The outbreak of COVID-19 is a human tragedy which has affected hundreds of thousands of people, but at the same time has also rapidly become an economic tragedy. Of course, this is not the world’s first global economic crisis, however, this time it is different because the rapid spread of the virus and reaction to the COVID-19 pandemic have affected the entire world, resulting in various restrictions due to the state of emergency, thus changing day-to-day operations of most kinds of businesses.
A survey was conducted as part of a study led by the University of Latvia in order to determine the impact of the global COVID-19 pandemic on the translation and localisation industry in Latvia. A survey of the largest translation and localisation service providers in Latvia, which in 2019 represented a combined market share of 72%, was conducted in May of 2020. The goal of the study was to identify the impact of COVID-19 on the translation and localisation industry in Latvia and to clarify how the restrictions imposed have changed the daily routine of companies, as well as what can be expected in the future.
The impact of the COVID-19 pandemic on the translation and localisation industry in Latvia is equivalent to that of industries to which respective services are provided – both positive and negative.
A large majority of companies have noted a decline in the number of orders; some have not observed any impact whatsoever, while others claim that the pandemic is making a positive impact on their business, resulting in an increased number of orders. The change in work volume is certainly not the only change brought on by the COVID-19 pandemic in the day-to-day business of companies. A global state of emergency has changed not only the normal routine of the world, but has also affected providers of translation and localisation services in Latvia.
Out of all restrictions introduced along with the state of emergency, remote work has had the biggest impact on providers of translation services. Translation services happen to be a type of business where it is possible to ensure fully remote work, thus enabling companies to carry on their business successfully.
Cash flow problems caused by the pandemic can certainly be regarded as a considerable impact. Since many industries have been affected to a greater degree or have ceased their operations altogether, they have consequently ceased paying invoices, thus affecting cash flow.
However, in every crisis there is an opportunity and for some companies the state of emergency has served as a great opportunity for developing and supplementing their business through the launch of new products and reaching out to new global markets.
Also, the Linearis team seized an opportunity to reach new business horizons and, while adapting to the new world, started offering a new service to its clients, i.e. remote simultaneous interpreting.
The pandemic will definitely leave a lasting imprint on the way clients use translation services, and will leave a financial dent on industry players until a reorganisation of the economic situation occurs. It has brought revolutionary changes not only to the translation and localisation industry in Latvia, but the world as a whole. Most of the surveyed companies see an opportunity in the crisis and since the translation and localisation industry has high technological development potential, and is significantly more advanced than it might appear on the surface, it will adapt to the new world successfully with a future full of opportunities.
Technological innovations such as artificial intelligence, machine learning and remote simultaneous interpreting are here to stay! Stay ahead of the curve and avoid falling behind the times. Get in touch with our team to discuss your needs, and we will help you decide on the best possible solution!