It doesn’t matter if you’re managing an organisation, running a start-up, or working on solo venture, saving time and minimising costs is crucial to business success.
If you are a journalist, podcaster, video editor, paralegal, insurance professional, university lecturer, or market researcher, at some point you’ve probably needed to convert an mp3 file to text. Perhaps you’ve done this manually, maybe you’ve hired an individual on Upwork, or maybe you were even lucky enough to have an in-house transcription team do the work for you. Whatever method you used, if you weren’t using an automatic transcription service provider, you were either wasting time, money, or both.
Automatic transcription service providers use AI technology to convert audio and video files to text in a matter of minutes. Using an automatic transcription service provider can provide numerous cost savings to your business no matter how small or large. Here’s how:
Cut Labor and Capital Expenses
Many businesses still rely on an in-house transcription team to covert their important documents from audio to text. The argument for holding on to the in-house team is that they are more trustworthy, accurate, and timely.
However, with advancements in AI technology, using an automatic transcription service provider can arguably achieve the same or better results at a fraction of the cost.
According to the US Bureau of Labor Statistics, the median pay of a medical transcriptionist in 2018, for instance, was $16.72 per hour. At this rate, you will pay over $65 to covert one hour of an audio file to text, at a conservative estimate. This is because one hour of audio usually takes four hours to manually transcribe.
On top of this salary cost, there are additional overhead costs to keeping an in-house employee: real estate, recruitment and training, transcription equipment, and benefits.With these factors, the true hourly cost of an in-house transcriptionist is much higher, perhaps even double.
If you’ve already taken the step to outsource your transcription services to a human transcription team, there are still cost savings to be had to moving to an automatic transcription service provider. Whilst you might be saving overhead costs with an outsourced human transcriptionist, you can still expect to pay between $60 and $300 per hour for a purely human-based conversation of audio to text.
In contrast, an outsourced automatic transcription service provider can covert an hour of audio to text in a matter of minutes for as little as $9. Simply put, outsourcing transcription is an economical solution to your documentation needs.
An automatic transcription service provider can turn around audio to text files 99 percent faster than a human based service. As stated above, on average it takes an individual four hours to manually transcribe one hour of audio to text. An automatic transcription service provider can do the work in less than 4 minutes.
One of the guiding principles in Tim Ferris’s Four Hour Work Week is that you should always out-source low end tasks, particularly if you can hire somebody at eight to ten dollars an hour that allows you to focus on something that earns you more than that. Using an automatic transcription service provider to convert your audio or video files to text definitely falls into this category for most businesses.
Additionally, if you are business currently using human transcriptionists you could be wasting valuable time by not using an automatic transcription service provider. Whilst human transcriptionists offer around a 99% accuracy rate, longer audio files usually require 12+ or even days to turnaround. Whereas, an automatic transcription service provider coverts the audio to text in minutes. For journalists on a deadline, the long turnaround time of human transcription can mean a missed opportunity. A missed opportunity equates to possible missed revenue.
Automatic transcriptions don’t offer quite as high an accuracy rate, but with advances in AI technology they are now reliable 97% to 98% accurate. When business and organisations pair the quick turnaround of an automatic transcription service provider with a brief human edit, they can have a robust, 100% accurate transcription much quicker and at a fraction of the cost, a double cost benefit.
Streamline Team Workflows
Automatic transcription service providers, like Happy Scribe, can streamline team workflows by allowing several team members access to the audio to text transcripts at the same time.
Allowing multiple assigned individuals simultaneous access to work on editing, reviewing and approving transcripts, you can streamline workflows and speed up the turnaround time. In business, the adage ‘Time is Money’, still holds true, and any process that helps streamline workflows, saves time, and ultimately saves money.
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If you are trying to save costs on your audio to text and video to text transcription requirements, partnering with an automatic transcription service provider like Happy Scribe can provide an attractive solution.