In the second of a series of guest blogs, David Hetling, industry marketing director at SDL, looks at how asset management firms can streamline the flow of content in order to achieve their business objectives.
How can asset management firms improve the flow of content to their audiences by accelerating creation, translation and delivery?
Working with the top 50 asset management firms globally has shown us that delivering highly regulated content quickly is a complex challenge for us all. The landscape of content that needs compliance sign-off is vast, spanning registration documents, product information, sales and marketing materials, investor reporting, legal documentation, websites, mobile apps and more.
But it’s by no means impossible to bring order to the chaos. One or more of the solutions below can get you on the path to a more strategic content approach that better positions you to achieve your business goals:
- Create once, use multiple times
- Many firms in the asset management industry have embraced technology to improve content workflows and manage global content challenges. This adoption has been driven by the need to centralise content and processes as customers and regulators demand more from their digital content. However, most asset management firms have not taken the next step of breaking their content down into components, each of which has different potential uses. For example, a single module of content could be used practically unchanged in a key investor information document (KIID), a prospectus, an annual report, a factsheet, a fund commentary, a proposal response or a piece of sales and marketing collateral. A structured content model like this can reduce translation and publishing costs by 30-50%, so the ROI opportunity is clear.
- Use machine translation wherever possible but don’t neglect the human factor
- Machine translation is now realising its enormous potential by bringing automation to some content processes at asset managers. It is slashing the time to translate complex material on a global scale, reducing time-to-market for new products and – by locking down the translation process for sensitive, confidential and regulated content – reducing risk too. That said, the subject matter expertise of financially trained and experienced translators frequently remains a critical component of this process. Firms are now better placed than ever to optimise their translation resources, human and machine, across the content landscape.
- Realise workflow improvements with a secure translation management system (TMS)
- With multiple content managers, translators and reviewers, a typical manual translation workflow can involve dozens of steps, hand-offs and opportunities for error. A TMS brings efficiency and control to the management of multilingual content by eliminating manual steps, accelerating translations and improving quality. Better still, it can offer “translation memory” for storing and reusing repetitive content, and “terminology management” for officially approved translations of brand phrases, logos and straplines. A TMS can also be easily integrated with existing content repositories via supported connectors. The translation workflow can be made available to a wider audience via a simple interface, while project management benefits from consolidated scheduling, costing and monitoring. Of course, all this is made available in a secure, compliant, centralised environment.
These techniques are discussed in greater detail in our eBook, A New Global Content Operating Model for Asset Managers, which also offers an insight into how customers are proving the theory in practise.
David Hetling is Industry Marketing Director for Financial Services at SDL plc, a leading provider of translation solutions. His role involves formulating SDL’s go-to-market strategy to asset managers, banks and insurers – in each of these sectors, SDL works with global market leaders including 9 of the top 10 banks and 19 of the top 20 asset managers.