These are some of the key differences between Localization,  Internationalization and Globalization. 

Translation 

It (T9n) is only a part of Localization.

Internationalization 

Its (i18n) the process to prepare for Localization. When discussing software, it is mostly in the perspective of Coding. Internalization is required to achieve Localization. It includes:

• Character/Word Limits
  Translations in different languages will consume words of different lengths. Make sure that the software considers this aspect and allow proper character limits for all the available languages.
• Date Formats
• RTL and LTR Support
• Currency, etc.

It is an Abstraction layer.

Internalization is a mandatory aspect if you want to grow your business worldwide.

Examples are:

• SuiteCRM
  Language strings provide an element of internationalisation to SuiteCRM. 
• SugarCRM
  Sugar as an application platform is internationalized and localizable.
• X2CRM

Localization

It (L10n) is all about making your software more suitable for the locale. It can include:

• Adjusting the words / tone to the community
• Adding support for local currencies, Emojis, etc.
• Multimedia Localization
• Layouts, Emphasis, Colors, etc.
• Cultural and Linguistic Adaptation

It is a Concrete Layer (to support the localization itself).

Localization will help to achieve more growth in a certain regions as well as sustain the required global performance metrics.

If a software supports multiple Locales, then it is i18n enabled (to some extent).

Globalization

It (G11n) encompasses both Internationalization (i18n) and Localization (l10n).

Business

The same principles apply to the Business aspects of software development or any other project.

Tools

There are a number of tools available to achieve this. There are third party companies that provide localization services and help achieve diversity while keeping the performance and growth in mind.