Business transcription guide

Business Transcription Guide: Optimizing Your Multimedia Content

With borders less important than ever, private businesses are flourishing with an unprecedented influx of data and content.

And with the rise of video and audio content captivating the corporate landscape, the demand for professional media translation services and business transcription is experiencing an exhilarating surge as well.

In this comprehensive guide, you’ll be able to understand more of the trends driving the business transcription industry and discover how they can revolutionize your business. We’ll also explore use cases tailored to diverse industries and share invaluable insights to help you get the most out of business transcription services

The Growing Demand for Business Transcription Services in 2023

The demand for accurate business translation services is on the rise, with businesses recognizing the need to translate and transcribe various types of video and audio content to cater to their needs. 

In 2022 only, this market was valued at a substantial US$2.95 billion, and it is estimated to achieve a remarkable compound annual growth rate (CAGR) of 14.7% over the next ten years, reaching a staggering value of US$11.72 billion by 2032.

Business Transcription Market

Several factors contribute to this upward trajectory.

The high number of remote working individuals and the growing popularity of video conferencing are fueling the demand to convert spoken words into written documents. Now more than ever, insights and decisions are data-driven which requires gathering data from all multimedia formats.

The number one region, North America, dominates the market, accounting for 36.8% of the market share. Keeping in mind the business landscape in both Canada and the USA, the region will most likely maintain its leading position throughout the forecast period.

Medical Transcription Sector

According to Grand Review research, in the United States, the medical transcription sector leads the market, capturing 44.4% of its shares in 2022.

The legal, government, media, and entertainment industries also contribute to the market’s growth. In 2022 alone, the USA transcription industry reached an impressive value of US$28.19 billion.

US Transcription Market

The fastest growing market for the forecast period, on the other hand, is South Asia and the Pacific region, where demand is expected to grow with a CAGR of 16%.

Regarding the main national markets for business transcription services, the United States, Germany, China, Japan, and India are the top 5 biggest markets. These countries have a higher demand and supply of transcription services that operate within the public and private spheres.

Global transcription industry

Why Investing in Business Transcription Services Is a MUST Today

When it comes to maximizing your business’s reach and impact, investing in professional business transcription services is crucial. From multimedia localization to precise media translation, these services enable seamless communication across languages and cultures.

Transcription services can be used in business meetings, podcasts, video content, voice memos, webinars, seminars, interviews, and other situations in which audio and video content is produced.

content transcription

In simple words, transcribing audio and video files means converting spoken speech to written text. It is a way to have an accurate transcript with searchable data generated from multimedia content that can be reused and consulted whenever the need arises. 

1. Effective Communication and Evaluation

Having words on paper can help you avoid all misunderstandings and disputes, as well as correctly cite important information and communicate.

Furthermore, it will help you evaluate specific situations and make it easier to remember and refer to the same information multiple times.

That becomes important when, for example, you have the information from a video interview in your hands and can evaluate it without having to move back and forth to the audio file. Or, if you need to make a business decision and you have data scattered all around the video.

With the information in fluent text that is edited properly, you’ll feel more secure and productive in your business operations.

 2. Accessibility

In addition, business transcription services make your company more accessible to a wider range of people.

You make it easier to transcribe and translate content that may be required in your partnerships with foreign partners. Anyone from your staff and partners can access it anytime through a simple document.Consider conference calls with a lot of critical financial data, business strategies discussed, and experiences shared. Even if you learn a lot there, it’s better if you can access it later, especially if it’s in a document that you can copy, paste, search, fact-check, note, etc.You don’t have to rely on your memory or go to the precise minute and second when the speaker mentions the topic.

With transcription services, you will have a searchable time frame and all of the words. As such, they contribute to having reliable information, which aids in the daily operations and success of the business.

3. Search Engine Optimization

Another common application is to include the transcribed text alongside the video.

Search engines are still unable to recognize and rank spoken words. So, by including video transcription text on the webpage, you help search engines recognize the information and rank it based on keywords. That’s a huge help in terms of SEO.And here’s a bonus benefit: a lot of times, transcription services are a must and obligatory, especially in fields such as finance, law, and medicine. Below, well go through the use cases of transcription services based on industries.

benefits of using business transcription services
  • Documentation and record-keeping
    • Archive important information and make it easy to find at any time.
  • Accessibility and inclusivity:
    • With a text, you have the practicality of taking notes, searching, copy-pasting, etc.
  • Time-saving and efficiency
    • Stop wasting time going back and forth from audio to video. Have everything accessible in a simple document.
  • Enhanced productivity and collaboration
    • All your team members can access and work on the transcribed text.
  • Improved accuracy and attention to detail
    • Every word will be proofread and fact-checked in the audio version.
  • Increase ranking
    • The transcribed text allows for adding SEO keywords to boost brand visibility.

How to Make the Most out of Business Transcription Services: Use Cases and Industries

There are different types of methods for transcribing audio or spoken speech into written text. Your choice will depend on the specifics of your company, industry, and preferences.

 Each type of transcription service has its own advantages and suitability for different scenarios. Here are 6 types of transcription methods you can apply to any business or industry:

types of transcription methods
  • Verbatim Transcription – Word-for-word transcription with all the filler words, hesitations, and nonverbal expressions.
    Used in legal research and linguistic contexts where every detail matters.
  • Edited Transcription – The transcribed text doesn’t have filler words, false starts, incorrect sentences, and the like. This type of transcription aims to have a concise and readable transcript.
    Used in business meetings, conference calls, and interviews.
  • Intelligent transcription: Combines both methods. While it may have elements used in everyday speech, like a laugh, it also tries not to add every single false start or stutter.
    Used in focus group interviews, market research, etc.
  • Automated Transcription: Uses speech recognition software or artificial intelligence (AI) to automatically transcribe multimedia content. It is limited in accuracy, especially in cases of poor audio quality and advanced terminology.
  • Manual Transcription: Done by human transcriptionists who listen to the audio and video files and manually transcribe them into written text. High accuracy and better transcription of nuances, accents, and context.
  • Hybrid Transcription: Combines elements of automated and manual transcription methods. Firstly, automated speech recognition (ASR) software generates a draft transcript, and then a human transcriptionist edits it for accuracy and quality. 

There are more! To discover the types of transcription methods, their usage, and the process step by step, download our resource now. {{White Paper CTA}}

When deciding on the appropriate transcription type, factors such as the purpose of the transcription, the intended audience, the level of detail required, and the industry context should be taken into consideration. 

Shortly, here are some use cases for business transcription services:

  • Meetings: Record every spoken word by participants to capture data and context. You can add time stamps for easy reference.
  • Interviews and Focus Group Discussions: Transcribe audio and video files with precise labeling for each part and participant.
  • Internal Multimedia Content for Communication, especially in human resources and corporate communication.
  • Marketing: Transcripts and subtitles are vital for your global markets efforts, especially when adding keywords to improve SEO ranking on pages with multimedia content.
  • Customer Service: Transcribe calls and meetings to address queries, resolve issues, and maintain positive customer relationships.
  • External Communication: Transcribe important events such as press releases and media inquiries.
when to use business transcription services

Now let’s have a look at different industries and how they make use of business transcription services:

  • Legal: Accurate transcripts are often a legal requirement in court proceedings, mediation sessions, and similar legal contexts. These types of transcripts, of course, require skilled transcribers with knowledge of legal terminology and fast typing speeds.
  • Healthcare: Healthcare service providers require transcriptions for patient interactions, clinical trials, webinars, seminars, and workshops. It helps with transparency and recording important data. 
  • Media and Entertainment: Media companies rely on transcription for closed captions and subtitles in movies and other forms of entertainment. Transcribing audio and video files ensures accessibility and enhances the viewing experience for diverse audiences.
  • Corporate and Business: Companies of all sizes and across various sectors may use transcription services for transcribing meetings, conference calls, presentations, training sessions, brainstorming sessions, and internal communications.
  • Marketplaces and Platforms: Online marketplaces, eLearning platforms, and content creators often provide transcribed texts as a value-added feature for their users.

The Business Transcription Process and Being Smart in Your Decision {{Visually like a trajectory/road where each sentence is part of the journey. Alternatively, it could be climbing a mountain}}

  • Choose the right business transcription company
  • Provide clear instructions and context
  • Use high audio quality or video recordings
  • Securely submit or upload your audio or video
  • Transcription process and turnaround time
  • Quality control and proofreading
  • Delivery options and file formats

Who Should You Hire for Business Transcription Services

The transcription landscape is undergoing a significant transformation with the rise of AI and automated tools. Countless SaaS companies are diligently working to bridge the gap and develop superior products tailored for businesses.However, it’s crucial to recognize that the software aspect of transcription services is still in its infancy and requires human supervision.Many say that human transcriptions will soon be fully substituted, but they don’t actually understand the labor-intensive nature that goes into transcribing audio and video files. For one thing, every company possesses its own unique branding, internal communication style, and intricacies that AI struggles to capture and comprehend as effectively as individuals who are intimately connected to the organization.

Human transcribers bring a level of insight and understanding that automated tools cannot replicate.Secondly, while these novel software solutions show great promise, it’s essential to exercise caution due to privacy concerns that may jeopardize your data.

Instead of solely relying on unfamiliar software with unknown inner workings, it is wiser to collaborate with a trusted and validated team. By doing so, you can ensure the privacy and security of your sensitive information. Now let’s move on to the debate on whether to have an in-house team of transcribers, or better say, delegate these tasks to your in-house team, or hire business transcription companies. 

While in-house solutions may seem tempting, they come with their own set of disadvantages. Training your employees to transcribe requires substantial time, financial investment, and valuable resources that could be better allocated to other critical aspects of your business. In contrast, entrusting your transcription needs to dedicated business transcription companies ensures a superior level of quality. These professionals not only transcribe but also follow a meticulous process encompassing proofreading, editing, and implementing a comprehensive quality assurance plan.

This systematic approach instills confidence, eliminating the need for constant double-checking once the service is delivered. By engaging a transcription service provider, you alleviate the burden on your in-house employees, enabling them to focus on other valuable tasks that drive your business forward and save time. When searching for a transcription company, several key factors should guide your decision-making process, given the fast-paced nature of today’s business environment.

  • First, you should opt for a  transcription company that can deliver high quality in multiple languages, has the necessary tools, and has a quick turnaround time.
  • Always consider your industry! Choose a transcription service provider that specializes in your field and possesses the necessary expertise.
  • Pay careful attention to their privacy policy, ensuring they prioritize confidentiality and data security. 

As we mentioned earlier, data privacy concerns associated with AI tools are widely acknowledged as a significant drawback, particularly for businesses handling sensitive information that requires protection and security.

  • Make sure to verify the transcription company‘s ISO certifications, particularly ISO 17100 and ISO 9001, which provide a guarantee of their commitment to maintaining high-quality standards.

Ensure that the company has the requisite languages, tools, and a diverse team of professionals capable of delivering various types of transcription services. This versatility is essential as you may require transcriptions of interviews, webinars, or legal meetings, each requiring different approaches and methodologies.

AI vs human transcription

FAQ

Why use transcription services for business?

Transcription services for businesses are valuable for enhancing productivity, facilitating accurate record-keeping, improving accessibility, and enabling efficient communication and analysis of audio or video recordings.

Boost Productivity, Accessibility, and Communication With Laoret Business Transcription Services

In today’s fast-paced business landscape, the importance of accurate and reliable business transcription cannot be overstated. With the potential risks of typographical errors and misinterpreted information, partnering with a professional team of certified transcription experts becomes a necessity. 

As a provider of online transcription services, our company emphasizes the significance of adhering to transcription guidelines. Our dedicated team is available 24/7, equipped with the expertise to transcribe across industries and languages, ensuring the highest quality standards. Let us be your trusted partner in recording and archiving essential data, empowering your organization to thrive. 

By carefully evaluating subtitling services cost and partnering with a reputable provider, businesses can achieve accurate translations, wider audience accessibility, and a strong return on their multimedia content investment.

Contact us today to request a quote and experience the transformative power of flawless transcription services.

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