Can Voice Recognition Technologies Make Transcription Services Redundant?
There's a lot of hype surrounding voice recognition technologies and how they can make transcription services obsolete. But that's not to say that voice recognition isn't an incredible opportunity for professional transcribers, as it can work in tandem with their existing skillset. While voice transcription is still a long way from replacing human transcription, there are definitely some compelling benefits to it as well.
Voice recognition technology has the potential to reduce or even eliminate mistaken or missed transcriptions in real-time editing scenarios (which could save lots of hours during the final edit process). Voice recognition can also reduce or eliminate the need for transcriptionists because they can transmit the voice recording directly to clients at a desired playback speed. There are also telerobotics applications that enable an operator in a remote location to do similar work.
A study was done by over 2,000 students and found that voice recognition technology is only as good as it's user. As with any new tool, there is a potential for less than accurate results in non-native accents or dialects, so having a mix of both transcribing and interpreting can reduce the risk of confusable errors between what was spoken and what was typed.
However, according to a study on the accuracy of speech recognition technologies, even native English speakers are in for some challenges. In studies of both Microsoft's and Nuance's technology, accuracy was around 89% for high accuracy and 75% for low accuracy at a 12-second timeframe. Accuracy dropped to 50%-60% when the technology had to be adapted across various accents and dialects. While speech recognition technology can be used in any industry where audio is being recorded, most of the research has been conducted in areas where there is an existing investment in transcription (for example, legal).
The mobile revolution is also changing the ways people consume content. Gone are the days where you have to be tethered to a computer; now, it is possible to listen to recorded audio and have it instantly downloaded to your smartphone's apps or directly sent through email or text. By using voice recognition technology in conjunction with transcription, professional transcribers can take this technology from being really good, through being really accurate, all the way overtop of native, where there's no longer any room for error. They can also add value and reduce costs by serving up the technology in a way that targets those who are really interested in it AND using it, versus using it in a way that targets everyone (which -- let's be honest -- is much more cost-effective for the content provider to do).
It's important to note that this isn't meant to be much of an introduction to voice recognition technology, as there are already tons of great resources out there. Instead, this is a quick high-level overview on what we think could happen with voice recognition over the next few years and where professional transcribers can fit into all of this.
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Title: How Can Transcription Services Remain Competitive in a Rapidly Evolving Industry?
Transcription service providers have a challenge on their hands – they need to stay competitive. The competition is fierce and the market is changing. So how can they stay competitive in an industry where the market can turn on a dime? Here are three areas transcription service providers should consider focusing their attention. Continue reading to learn more about these areas, how they relate to the current situation, and what you can do to make sure you stay competitive in this evolving landscape. 1. Embrace Technology
Hardware, software and other technological advances improve the way things get done. In the same manner, technology can improve your transcription service business. Consider, for example, the fact that anyone with a smartphone or Internet access can connect to your services, transcribe on them and then send their work back to you. No traveling or setting up special equipment is required. That's just one example of how technology can revolutionize your business. Here are a few other changes you can embrace . . .
2. Invest in Software and Online Tools
If you have ever used technology like Siri or Google Voice Typing to insert speech into text, then you are already familiar with what many transcription service providers call "dictation. " Dictation is software that allows you to speak and have your words transcribed with little or no need for editing. This technology can save time and money. The more time you spend editing, the less productive you are. The less money you spend on transcriptionists, the more profit you make. 3. Provide a Great Customer Experience
A great customer experience does not just happen; it is created by your past, current and future actions and decisions. If you want to become more competitive, provide a great experience to your customers.
Your success depends on customers' satisfaction scores. Ask them what they like and then provide that service!
By gleaning this information from the current situation, our clients will be able to position themselves for growth and increased competitivness in the future. Questions remain about how much growth can be expected and where it will happen, but at least we're all getting started early.
Transcription services face competition in two ways. First, there is a lot of competition in the industry right now. Second, the way people view and use transcription services is changing. With all of the innovation happening in the sector, what does this mean for those who offer these services? Let's talk about some of these changes and how they affect transcription services.
How Competition has Changed in Transcription Services
The number of providers continues to increase as technology makes it easier to do business with them. Additionally, clients are beginning to utilize more than just transcriptionists and their services to condense costs and reach a larger audience. Take Amazon, for example. By selling their online content online (or as they say, "cutting out the middle man"), they can offer a wider variety of products and services at lower prices.
The same goes for transcription services. As technology makes it easier to cut out the middle man, companies like Wrike and Workflowy are able to offer a wider range of content and services at lower prices. In the end, there is more competition in terms of cost and quality than ever before in the industry.
The second way people view transcribers is changing too. Previously - or even before - transcription was only ever something an audio professional would use for their own benefit.