Why the Transcription Business is Booming


Why the Transcription Business is Booming
Beth Worthy

Beth Worthy

8/2/2011

Transcription is an important service that is often glossed over by businesses, even though it makes up an essential part of the work process. Over the past several years the transcription industry has become more and more popular, gaining use in nearly every sector of the public and private market, from the medical field to churches and nonprofit organizations. In fact, most professionals use transcription on a daily basis, whether they're dictating speeches, creating a physical copy of interviews and meetings, or developing a guide from seminars and conferences.

The transcription businesses is expected to grow by 11% by 2018, which may not seem like much if you're not familiar with average job growth statistics. By comparison, the engineering business is only expected to grow by a rate of 2% by 2018, and that's one of the most sought after jobs right now. It's easy to see why working with a transcription company is becoming a very popular business decision.

So why is the business growing so quickly? Besides the high demand for medical transcriptionists, some of the other types of businesses that regularly use transcription services are:

Realtors – Real estate agents often dictate letters which need to be transcribed, edited, and grammatically checked before being sent to their clients.

Lawyers – Lawyers must often do the same thing – dictating saves time and resources, especially when working with a quality transcription business that can handle the technical legal phrases.

Public Speakers – This encompasses consultants, authors, life coaches, business executives – basically anybody who makes speeches.

Executive Teams(in any business) – Some of the highest demands for transcription comes from the CEO or Board of Directors of any given business; it's pretty much standard procedure to have all interviews, conference calls, video conferences, board meetings, and presentations transcribed for later use.

Those four examples only scrape the surface of how transcription is used in today's business world. As the numbers grow with each passing year, the demand for a dependable, efficient transcription company grows as well. Saying that the transcription business is booming is an understatement; it's not just booming, it's necessary.

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Beth Worthy

Beth Worthy

Beth Worthy is the President of GMR Transcription Services, Inc an Orange County, California based company that has been providing accurate and affordable transcription services since 2004. She has enjoyed success at GMR for almost ten years now and has helped the company grow. Within two years of Beth managing GMR Transcription, it had doubled in sales and was named one of the OC Business Journal’s fastest-growing private companies. Outside of work, she likes spending time with her husband and two kids.