Posts by asmart

Slator on Industry Impact of COVID-19

Posted by on Apr 10, 2020 in Blog

Slator on Industry Impact of COVID-19 The ATA-TCD interviewed Andrew Smart, Co-Founder of Slator, on March 31, 2020 on the industry impact of COVID-19. Q: What impact do you foresee that COVID-19 will have in our industry In short, revenues will fall, costs will be cut including staff and subcontractors, and firms with the strongest technology, balance sheets and access to capital will survive.  Verticals like media, gaming and life sciences look steady at the moment and existing trends toward automation and hourly rate structures will continue.  After a decade of sustained growth, Language Service Providers (LSPs), their vendors and clients are now grappling with economic uncertainty and business continuity while maintaining the safety and wellbeing of their staff. Business managers are planning for the impact from a reduction of sales. SDL said in its March trading update there are “signs of slower (client) decision-making” and it is cutting sales and operating costs, including “the prioritisation of in-sourcing to reduce linguistic outsourcing costs.” Clients who are financially weak may result in bad debt.  Industries like travel, hospitality and retail are suffering and Visa has reported “a rapid deterioration of cross-border travel-related spending,” both online and in person. The BBC reports that tech startups worldwide are also cutting jobs as...

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