In the current times where the world is growing at such a fast pace and we are so closely connected with people in all corners of the world, it has become a must to make use of professional translation services. These services are used by all kinds of people for a wide variety of purposes. The latest breakthrough in technology which has considerably aided the translation system is the translation memory or TM. It has been over 20 years that this phenomenal system was introduced and almost all the leading translation agencies are making widespread use of this system to make their services superior and fast paced. The professional translation services are extended to a lot of people which puts a lot of pressure on the service providers. Translation memory is a database that saves all the phrases, words and paragraphs which have been translated more than one time. This stored data helps in saving a lot of time and effort on the part of the translation agencies. The use of this translation memory has a favorable effect on the quality, price as well as the technical capability of the translation. This kind of system is beneficial for all kinds of document translation as most of the translations have to be completed within a short span of time which can be possible only with the help of the translation memory. The most basic advantage of making use of this system is that it facilitates a systematic use of the translations made earlier. The advanced versions of the translating memory classify the translations based on the nature of their target and store it together. This saves the time that was earlier spent in searching for the relevant translation amongst a sea of translated data. The translation memory software that is used by most of the translation agencies support most file formats. This means that the translating services can be rendered to a variety of file formats using a single interface. The translation memory also saves the translator the money that would have to be spent on training the staff as well as obtaining licenses. The latest standards which are being followed in document translation, CEN EN 15038 and ASTM F2575 require a person to revise every translation, ensuring efficiency and accuracy. In case of lengthy projects which require a lot of time, the translation memory becomes the sole factor that brings stability and uniformity to the translations. In these cases, most probably there is more than one translator and there is a strong possibility of differences in the approach to the translation. With the use of translation memory, the phrases or paragraphs which have been translated already get saved on the system and the chances of different translations are eliminated completely. To sum it all up, it can be said that the translation memory is a boon to for the professional translation service providers as it can help them face a lot of problems that were earlier faced by them like inconsistency in translations, identifying errors, formatting the translations, spotting deviations from the glossary of the project and so on.