Language service providers (LSPs) are the hidden facilitators of globalization, but their own businesses are typically still locally based. The industry is a fast growing one and it is expected be worth $38 billion by 2013. Great rewards await those LSPs who are able to penetrate the global market. But there are a lot of obstacles – the language barrier is just one of them. Foreign currencies, exchange rate risks, security of payment and the costs of market entry and new client acquisition in foreign countries are all barriers to global trading for small and medium-sized enterprises.
OpenBorder.com is an internet startup which offers some surprising and novel ways for LSPs to enter the global market and find a larger source of more profitable work.
This blog will look at some of the detail of OpenBorder’s proposals for cross-border trading for the language services industry and will provide a forum for a discussion of some of the technical problems which must be solved.
Topics will include:
- Online trading where participants do business and communicate across different languages in real-time
- Real time trading where all participants operate in their own currency
- Methods for secure and safe cross-border payments – guaranteeing that providers get paid
- Dispute resolution systems which work across national boundaries
- An economic model which provides win-win benefits to both buyers and providers
- Localization of a real-time, multilingual, multi-currency trading platform
- The multi-factor auction – an ethical response to reverse auctions
- Finding more profitable customers in the global marketplace
- Quality standards (especially EN 15038 and ISO 9001)