TMJ Japan offers translation and interpreting services in various fields, but primarily provides services to the consulting industry. The following outlines the consulting industry and the specific types of translation and interpretation work for that business.
Consulting firms provide many different kinds of services, with each company having its own specialty. In general, these specialties can be divided into strategy, IT, digital, outsourcing, and accounting.
Strategy consulting is what most often comes to mind when people think of “a consultant.” You may remember a consultant on television telling the president of a company about the need for changes in a certain area. This kind of consulting helps a company change or solidify their corporate strategies. Strategy consulting provides knowledge for various management issues, such as management strategy, marketing and branding strategies, digital strategy, and new business planning. In terms of market size, strategy consulting is affiliated with a small segment. Strategy consulting work is usually completed within a few months. The final product is on paper (a proposal or report), and there is a limit to the overall fee when compared to what is charged for IT consulting. Even the largest foreign-affiliated strategy consultant in Japan has less than 1,000 employees and is positioned as an elite force in the industry.
The number of employees in the field is reported around the globe. Below is a comparison of representative firms.
- McKinsey: 27,000 employees
- Boston Consulting: 21,000 employees
＜IT, Digital, Outsourcing, Accounting＞
- Accenture: 510,000 employees
- Deloitte Touche Tohmatsu: 330,000 employees
- Ernst & Young: 300,000 employees
- PwC: 280,000 employees
- KPMG: 220,000 employees
IT forms an enormous part of the consulting market. IT consulting primarily involves client system development, and major consultants boast large offshore development sites in India and the Philippines. System introduction may involve solving corporate issues, bolstering competitiveness to increase productivity, and implementing innovative approaches that promote corporate-wide transformations. Digital consultants collect a vast amount of data and utilize analytics and AI logic to provide real-time insights that help management make the right decisions faster.
|McKinsey, Boston Consulting, Accenture, Roland Berger|
|Accenture, IBM, PwC, Deloitte, Hitachi Consulting, NTT Data, Fujitsu|
|Accenture, Deloitte, PwC|
|Accenture, IBM, Tata Consultancy|
|Deloitte, KPMG, PwC, EY|
Services in the areas of strategy, IT, digital, and outsourcing described below are generally defined as management consulting.
The term “outsourcing” creates a strong impression of entrusting an external party with business tasks, but an outsourcing service provided by a consulting company is different from the simple use of a third party. Outsourcing can be divided into three areas, which contribute to the implementation of more advanced innovation:
Business process outsourcing (BPO)
BPO improves efficiency by consolidating back-office operations at an overseas site. For example, suppose a major Japanese company has offices in 10 Asian countries. In that case, the work in the accounting and human resources department is done separately at each site, and duplicate work occurs in each country. By consolidating the operations to an offshore site and standardizing each process, the company will reduce costs and reform their organization. In the past, Japanese companies transferred these operations to places where the Japanese language is understood, such as Shanghai and Dalian. But recently, there has been an increase in the utilization of sites in the Philippines, Vietnam, and India.
Infrastructure outsourcing (IO)
IO refers to system operations, maintenance management, and installing servers at an offshore site.
Application outsourcing (AO)
AO is an outsourcing arrangement for unifying various subdivided and complex software used by a company to place orders with different vendors for each field of business, which includes developing original applications.
The final consulting service is accounting. This primarily deals with accounting management, tax affairs, auditing, MA support, etc. and is characterized by having many employees with accounting, CPA, and tax accountant qualifications. Another characteristic is that this consulting service, which in some cases includes tax relief advice, is considered to be at risk of a conflict of interest with auditing services which require as much transparency as possible. Historically, these two consulting services have separated. Companies such as Deloitte, E&Y, PwC, and KPMG, who are major accounting consultants, have accounting and management consulting as completely separate organizations.
Many consulting companies maintain favorable financial conditions regardless of whether they are domestic or foreign-owned or have large or small sales volumes. The greatest assets of a consulting company are the consultants themselves, and a consulting company does not require a large investment to expand or continue business activities. There is little need for a consulting company to raise large amounts of funds from investors, and many major consulting companies are unlisted to ensure management freedom.
The few listed consulting firms have maintained healthy stock prices over the long term, demonstrating their good reputation in the market. If management is going well, employees are treated well. Even if you look at data such as average annual income, consulting companies are always highly-rated.
For decades, TMJ Japan has met the demand for the high-quality translation and interpretation services required by the consulting industry. Our company translates documents from the above five strategic fields daily, including management strategy, brand strategy, product strategy, and business start-ups. In IT, we translate the design documents, development documents, reports, etc. associated with system development. In digital, we translate documents related to tools such as analytics for analyzing acquired data, IoT, telematics, and AI. In the outsourcing field, we translate business documents related to BPO, IO, AO processes, etc.. We have tremendous pride in our extensive track record in accounting and handle confidential documents in the office of the client, including financial accounting, auditing, and taxation documents.
For interpretation, we mainly provide simultaneous interpretation for consulting companies and have an unbroken track record in meeting and conference interpretation. We always provide interpretation services by thinking about how we can reduce the burden to the consultant. TMJ Japan continues to provide high-quality translation and interpretation services precisely because we have a thorough understanding of the services that consulting firms provide to their clients.