6 Key Benefits of Transcription Technology for Your Small Business

Transcription technology is essential for businesses of all types and sizes—whether small or large. Not only does transcription impact your everyday operations—but it also has an influence on how you exchange and preserve information. Transcription makes it easier for you to store, share, translate, and follow your audio or video content.

Given the benefits of employing video in digital marketing, 91% of businesses will employ video as a marketing tool in 2023—(an all-time high since 2016)—but research suggests that 69% of your viewer’s mute videos while they watch them. Your videos need to be transcribed to have the multiple benefits, including:

1. Greater accessibility
2. Improved turnaround time
3. Enhanced collaboration
4. Greater convenience
5. Better content quality

The essence of business communication has entirely transformed. In the modern corporate world, a massive amount of audio and video information is created daily in the form of demonstrations, webinars, workshops, interviews, conference calls, and more. Businesses must capture audio and video footage for business transcription and legal needs. Capturing your material in the form of a transcription has several advantages for your business, your audience, and the staff.

Let us walk you through the key benefits of transcription technology for your business, but before getting deeper into it, we will delve into understanding what transcription is.

Understanding Transcription Technology

The speech-to-text conversion was used manually before the invention of transcription technology. Audio transcriptionists were required to listen to the speaker and type up what they heard.

Transcription has been increasingly simpler and easier to use with the advancement of current technologies, including speech recognition. Despite these developments, companies that offer professional transcribing services today still use manual methods, which has an impact on the cost of services and response times. With lesser quantities and lower profit margins, this strategy restricts scalability.

The few companies that do use digital transcribing software only achieve an average accuracy rate of 70–80%. What differentiates leaders from others is AI technology.

Transcribing spoken words into written text, such as electronic documents, is a valuable application of transcription technology. It facilitates the automated transcription of audio to text from:

1. Interviews
2. Conversations
3. Dictations
4. Videos, among others

A spoken-language recording is frequently transformed into a printable document, such as a report, by transcription.

Although these tools employ machine learning (ML) and natural language processing to transcribe speech, some also use a human-in-the-loop (HITL) approach to improve transcription quality.

6 Key Benefits of Transcription Technology for Your Business

Businesses employ transcription for their audio and video content to improve their searchability. Transcribing your content from speech-to-text will assist Google bots to read and comprehend your information since search engines neither view videos nor listen to audio. Your video will provide insightful content on a range of subjects.

It is becoming usual practice to record news conferences, staff meetings, and other events, provide video transcripts and expedite data processing. If these acts are recorded in writing, it will be simpler to interact with clients, keep top management informed, and engage your staff well.

Let us delve deeper to know the key benefits of transcription technology.

1. Converts MP3 Files into Text

It is quicker and less expensive to convert MP3 files to text employing transcription technology. Text transcripts are helpful for many audio file formats, including podcasts, presentations, meetings, and a long list of others. There are several advantages to text conversion of MP3 files, from accessibility to SEO to meeting notes. Transcribe MP3 to text and save time and resources—you will be able to convert your MP3 into 120+ languages, dialects, and accents, which will be a real game-changer for your business.

It is convenient and simple to transcribe your MP3 to text and can be accomplished by following these simple steps:

1. Import and upload your MP3 file from anywhere, whether on your laptop, Google Drive, Youtube, or Dropbox.
2. Select the Audio language, and choose between “machine-generated” or “human-made”.
3. The automatic transcription software is lightning-fast and 85% accurate, while the human service transcription is delivered with 99% accuracy.
4. Click on “export” and choose your preferred file format to get your MP3 files transcribed!

2. Fosters Trustworthiness

Professional transcriptionists are renowned for spending the time to comprehend a text’s technical details. They know the nature of the company’s operations and needs before starting the transcribing process. This guarantees that there are fewer errors in the paperwork and that the specialists finish their tasks efficiently.

The effectiveness of transcription increases significantly when it is performed from the original audio file and retains all the information included in the record. The reports of a transcriptor are far more trustworthy than those of a note-taker since they will return and listen to the audio repeatedly to verify the accuracy of the transcripts. Using transcribing technology will ensure the accuracy and reliability of your transcript.

By recording and transcribing the keynote speakers and roundtable conference discussions, you will employ transcription technology to make sure that more precise information about your event is recorded. You keep an accurate record of all of their conversations, so it’s possible to refer to it when necessary in the future. More than making notes alone is required, and it will be challenging to ensure their correctness. It is always debatable whether to go back and correct it.

3. Offers Diversified Data Dissemination

Videos are the most powerful components of a digital marketing plan. Videos are more fascinating, engaging, and informative to people. This explains why they retain the knowledge and facts presented in videos. Videos are excellent for delivering compelling stories and promoting products or services.

Businesses today are improving their conversion and visibility using video marketing methods, such as video blogs, webinars, tutorials, advertising, customer testimonials, live streams, product videos, and live videos. So, video creation is a terrific choice to reach the target audience.

Audio material is less well-liked than video and image content, which are the most widely consumed types of content. It is challenging to process all of the information at once while using audio material.

Nevertheless, if your audio is transcribed—it will be presented to your audience in a more handy digital format, making it easier for them to understand. Transcribed audio is also very simple to post across several platforms, such as your website and social media.

4. Increases The Value of Your Content

Market researchers and content producers employ recorded video or audio to produce snippets, reels, and montages, but it will be easy to sort through that content with transcripts. Skimming and searching transcripts for essential words or subjects is simple—direct quotes will be copied and pasted to be used as testimonials.

Several companies use transcription services to make video content easier to find. While search engines will not watch or hear a video or audio file, having a transcript available increases the shareability of your video content. If a video is captioned or transcribed, Google engines will read the transcriptions and ascertain the precise content of the video.

You are able to divide each transcript into several pages or blog pieces based on the requirements of your website. Making your content accessible to all of your viewers, including those who are visually challenged, is one of the key motivations for transcribing videos.

5. Saves Time and Money

Transcription is expensive for any organization as it takes a long time to generate high-quality files. You will get quick, reliable transcripts and save unnecessary overhead costs when using a professional transcribing service.

The amount of money and time that will be saved in several ways when a business outsources transcribing services is a crucial advantage.

If you have a transcribing crew on staff, they will require the appropriate supplies, machinery, and qualified experts to complete the work. Any company must spend a lot of money on this. Considering how long it takes to generate high-quality files, transcription will be an uphill task. When you employ a professional transcribing service, you will obtain quick, reliable transcripts and save unnecessary overhead fees. Professional transcribers have years of experience transcribing various files, which is another benefit.

6. Promotes Flexible Viewing Possibilities

If your video content has closed captions, visitors will have the opportunity to watch it in settings where it becomes cumbersome to turn on the audio. This will also function in crowded areas when sound is muffled.

Captions will make your video more relatable to people in a busy environment. Also, subtitles allow viewers to see their videos in locations where it is not possible to turn on the audio.

Videos on most social media sites typically autoplay on silent by default, so subtitles are essential if you want your audience to understand what you’re saying.

Benefits of Transcription Technology

Businesses must effectively and frequently document all meetings and communications—basic notes are insufficient to maintain searchable records. Employing transcribing technology will have a significant influence on your company’s ability to preserve crucial data, reach more clients, improve client connections, make staff life simpler, and grow your business.