organization is still a struggle. Add multiple languages – and you’ll see even bigger a challenge.
Source: Kaleidoscope
Enterprises are trying to face this challenge and
- avoid internal and external costs
- increase revenue
- manage content more efficiently
That is why when companies seek localization services, they are also interested in effective terminology strategies. This explains the rise of new terminology solutions that have hit the market in 2018-2019. Those were developed by language service providers (LSPs) such as Semantix, Bureau Works, EGO Translating, Institut für Technische Literatur, Logrus Global, and Toptranslation.
To learn more about available tools and terminology management strategies, stay up to date as Nimdzi publishes new insights.
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