Boston, Massachusetts, November 2022 – Phrase, the global leader in cloud-based localization technology, has today released a study conducted by Forrester Consulting on The Total Economic Impact™ (TEI) of Phrase’s AI-powered localization platform, which enables customers to benefit from the latest translation automation technology to drive growth while ensuring control of process, cost, and quality metrics.
“In challenging economic times, every investment should have a return as clear as this. We believe Localization is a massive opportunity for businesses of all sizes. We’re keen to help business leaders understand the full scope of the economic opportunity that machine translation and translation management software solutions can unlock. Today, we’re very happy to provide this independent analysis of the significant return on investment of operationalizing localization at scale—something our solutions empower marketers and product teams to do,” said Phrase CEO, Georg Ell. “Quite different from legacy solutions, the Phrase Localization Suite is cloud-native and built to support global organizations as they increasingly move towards connected and unified systems and processes for localization. We believe localization opens the door to global business, and this study supports that Phrase TMS offers a very compelling platform with which to unlock that value.”
Content and product localization is a strategic growth driver and competitive differentiator. The most forward-looking businesses know that an investment in localization is an investment in customer experience and unlocking new markets, but also an investment in employee experience as well as operational delivery against strategy. Organizations that have invested in unified localization services supported by the Phrase Localization Suite have seen a significant return on that investment through efficiencies gained and a better alignment of localization services with corporate growth strategy.
Phrase commissioned Forrester Consulting to conduct a Total Economic Impact™ (TEI) study and examine the potential return on investment (ROI) enterprises can realize by deploying the Phrase TMS (Translation Management System). The purpose of this study is to provide readers with a framework to help evaluate the potential financial impact of Phrase on their organizations.
To better understand the benefits Forrester interviewed five representative global organizations with experience using Phrase TMS. For the purposes of this study, Forrester aggregated the interviewees’ experiences and combined the results into a single composite global retail organization and then identified a variety of challenges facing localization teams and the benefits in adopting the Phrase TMS platform.
Interviews and financial analysis found that a composite organization utilizing the platform experienced benefits of $3.18M over 3 years versus costs of $507K, adding up to a net present value (NPV) of $2.67M and an ROI of 527%.
The full study notes additional benefits including:
- Increased scalability that enables growth
- Reduced translation costs with savings of almost $2.8 million over 3 years Workflow and process improvement with increased ease of connection to other systems
- The expanded role and enhanced impact of translation teams
- Increased employee satisfaction in localization teams
- An improved ability to forecast and control translation costs
For more information on the Total Economic Impact™ of the Phrase TMS solution, download the complete study here.
Join the Phrase CEO Georg Ell and guest speaker, Forrester Principal Analyst Kathleen Pierce in an exclusive webinar to discuss the study results.