Translation memory, known as TM in the translation industry is one of the most important requirements of a fast and reliable translation service. As a kind of archive for the former translated documents in a project, TMs enable translators who work on the same project to work more effectively and consistently. How?
Assume that you are a retail company in the textiles industry and you have multilingual guidelines that are renewed or revised every year. Every time you need a translation you need to start translating from scratch. However if you maintain previous translations in an archive of translation databases and use them in a computer aided translation tool, the software compares the new content with previous translations and provides suggestions when there is a match.
If you have a large amount of text to be translated and regularly need the translation of similar content, translation memory management will help you reduce costs while increasing consistency among your old and new translations.