While machine translation gets all the headlines, Translation Memory is still the most important translation technology you need to get into your organization in order to lower translation costs. It's more important than machine translation and remains the backbone of any attempt at reducing costs and translation effort. It will deliver almost instant quality improvements and simultaneously lower translation costs and the amount of time and effort it takes to produce translations.
So what is Translation Memory exactly? I've heard it described many ways. I would describe it as a bilingual content management system where content that has been translated from one language into another is stored on a server for future reuse by many users. Translation Memories contain only two languages; a source language and a target language. The translated content that is stored in a Translation memory is file format independent. This means that if you have identical content in a PowerPoint file and a Word file, both files can grab the same translations from the Translation Memory. Some products may require multiple documents to support their sales and service or require frequent updating. Other standard documentation like NDA's, Statement of Work or business forms will all benefit from Translation Memory. We have seen the cost of translations drop by as much as 90% in many cases as a result of the implementation of Translation Memory.
Translation Memory is what all the leading translation companies and professional translators use to lower costs and translation effort. Pairaphrase puts translation memory into all users hands. Best of all, there's nothing to learn, it works in the background. While you're editing translations, Pairaphrase is using your edits to improve future translations, populate multiple files at once and dramatically reduce the amount of time and effort it takes to produce translations. No busy toolbar to learn, just change words and Pairaphrase does the rest.