When I was starting out as a transcriber, I had so many questions I needed answers to, but truth be told, there was no one to offer these answers to me. Apart from research here and there, I was basically winging it and collecting information as days went by. There is a lot that people don’t really know about transcription, and that is why I wrote this article. All the questions that you might probably have as a beginner transcriber, you will definitely get answers to on here. Below are some questions that will give you more knowledge on the industry and career that is transcription.
What is a transcription service?
Transcription is creating transcripts in a text format from audio/ video files. It is a process that is usually carried out by professionals known as transcribers. A transcription service is a company that specializes in solving any kind of transcription problem. These are companies whose sole purpose is to help other companies solve their transcription problems by either offering their services to transcribe audio/video files from meetings, interviews, dictations, and speeches. The audios being transcribed can either be live or recorded. More times than not, the audio/video files are usually recorded. These services are accessible in all fields. This can range from Marketing, finance, technology, government, manufacturing, health, arts, law, and nonprofit organizations.
How much is a transcription service?
When you are looking to charge for your transcription services, there are factors that you will have to look into, to determine how much you can charge. The first factor to consider is the quality of the audio. There are audios that are difficult to work on, and there are those that are super easy to work on. When audio is difficult, it means that the audio file is not clear, or it has heavy accents that are difficult to denote. In such a situation, you will have to charge a higher rate because you will spend more time working on that audio than you normally would. Another factor you need to consider when coming up with charging rates is the number of speakers on an audio/video file. An audio file that has over one speaker is usually more complex to work on than one with single speakers.
On average transcription, rates range from $1 to $2 per audio minute while other service providers charge per person speaking. You will get a client who needs special modification for their transcripts, and that is also a factor that will affect the rate you charge. If one requests for a clean read verbatim with time stamps and corrected grammar, the rate will shoot up because all these modifications take time to complete. The last factor you should consider and one that service providers benefit from is the turnaround time. This is the time that you will take to work on a job and hand it back to your client. For short turnaround times, the rates go up and vice versa also applies. All these factors should be taken into consideration when coming up with transcription service rates.
Why businesses need transcription services?
There are very many benefits of transcription to businesses. Not so long ago businesses didn’t really see a reason they should have their important recordings transcribed for storage, but in 2020 all businesses are really seeking transcription services. There is so much that businesses can do with their transcribed transcripts, from repurposing the content and putting it on a business website to being able to refer to information from past meetings for current issues and just being able to have a backup on important information if the audio/ video recordings become faulty. Accurately transcribed information is very important to ensure the smooth operations of any business. Business transcription involves the creation of textual transcripts of video or audio recording of various business interactions, such as conferences, meetings, presentations, and workshops for current or future use. As I mentioned above, audio/video files do become faulty and the only way to ensure that your information is secured is by having those files transcribed because chances are if you felt the need to record it then it is an important piece of information. Transcription services are important to businesses, and businesses should get professional transcription services to avoid inaccuracy on their files.
How Big Is the Global Market for Transcription?
The transcription industry has really grown in leaps and bounds over the past 10 years. As I mentioned above, businesses never used to see the need for transcription services but the services have really grown on them and they now see the benefits that they stand to gain by sorting out these services. The global medical transcription services have really grown and trans-passed a lot of the expectations that were there. The market which estimated at 41.4 million dollars in 2012 has grown at a rate of 5.6% from 2013 to 2020 to reach an estimated value of 65.6 million dollars in 2020. If that is not proof enough that transcription’s global market is exponentially growing, then I think nothing else could be proof enough.
Which Business Needs Transcription Services?
When you hear that a service is versatile, then transcription is really one of those services that are beneficial in any kind of business that you might think about. There many ways in which transcription can be beneficial in any business in whichever industry. All businesses can benefit and are benefiting from transcription services. Some of these businesses are Attorneys, Paralegals, Assistants Business Professionals, Entrepreneurs Civic Leaders, Community Organizers Counselors, Advisors, Coaches, Educators, Professors, Teachers, Students, Support Staff Executives, Administrators Journalists, Editors, Authors, Writers, Screenwriters, Reporters Keynote Speakers, Program Producers, Media Executives, Podcasters, Radio Personnel, Office Managers, Project Managers, Online Video Contributors, Video Editors, Producers Physicians, Medical Technicians, Holistic Practitioners Politicians, Government Liaisons Religious Leaders, Secretaries, etc.
Be sure to note that transcription services are not limited to these businesses only.
Are Humans Replaceable by Machines in the Transcription Industry?
There are two main types of transcriptions services. That is human transcription services and machine transcription services. There will be no day where machine transcription services can replace the human touch of a transcriber. Machine transcribers make it easier for human transcribers to do their transcription. The touch of a human transcriber during transcription ensures the accuracy of the transcribed files. A human transcriber can ensure that all errors are corrected, edit, and format documents, while a machine transcriber can only denote what is being said without offering all these other benefits. The accuracy and intelligence of human transcription are invaluable to maintaining high transcription standards, and this is the only reason transcription services can never solely depend on machine transcription.
Is Accuracy More Important Than Speed in Transcription?
These two are mutually exclusive in transcription. It is beneficial when a transcriber has incredible typing speed and still can come up with accurate transcripts. Accuracy is the most important factor in transcription when in comparison with typing speed. Typing speed only ensures that you can work on more files, but if the files are not accurate, then you have basically done nothing. This only means that accuracy is up there at number one, while typing speed comes in second. When looking for transcription services, it is critical to find a company that focuses on these two factors. A transcriptionist should provide at least 98% accuracy, and get the job done in a reliable, timely manner.
Why is Confidentiality Adherence Crucial When Choosing a Transcription Company?
Confidentiality should be paramount when choosing a transcription service provider for your business. Business audio/video files usually include sensitive data and content that you wouldn’t want to be circulated to the public. A transcription service provider that ensures confidentiality for your files is one that you should work with, and vice versa also applies. All transcription companies make their transcribers abide by a strict NDA policy. You wouldn’t want a conversation you had with your doctor or lawyer going public, would you? Therefore, take confidentiality very seriously.
There are very many other questions that people ask about transcription, but the ones I have outlined are the ones that are commonly asked. Understanding these questions means that you will have general knowledge about transcription and what it entails.