A wide range of business professionals turns to transcription services to record or document useful information that's integral to their profits and reputation. Seasoned medical, legal, and educational organizations particularly benefit from outsourcing professional transcription services that can deliver accurate documentation for quick turnaround times.
This demand for transcription services is further recognized by the fact that the global transcription industry is now worth over $77 million and is expected to reach 6.73 billion in 2028, with a forecasted revenue CAGR of 14.8%. You might be wondering why so many businesses are using transcription services? Here’s everything you need to know.
Here are some of the most dynamic reasons to hire transcription services for your business:
One of the top reasons a professional hires transcription services for business is to document an event. By documenting an event with a recorded audio/visual presentation, you'll have evidence that can resolve disputes or celebrate milestones. Recording and transcribing important company events can also be useful for future storytelling content that promotes the venture.
Another industry that keeps business transcription services busy is the legal profession. Attorneys need transcriptions for depositions and other interviews as references used in court cases. Having a transcript allows an attorney to identify when a witness on the stand is countering their deposition statements. It helps establish key facts in the case that can be easily referenced.
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You may have employees who could transcribe documents for you, but they may not have as much experience as a professional transcriptionist. Outsourcing to a reputable transcription firm assures professional results. Seasoned transcription experts are more reliable for productive work with tight deadlines. They can also provide greater accuracy and faster speed.
Google gives high search rankings to original, unique, and useful content, which is exactly what a transcript can be. More than any other company, the search giant knows what online surfers want in deep detail. So to gain high visibility in search results, it's important to bring fresh ideas and stories to the internet. Effective search engine optimization (SEO) emphasizes what Google bots reward based on what the public is trying to find.
A transcript doesn't have to serve just one purpose. It can be multi-purpose and repurposed in various ways. You can publish excerpts for one transcript on hundreds of completely different web pages by building interesting stories from small sections of text. Every section or portion of your transcript can be used in creating the content for different purposes, such as newsletters, e-books, presentations, and case studies. You can even use them in infographic and eblast content, along with stats and images. Basically, each transcript becomes a reference for various other types of content.
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What is searchable text? It's the printed word version of an event that can be indexed by search engines. Uploading a video to YouTube without providing tags and a description is almost like making it invisible to the search engine and the public. According to Google, the title, thumbnail, and description of your video are more important pieces of metadata for your video than the video itself because it makes it discoverable and ranks higher in search indexes. Hence, adding a transcript to video or audio content makes it easier for the platform to connect your content with your target audience.
A series of speech transcripts can help build an enormous amount of archives in a short time. That's partly why college professors and other educators invest in transcription services. It's a key to building a well-organized library of knowledge and experience. Some of the places where audio/video transcripts can be useful resources include brainstorming sessions, company history, and innovative ideas for the industry.
Another reason to hire transcription services is to gather market research so that you can organize and optimize information. You can read tips and article quotes, along with citing data as you record your presentation on an audio device. The transcriptionist will then encapsulate this information in a neat package that's easy to reference in future studies.
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Some people try to cut corners on transcription by using transcription software, thinking it will save time and money. Maybe it does, but this approach can generate plenty of typos and other errors without a human editor. Working with a transcription service run by humans rather than bots gives you a much better chance of nearly perfect accuracy at documenting a speech, interview, or conversation.
Motivational speakers hire business transcription services to prepare the text they deliver at seminars. They can then save the text on their computers to reuse or distribute to clients. Providing text for a recorded speech expands the audience to include the hearing impaired and curious people who are unable to attend the live presentation.
There are plenty more reasons to hire transcription services for a number of businesses. Whether you need to build evidence or web content, transcripts can be very useful in helping you meet your business goals.
Contact us at GMR Transcription to learn more about how we can take care of your transcription needs. With 100% US-based human transcriptionists, we guarantee 99% accuracy on good quality audio, unlike automated transcription tools that can provide only 60-70% accuracy. Register now to use our services.