I am aware of force.com's Translation workbench module for custom object translation on the User interface fields/objects. However, does it change the values stored in the database? We are working with EU & APAC data and wanted to find force.com (internal feature) or external software(s) that integrates with force.com to translate the stored data (available in the database) and use it for further analysis. Any help will be appreciated.
Setting up a translation for a field will only affect the value that is displayed in the ui, and does not affect the value stored in the database. Retrieving the value through an integration will by default return the database value.
If you do want to get the translated values for picklists when retrieving records, you could use the toLabel() SOQL function.