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Hic et Nunc

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Preparing for disintermediation: Or what will the future look like in a global gig economy?
A presentation given at the tolk- en vertaalcongres in Breda on March 9, 2018 titled “The Language Industry 4.0: Embracing the future?”

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Hic et Nunc

  1. 1. Preparing for disintermediation What will the future look like in a global gig economy?
  2. 2. Introduction Independent business consultant © 2018 Luigi Muzii Hic et nunc: What will the future look like in a global gig economy? 2
  3. 3. In this industry since 1982 © 2018 Luigi Muzii Hic et nunc: What will the future look like in a global gig economy? 3
  4. 4. Working with MT since 1991 Hic et nunc: What will the future look like in a global gig economy? 4 © 2018 Luigi Muzii
  5. 5. Outline  What is the gig economy?  Who benefits from it?  Where does it apply?  When does it prevail?  Why is the translation industry affected?  How is disintermediation relevant? © 2018 Luigi Muzii Hic et nunc: What will the future look like in a global gig economy? 5
  6. 6. Translation, its industry and the growth of technology © 2018 Luigi Muzii Hic et nunc: What will the future look like in a global gig economy? 6 Translationindustry Translationprofession Translationpractice
  7. 7. Translation & Industry 4.0 © 2018 Luigi Muzii Hic et nunc: What will the future look like in a global gig economy? 7 Translation industry
  8. 8. What is the gig economy? Earning income with short-term engagements through digital platforms © 2018 Luigi Muzii Hic et nunc: What will the future look like in a global gig economy? 8
  9. 9. Where does the gig economy apply? Multi-sided digitally-networked markets © 2018 Luigi Muzii Hic et nunc: What will the future look like in a global gig economy? 9
  10. 10. When does the gig economy prevail? It’s been happening, from consumption and leisure to services and manufacturing © 2018 Luigi Muzii Hic et nunc: What will the future look like in a global gig economy? 10
  11. 11. Why is the translation industry affected? Because there has always been little or no difference in the business models © 2018 Luigi Muzii Hic et nunc: What will the future look like in a global gig economy? 11
  12. 12. Who benefits from the gig economy? The new vassals that own the platforms © 2018 Luigi Muzii Hic et nunc: What will the future look like in a global gig economy? 12
  13. 13. How is disintermediation relevant? Old-fashion markets are being disrupted by software technologies parceling out jobs in discrete tasks and matching customers and workers online with pay determined by demand © 2018 Luigi Muzii Hic et nunc: What will the future look like in a global gig economy? 13
  14. 14. The great decoupling © 2018 Luigi Muzii Hic et nunc: What will the future look like in a global gig economy? 14
  15. 15. The future is not what it used to be L’avenir est comme le reste: il n’est plus ce qu’il était. –PaulValéry  How long will the translation industry survive?  What will translation look like in five years?  Is a career in translation still advisable?  What are the options and strengths to explore?  What are the threats and weaknesses? © 2018 Luigi Muzii Hic et nunc: What will the future look like in a global gig economy? 15
  16. 16. How long will the translation industry survive? © 2018 Luigi Muzii Hic et nunc: What will the future look like in a global gig economy? 16 Development Profits Introduction Growth Revenues Maturity Decline Production life cycle stages
  17. 17. What will translation look like in five years?  End of platform war  Plutonomy  MT proliferation  Dramatic shortage of translators © 2018 Luigi Muzii Hic et nunc: What will the future look like in a global gig economy? 17
  18. 18. Is a career in translation still advisable? Skills other than (foreign) language(s) © 2018 Luigi Muzii Hic et nunc: What will the future look like in a global gig economy? 18
  19. 19. What are the options and strengths to explore? Technology  MT is now GPT  The washing machine has changed the world more than the Internet Knowledge  Technology is no magic wand  Processes enable technology to maximize benefits and minimize risks Data  Inferences are as good as the data used © 2018 Luigi Muzii Hic et nunc: What will the future look like in a global gig economy? 19
  20. 20. What are the threats and weaknesses?  Business model  Industries remaining too long as such with large inefficiencies are ideal candidates for disruption  Information asymmetry  Transaction imbalance  Buyers cannot assess the value of service before sale  Skill shortage  Low pays drive best resources out  Poor skills are the result of unfit educational programs  New entrants and substitutes  Undifferentiation  No network effect © 2018 Luigi Muzii Hic et nunc: What will the future look like in a global gig economy? 20
  21. 21. New entrants Outsiders, more and more often © 2018 Luigi Muzii Hic et nunc: What will the future look like in a global gig economy? 21
  22. 22. On the eve of disruption Decreased transaction costs are expunging intermediaries from electronic value chains © 2018 Luigi Muzii Hic et nunc: What will the future look like in a global gig economy? 22
  23. 23. So what? If you can’t beat them… © 2018 Luigi Muzii 23Hic et nunc: What will the future look like in a global gig economy?
  24. 24. Side with evil © 2018 Luigi Muzii Hic et nunc: What will the future look like in a global gig economy? 24
  25. 25. The other dude The reason Uber could be expensive is because you’re not just paying for the car — you’re paying for the other dude in the car. Travis Kalanick © 2018 Luigi Muzii Hic et nunc: What will the future look like in a global gig economy? 25
  26. 26. Reputation The way to gain a good reputation is to endeavor to be what you desire to appear. © 2018 Luigi Muzii Hic et nunc: What will the future look like in a global gig economy? 26
  27. 27. Re- intermediation © 2018 Luigi Muzii Hic et nunc: What will the future look like in a global gig economy? 27
  28. 28. Focus on theS in LSP Start by refining your service offering © 2018 Luigi Muzii Hic et nunc: What will the future look like in a global gig economy? 28
  29. 29. Exploit technology Beyond CAT,TMS and MT © 2018 Luigi Muzii Hic et nunc: What will the future look like in a global gig economy? 29
  30. 30. Turn your data into assets and make the most of it © 2018 Luigi Muzii Hic et nunc: What will the future look like in a global gig economy? 30
  31. 31. Measure  Know your data  Master metrics  Identify key measurements  Select the right tools  Test your methods © 2018 Luigi Muzii Hic et nunc: What will the future look like in a global gig economy? 31
  32. 32. Knowledge © 2018 Luigi Muzii Hic et nunc: What will the future look like in a global gig economy? 32 What do you know about this? Who shot it?And who shot the “shooter”?
  33. 33. Embrace the future Hic et nunc © 2018 Luigi Muzii Hic et nunc: What will the future look like in a global gig economy? 33
  34. 34. Dank u wel Don’t forget your download card… © 2018 Luigi Muzii Hic et nunc: What will the future look like in a global gig economy? 34

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