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Procurement Market Intelligence Report

Translation & Interpretation Services
Sourcing Guide & Market Trends

Comprehensive intelligence for making smart purchasing decisions

Learn about actual and potential costs

How much should I pay for Translation & Interpretation Services?

What is the average price of Translation & Interpretation Services?

This procurement report includes pricing information to help you purchase Translation & Interpretation Services. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.

Has the price of Translation & Interpretation Services been rising or falling?

Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.

I’m not ready to purchase Translation & Interpretation Services yet. Will I pay more if I wait too long?

We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.

What other costs are associated with purchasing Translation & Interpretation Services?

Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Translation & Interpretation Services with a reduced risk of unexpected costs.

See how we display average pricing information, trends and market data.

Find the vendor to meet your needs

Where can I purchase ?

Concentration in this market is low and decreasing due primarily to the market's low barriers to entry and the large number of nonemployer firms in operation. The market is highly fragmented, with competitors ranging from large national and international companies to small nonemployer businesses. The top four suppliers in the... Subscribe to learn more.

Questions to ask potential suppliers

How can I gain leverage during negotiations?

Customer Service

How do you track customer satisfaction?

What is the rate of contract renewal or recurring business among your customers?

How often do you seek feedback from clients?

If your client is not satisfied, what steps do you take to address the issue?

Amid widespread health concerns, what contingency plans are in place to mitigate the risk to your clients and employees? Do you offer clients any flexible exceptions, such as contract suspensions?

What new products or solutions have you introduced to address issues brought on by the coronavirus pandemic?

Additional Services

What additional services beyond translation do you provide?

Are there discounts for bundling services?

Do you give a competitive discount if I switch from another provider to your company?

Do translation and interpretation services comprise the majority of your business?

Will any work need to be subcontracted out? If so, how do you ensure the quality of the services conducted by third parties?

Costs & Fees

What services does your fee proposal include?

What additional fees, if any, are not included in your proposal?

Is there a minimum number of hours charged for in-person interpretation?

If written translation services are charged on an hourly basis, is there a minimum number-of-words-per-hour guarantee?

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Key elements for every RFP

What should my RFP include?

Project Budget

Buyers should specify their budget, if possible.

Buyers should list payment schedules.

Buyers should request detailed cost breakdowns for the types of services requested.

Buyers can reference the Benchmark Price section of this report for assistance in creating a budget.

Selection Criteria

Buyers should evaluate suppliers based on the viability of their submitted work plan and relevant experience.

Buyers should request references from current and former clients.

Buyers should evaluate suppliers based on their quality control processes and staff qualifications.

Buyers should also evaluate suppliers based on cost.

For detailed selection criteria requirements, buyers should reference the Buying-Decision Scorecard section of this report.

Project Schedule

Buyers should list when proposals must be submitted.

Buyers should communicate to prospective suppliers when bid awards will be posted.

Buyers should indicate the desired service term start date and duration of the contract.

Buyers should outline the cancellation policy.

Evaluate major factors to mitigate risk

How risky is the supply chain?

The risk of input price shocks or discontinuity of services due to supply chain problems is low in this market. Vendors require few inputs to provide translation and interpretation services, and the large number of providers in this market makes it easy for buyers to switch vendors if any problems... Subscribe to learn more.