With the advancements in technology, industries have witnessed a massive change in the last decade. The increase in the development of Artificial Intelligence (AI) is part of the driving force of the change. AI is suitable for application and it gets better where data feed repeatedly into the system. Transcription is one of the applications. In today’s world, we can see that most of the transcription are done in the form of audio or video recordings to word format.
AI transcription is already doing wonders in today’s world assisting human with their workload and modernizing the industrial sectors. It has already set its ground in a lot of industries like the medical, legal and media field but the growth is expected to maximize the experience from food production chains to the medical procedures. Subsequently, AI-based transcriptions will become more effective and commonly used.
We are used to hear that ‘slow and steady wins the race’ however, the phrase has taken a drastic shift in today’s world. It is now ‘fast and smart wins the race’. Across the globe, as much as cost factor is important, time is equally important now. The automated transcription process that is the automatic speech recognition (ASR) engine, has not only lowered your budget but also saves time. This helps decrease the processing time to generate a transcription from days to minutes.
AI transcription is readily accessible, regardless of where you are, what time of the day. All you need are a computer and network. You can feasibly get your hands on it whenever you want to and get the work done quicker. Whereas, human transcription or manual transcription is not the case, there can be various obstacles that can make the transcription difficult to access. Time difference, the transcriptionist is not there, you are will be highly dependable on another person. Moreover, manual transcription takes a longer turnaround time than AI transcription.
With the help of the customization options by the AI transcriptions, it is easier to achieve the desired need. The transcriptions could be customized to be compliance intelligence, staff monitoring with the option of different languages, editing options, and the speech recognition models. Specific industries could train their AI transcription engine to recognize jargons specific for their sector.
AI transcription making waves
Although the accuracy rate depends highly on the audio file that is to be transcribed. The better the quality of the audio file the higher chances of achieving accurate results. Industries and companies from across the world are sleeplessly training their natural language processor to recognize and transcribe speech. The accuracy rate of these transcriptions is said to be 95%. Given the fact that most of the AI-powered transcription tools are easily accessible and is affordable, it is making waves in changing how the workflow in many sectors.
The Legal Sector
AI-based transcriptions have made evolution in the legal sector. Now, you can leave the administration tasks behind and work over what you always dreamt of – justice. AI-based transcription has allowed the legal workers to focus on more important things. The monotonous and exhausting workload that used to involve hundreds of lawyers in a backroom, reviewing documents after trials can now be done easily and smoothly by AI transcription services. At times, transcription can be done instantly in the courtrooms too. Hence, AI transcription has helped free the workload of lawyers so they can focus on the analytical and strategical aspects. It is widely practiced in the legal sector because of its confidentiality, speed and the reduction in cost.
The medical sector
AI transcription has entered the healthcare sector successfully too. It assists the healthcare personnel or medical staff majorly in dictating their notes into the healthcare systems. It also helps them in keeping and updating the patients’ electronic medical records also known as the EMR. It further helps the healthcare sector lessen the administrative burden of their regular heavy workload.
The media sector
Today’s media industry has expanded beyond imagination. The traditional journalism which was over taking by videos are extraordinary. With videos and live streaming facilities are booming globally and with that, automated transcription technology. The media sector is all about engagement, accessibility, and reaching out to your targeted audience. With AI-based transcription, major benefits that the media sector enjoys include:
- Ensuring access to the audience, AI transcription allows your data to get access to the audience more conveniently.
- AI transcription has provided the media with a better engagement experience.
- As the engagement improves, the outreach to the audience you want to target maximizes as well.
- As the media industry aims to keep the audience connected throughout, with AI transcription it has become more feasible.
The Academic sector
Back to school, when lecture is ongoing and you will be busy taking down notes. Gone with those days, with the smart phone recording function, you are recording your one-hour lecture in a breeze. This is one of the things that cannot be done before the pre smart phone era. However, having to transcribe the recording and you are able to have it as notes for revision. This is the power of AI transcription in the academic world. Being students, this will mean focusing on your lectures and time saved from copying. Not limited to just physically present in a lecture hall, pre-recorded webinars or conference could be transcribe using AI to have a live streaming effect and make lectures or events easily understandable for the audience. On the other hand, this is not restricted to just students. Researchers can focus on their research rather than the paperwork on keeping tabs on recording.
The Financial Sector
AI application is not new to the financial sector, with the booming of Fintech, AI transcription is another application that is creeping into this sector. Being tight on their policy and data protection, AI transcription makes even more sense in this industry to minimize the human touch. Aside the usual advantages of cost and time efficiency, customized API onsite with multiple security layer will make a positive impact in this sector. Not only it ensure much better data protection but also the customization will mean the use of this customized AI transcription will be only for this specific customer. Bank and financial institution will be able to service each customers better with security.
AI transcription, with an upload of audio or video file to the engine and downloading the transcribe into word format, this plays a major role in the current world today. Anyone who do recording and will like to have it into words could use AI transcription regardless of industry. It has made the workflow smooth and the workload less with lesser costs. It not only saves time and get work done faster, it lessens the tedious work and focus on the more important. It is also cost and time efficient move as it definitely increase the workflow productivity.