Russian translation market: EGO Translating's view

As a start, I would like to understand what characterizes the process of globalization of innovation?

The experts that compiled the Global Innovation Index divided countries into three groups: 1. Countries that undertake researches and developments (R&D), 2. Countries that use innovations, 3. Countries that import the latest technologies. Russia is currently in the third category. Our country is the world’s eighth largest importer of innovations. In this category, the leaders are China, India and Israel. One other interesting trend can be highlighted. Every year we see a growing number of multinational companies that prefer to localize their R&D centers abroad. The main reasons for this are: lower costs, access to talented specialists, and also proximity to and knowledge of the market. It is interesting that companies that invest more in global R&Ds than in foreign sales reap greater benefits.

How are these trends reflected in the translation industry?

The requirements for linguistic support for most clients have started to expand. It is no longer enough just to translate documents, materials and texts, as clients’ requirements have become much broader. For example, they need information on Western technologies, scientific developments and information about foreign markets. And the number of countries covered can be quite diverse, involving the use of not only English language sources, but also Eastern, Scandinavian and other languages. When requesting an information search, the client is primarily interested in the following: the accuracy and relevance of the information, timeliness of receiving such reports and, of course, the reliability and completeness of the information. So, clients save time and only receive the information that is relevant to their needs.

How can you briefly describe the new product being offered by your company, and how will this service help companies participate in the process of globalization of innovations?

“A translator needs to monitor market developments and be aware of the latest trends in the industry, as scientific modifications or technical innovations could bring many changes to the language itself.”

We are currently the only translation company offering this exclusive service on the Russian market – searching for information in foreign sources. The demand for this service is confirmed by international practice. At the moment, most Fortune 500 companies use the so-called Market Intelligence services to have access to the latest and most relevant information and to be informed about their competitors’ activities on the market.

Are there special requirements for providers of information services?

Fine-tuned search procedures, systemization and annotation of information, the existence of the required knowledge bases and, most importantly, careful selection of resources.

What criteria does your company use to select specialists?

Our selection process is very careful because when translating complex technical or scientific documents a specialist should have the required experience and professional education in the sector in question. A translator also needs to monitor developments on the market and be aware of the latest trends, as scientific modifications or technical innovations bring many changes to the language itself. It is important for translators to be perfectly conversant in the terminology of the industry because even one incorrectly translated concept could change the entire meaning of information. Over 20 years, EGO Translating has both accumulated a large database of highly-qualified specialists, as well as a fine-tuned system for selecting them. Our experience of linguistic support has been developed in over 50 sectors and 77 world languages. So, the appearance of a new product is part of natural development of our company’s technological process, which is adaptively introduced into client’s business process as a part of globalization of innovative processes. 

Can you name the countries that are of most interest to your clients when searching for information?

This list coincides with the ranking of countries that have invested most in R&Ds. The main ones are the United States, Japan and Germany. Next we have France, Britain, Switzerland and South Korea. The list is completed by the Netherlands, Finland and Sweden. 

Which sectors does your company provide this service to?

The requirements of a specific client do not always coincide with the industry rankings by R&Ds, and often reflect Russian companies’ financial capacity and determination to introduce and adopt innovations. 

Your company is currently carrying out several projects on finding information in foreign sources for Russian companies. How would you briefly highlight these projects and their realizations?

We are currently carrying out several long-term projects simultaneously. Our clients want to receive detailed and regular information on foreign markets and scientific developments in several sectors over an extended period.

How will the product offered by your company help clients develop their businesses?

The Global Innovation Trends Study, in which 50 multinational companies took part, revealed that most of these companies use the following tools to develop and introduce innovations: market research (59%); analysis of client requirements and feedback (59%); and innovation portfolio management systems (56%). Accurately obtained and properly used information can help clients to correctly introduce new technologies. Companies measure the success of their innovations in sales volumes and differentiation, i.e., upgrading, expanding the range of services and growth in profits. Again, I would like to underline that accurately sourced information and professional consumer-oriented translation can help achieve these goals. Our company’s resources, technology and experience mean it can provide this service in line with the requirements of our clients and the global market.