Using AI Transcription to Boost Your Business
Artificial intelligence (AI) is all the rage these days. It has taken over a lot of tasks in various sectors. From simple chores such as processing data to complex ones like driving, AI has shown how it can help people transition to the next century.
While AI has only been covering menial tasks so far, many companies have been thinking of developing AI in the business organization. One particular application comes in the form of AI transcriptions – but how exactly does that work?
In this article, we’ll explore how AI transcription can take over your business and provide it with a competitive edge.
The Specialty of AI
There’s no secret that AI technology is getting smarter as time goes by. Every day, tons of users use AI-enabled smart innovation like Alexa and Siri to either turn on the music or search for something online. All these are just a glimpse of how our future will be heading towards AI, especially as technology advances.
In the transcription industry, AI has been slowly creeping into the industry in the form of AI-driven transcription service or applications. This has brought about a dramatic change in the way transcriptions are made. Due to the fact that the transcripts are machine-generated, businesses will be able to accommodate with their clients request quickly as they’re able to deliver text files in shorter turnaround.
This alone puts AI transcription at an advantage compared to human transcription. Aside from this, there are also a handful of advantages that AI transcription has when used properly, which can massively boost your business. They’re as follows:
1. Easier Business Processing
One of the biggest advantages of AI is that it can help with business processing. As mentioned above, AI can help create possible strategies through purely data-driven processing methods. This is because AI can process data much faster and more efficiently than humans.
That said, the core specialty of AI is really in automating business processes. Due to the automation, board members or business owners will get their data right away. There is little chance for delays when an organization is run on AI. They could revisit what was being talked about and review any meeting minutes for immediate action.
Time is money in business setting, dissemination of information can also be done quickly so that all relevant parties are well informed of the decision making.
2. Additional Cost Savings
Although this one might sound simple, it can actually provide a major boost to your business. With AI transcription, your organization will be able to save a lot of funds since it’s no longer necessary to outsource your transcription needs to transcription services.
In other words, it’s much cheaper to use machine-generated transcription for rote tasks. Moreover, it allows the professionals in an organization to focus on more lucrative and important tasks that can help improve its bottom line. Not only that AI transcription can also reduce the amount of time a human transcriptionist spends on manual work. This has the added benefit of cutting down labour costs.
3. Improved Accuracy
Organizations require a high level of transcription quality and accuracy, considering that any crucial information during board and business meetings should be properly recorded for future reference. In some cases, human transcriptions can suffer from inaccuracies which can have a potential impact in the long run.
AI transcriptions, however, can be embedded with prediction features alongside specific business-related terms to ensure that the words during meetings are transcribed properly and accurately.
With how machines are continuously being developed, we can confidently say that AI used for transcription is now used more than ever before. In fact, AI transcription claims to have a 90% accuracy rate for a much lower rate than human transcription, making it quite enticing.
Of course, there are some exceptions to this. Even if the audio is clear, there are some cases that AI transcription will fail to transcribe the words properly. Despite that, the accuracy rate still remains high, and with continual improvements being made, it won’t take long before machines will be able to achieve a perfect transcription accuracy.
4. Enhanced Confidentiality
Human transcriptions carry the risk of getting confidential information leaked to competitors or other third-parties. This can put a major blow to your organization. AI transcription, on the other hand, maintains solid security since the task is performed by machines without any human intervention.
This means that no unauthorized individual will be able to see either the file or the transcript. A smart AI transcription system will only grant access to individuals who are authorized to see the files.
Limitations of AI in Business Organizations
While there is no doubt that AI has its place in organizations, it’s still far from being complete. A lot of aspects of AI have not been discovered yet, that’s why there are still many limitations when it comes to deploying AI technology for business tasks.
For instance, one such limitation is that it can only do whatever its core function tells it to. With regard to core function, the algorithms powering AI are still quite limited since the technology is still growing.
Also, AIs are still prone to errors because there are aspects in business processes that classify as “exceptions to the rules.” Since most AIs follow a fixed formula, they can’t handle such “exceptions.” However, this is something that can be improved in the future. After all, AI technology is still in its infancy stage, so it’s only normal that many areas have not been covered yet.
The Bottom Line
AI will definitely have a big impact on business organizations as a whole. It won’t be surprising to see AI transcription being deployed in board meeting to transcribe all the important discussions word-for-word.
Aside from that, AI phenomenon will trickle down to all departments of businesses as well, not just in board and business meetings. With AI eventually handling most business processes, tasks should be done more efficiently and effectively.
As for jobs, it will be inevitable for AI to replace most of them. This simply means that workers also need to improve themselves to adapt to its introduction. They need to be more computer savvy to know how to make use of AI when doing tasks. Overall, we can say that businesses can most likely run smoother as AI enters the scene.
If you are on the hunt for AI transcription services for your business, you can check out Senseofwonder.ai. They offer diverse AI transcription solutions that are tailor-made to your needs and preferences.