Value of AI-Assisted Transcription
By Bernadine Racoma, Content Manager, eTranslation Services. Her long experience in an international development institution and extensive travels have provided her a wealth of knowledge and insights into cultural diversity. She writes to inform, engage, and share the idea of the Internet being a useful platform for communicating, knowledge sharing, educating, and entertaining. You can find Bernadine Racoma on Twitter.
Technology has transformed our lives and business. From self-driving vehicles and digital assistants to personal television recommendations and robots, these are only a few examples of artificial intelligence present in industry and society today.
So, you may be wondering; can artificial intelligence benefit my business? The answer to this question is yes. In particular, we think that you will be very interested to learn more about AI-assisted transcription.
What is Artificial Intelligence?
First of all, it is important to consider what we mean by artificial intelligence or AI. Essentially, this is when technology has the ability to perform tasks that are normally carried out by humans. They are programmed to think like a human and this can help with mundane and complicated tasks. Machine learning can also learn from situations and produce better results in the future.
For example, think about digital assistants. This includes Apple’s Siri and Amazon’s Alexa. These are both digital assistants that function using artificial intelligence. They can perform tasks when you ask them to, including telling you about the weather and helping you schedule meetings. With every interaction, they are able to learn and operate better. For instance, they can learn your accent and speech patterns.
What is AI-Assisted Transcription?
When you think about transcription services, you probably imagine somebody sitting behind a computer screen typing. Indeed, this is how transcriptions have been completed for many years. But, in recent years, there is now AI-assisted transcription. This means that smart technology and tools are being used to perform this task. There are a lot of benefits that can be enjoyed through AI-assisted transcription.
Of course, AI-assisted transcription will have an exceptionally high accuracy rate. This is often 99 percent. But it will not be 100 percent. Yet, the purpose is that the editing process is still completed by a professional. So, any errors should be picked up at the next stage of the process before you receive the transcription.
What are the Benefits of AI-Assisted Transcription?
Now that you know what we mean by AI-assisted transcription, it is time to look at the benefits it can offer you. Indeed, there are many advantages you can enjoy when your business uses AI-assisted transcription services. Let’s take a look in more detail.
Manual transcription is not only time-consuming. It can also be difficult if you have no experience and even boring depending on the subject matter. But the reality is, it has to be done for clients.
Therefore, when a person is sitting for hours transcribing content, there is room for errors. They start to switch off after a while and this is when spelling and grammar mistakes appear, as well as errors in the speech and sounds. This is something that you do not want since it can jeopardize your reputation and mean that customers are not happy with your business. They will not come back for your services if you are unable to provide what they need. Even if you need transcriptions for your own business meetings, you are not going to be happy if half of the important concepts are missing. In particular, legal or sensitive documents require a lot of skill. One mistake is enough for there to be serious consequences.
The good news is that AI-assisted transcription from Verbit.ai can lower the risk of errors happening in the first place. With high accuracy rates, you can enjoy peace of mind and know that there are likely to be fewer errors in the content. Such advanced algorithms and software take away the human element that can make mistakes. The software is programmed to pick up on words and phrases, understanding accents too. Only a quick edit and read afterward will be necessary by an employee.
If you have ever used manual transcription services before, you will know how long you have to wait sometimes. Alternatively, if you have to pay the price if you want a quick turnaround on files. This is something that might be affecting your business and the services that you can provide to your clients. This is another problem that can be solved with AI-assisted transcription. Thanks to powerful and intelligent software, transcriptions can be completed faster than if they were completed by humans.
For example, think about how long a four-hour audio file would take to be completed by a transcriptionist. The industry standard would estimate that this would take a transcriptionist around 16 hours to complete. Of course, it could take much longer than this in reality depending on the quality of the recording, how many speakers there are and any background noise. These factors are all going to increase how long you wait for your transcription and the price you have to pay. However, this time can be dramatically cut when artificial intelligence is utilized.
Spend Less Money
You may think that AI-assisted transcription services sound expensive and will be a huge investment to make. However, this is not always true. In fact, since AI-assisted transcription can be completed quickly and with more accuracy, you are likely to save money in a few ways.
First, you do not have to worry about paying by the hour for a transcriptionist. If you have hours of content or complicated files, you are probably aware of how expensive this can be with a professional. They can have high prices and charge more if the transcriptions are difficult or long.
In addition, you do not have to pay more to have the transcription edited or redone because there are going to be fewer mistakes. Overall, choosing a professional service can be a cost-efficient way to get the job done since there is less work necessary.
What’s more, choosing a transcription service means that you do not have to invest in all of the necessary equipment. This can be expensive when you try to do this in your company. However, choosing a service means that they have all of the artificial intelligence and software necessary for any transcriptions you need. This is a lot more cost-efficient.