What does it take to succeed as a service provider in the fast-paced, US$43.08 billion language services industry? Language services providers (LSPs) come in all shapes and sizes, yet no single element defines a successful company. This extreme variability begs for structure and definition. To address this need, independent market research firm Common Sense Advisory (CSA Research) has developed a data-based research series to help LSPs benchmark their business and operational maturity against the development stages of its LSP Metrix™ model (“LSP Metrix”).
Adds Hélène Pielmeier, senior analyst at CSA Research, “While a self-assessment may seem like a daunting task, benchmarking against independent and objective data-based information on LSPs at a similar stage of business evolution enables you to understand what others are doing and what sets top performers apart. Objective third-party data helps you garner support for action and align key decision makers and personnel with plans to evolve the company.”
Benchmarking at its best is used as a tool for companies to evaluate performance and prioritize improvement opportunities. The most successful providers incorporate such competitive assessments into their culture to plan based on data rather than assumptions or emotions.
CSA Research collected over 280 datapoints from 486 respondents to its 2017 Annual Global Market Study. The firm calculated the baseline maturity of survey respondents and validated the accuracy of the formula using a control group of respondents with known baseline maturity. After weeks of testing datapoints, the research team developed a combination of factors that yielded a strong degree of accuracy. Core elements of the formula include the number of mid-level managers, the number of salespeople, and the percentage of revenue from other LSPs. Finally, once accurate LSP Metrix stages were calculated for each survey respondent, CSA Research ran hundreds of correlations between maturity and datapoints in its annual Global Market Study. The data highlights series presents the most relevant ones.
The introduction to the LSP Metrix Data Highlights Series is available as a free download. It provides an overview of the LSP Metrix model, details on what the data highlights series includes, information on how to use the data in LSP self-assessments, the benefits of benchmarking, and information sources and methodology used. Additional business benchmarking correlations based on the firm’s annual Global Market Survey are available as a part of CSA Research’s LSP Data Visualization Series.
Common Sense Advisory (CSA Research)
CSA Research is the premier market research firm for the language services and technology industry. For over 15 years, it has provided independent research findings based on verified statistical data, proven methodologies, and insight from experienced analysts. CSA Research helps companies profitably grow their global businesses and gain access to new markets and new customers. Its focus is on assisting its clients to operationalize, benchmark, optimize, and innovate industry best practices in globalization, internationalization, localization, interpreting, and translation. http://www.commonsenseadvisory.com | @CSA_Research