Paradox: Covid-19 is breaking new ground for LSPs
There has been plenty of analysis regarding negative consequences that Covid-19 has brought to businesses, especially the ones born out of globalization trends like LSPs. But is it possible that LSPs can turn this pandemic into a stepping stone for a better future?
This article will analyze the difficulties LSPs have been facing because of Coronavirus as well as put forward suggestions to transform these obstacles into opportunities.
How has Covid-19 caused damage to LSPs?
Covid-19’s spreading has affected LSP’s both domestic and international clients in all fields. The clients are so swamped with problems like decrease in profit, longer working capital cycle that they do not consider hiring a LSP. They are forced to cut down less emergent demands and reduce the budget for interpreting services.
LSP’s clients who are government agencies also suffer. International flights are delayed indefinitely; all nations stop issuing or renewing visas and simultaneously implement lockdown measures, which leads to global commercial activities being severely impacted. Governments such as China considered terminating collaboration with LSPs.
In a survey conducted by Chinese Language Institute, 64.6% LSP located in China mentioned that their biggest concern was “traditional services would disappear.” For LSPs whose revenue mostly depends on these services, they have to face operational issues, a decline in demand, no jobs for staff.
Top 3 services cut down are on-site interpretation, translation, and media-related language services.
LSP’s solutions to survive the crisis
Though Covid-19 shows no signs of ending in near future, businesses should make improvements instead of waiting to save themselves. According to Chinese Language Institute, Covid-19 has put LSP’s biggest issue into the light - business portfolio analysis.
The crisis actually gives businesses time to reassess their activities, hence, identifying weaknesses and obsolete elements, then adjust their strategy and business model to cope with challenges from globalization and 4.0 trends.
This outbreak is able to stop the movement of goods and people across the global, yet cannot stop the freedom of information and digital networks.
LSP, clients and interpreters cannot meet in person, but are still able to communicate and work via digital platforms, such as cell phones, computers with security.
In order for businesses to survive the epidemic, they need to deal with the most ineffective service at the moment: on-site interpretation. In a research by the University of Language and Culture of Beijing, while 30% LSPs are still struggling, 46,2% LSPs has quickly rose to the occasion by providing off-site interpretation, especially for clients who need to communicate with LEPs regularly, for instance, in the medical field. Among various methods of off-site interpretation, OPI is one of the top choices thanks to its price optimization and flexibility for clients.
Both LSPs and clients are having a difficult time, with social distancing and working remotely. LSPs who understand clients, provide suitable services, commit to helping clients through this crisis will bear a competitive advantage.
OPI - The advantage that helps businesses seize new opportunities of Covid-19
OPI helps LSP strengthen clients’ belief
There's a saying: “A friend in need is a friend indeed.” Covid-19 is causing clients difficulties in maintaining collaboration with LSPs since their current traditional services are no longer suitable during this time. While the demand remains and even increases, LSPs need to grasp this chance by modifying their services to make the best of bad situations. By setting up OPI services, LSPs has committed to that:
“We are ready to change to serve you better.
We care about current struggles and shall try our best to prevent them from getting worse: closed airports, no issuing or renewing visas, how to help our people in foreign countries; how to help international partners continue to negotiate, how to help employees working in multinational corporations… We understand your problems and we can handle them.
Our clients are our priority, the outbreak cannot stop us from keeping our promise in time and with high quality as usual.”
Apart from allowing LSP to quickly meet the demands during this time of crisis, OPI helps LSP and their clients considerably save on costs. OPI costs much less compared with hiring on-site interpreters in person. When clients choose OPI service, they only need to pay on the basis of minute, and no extra expenses for transport. Moreover, LSPs can offer more competitive pricing plans and require fewer staff for this service.
OPI is an amazing solution for LSPs during the pandemic, due to its handiness. An on-demand service that can help LSPs:
Satisfy clients’ requirement 24/24.
Minimize preparation time by cutting down on tasks, such as transportation, arranging interpreters on-site, thus, become flexible enough to assist clients without delay.
Expand market, increase revenue
One remarkable benefit of using OPI is that you can access more language pairs. As mentioned in section 2, Covid-19 can stop the movement of goods and people, but not the freedom of Internet and technology. LSPs used to be restricted by the number of interpreters within the region with limited language pairs. Now, due to the presence of Covid-19, LSPs are obliged to upgrade the technology and infrastructure to work remotely and figure out ways to utilize technological advances to improve their services, especially OPI. In fact, LSPs are able to access hundreds of language pairs thanks to OPI and each pair will certainly bring LSP opportunities to expand the market and more revenue.
The outbreak is expected to end soon and the society will be back to its normal status. Covid can be an obstacle, but also at the same time, a stepping stone for businesses to grow strongly afterwards.
You would like to have an OPI system for your business? Contact us to find out.
Vietranslate is a pioneer in the OPI field in Vietnam, with plenty of experience in this industry and a brand trusted by many agencies, organisations in high-profile markets, such as: United States, United Kingdom, Singapore, etc.