AI Transcriptions: What is It and Do You Need It?
The popularity of artificial intelligence continues to increase worldwide as various industries take advantage of it. These industries include healthcare, finance, fashion, entertainment, and retail.
According to a 2023 article by Forbes Advisor, around 53% of businesses have already implemented AI to improve production. Additionally, a Harvard Business Review article states that generative AI can significantly speed up how one does their job. Due to its ability to help people get their work done much faster, the transcription industry is seeing an abundance of AI transcription software. But do people actually need AI transcription?
In this article, we’ll discuss everything you need to know about AI transcriptions and whether or not you need it.
What are AI Transcriptions?
AI Transcription makes use of artificial intelligence to convert speech into a text document or transcript by analyzing spoken language patterns, dialects, and accents. Often, it's seen as a panacea to the time-consuming task of transcription, especially for those with tight deadlines.
Surprisingly enough, AI transcriptions enjoy a significant amount of popularity. In fact, in 2020, a Statista survey revealed that around 64% of the E-learning and market research industry used AI transcriptions. This means that many people and businesses are turning to AI transcriptions to transcribe audio or video for them.
Benefits of AI Transcriptions
Like human transcriptionists, AI transcriptions do have their own set of advantages. But what are the benefits that attract people to AI transcription services?
Speed
Transcribing audio files can be a time-consuming task. This can be a problem if people, such as researchers or university students, have tight deadlines to meet. By employing AI transcription, which utilizes algorithms for quick audio transcription, users can save time on this task. This efficiency allows them to meet their tight deadlines easily.
Because of AI transcription's speed, research transcripts are churned out quickly. Because of AI transcription's speed, research transcripts are churned out quickly, leaving researchers free to pursue other tasks or tackle different parts of the project that are equally important.
Savings
Like any other service, enlisting transcriptionists to transcribe your audio or video files for your research will cost money. Depending on the length of your file, the costs can be higher than expected. This is especially true if researchers enlist rush transcription services to get the job done.
AI transcription alleviates financial concerns for researchers by removing the need for human transcription services. This reduction in transcription costs frees up funds that can be redirected to other project areas in need of resources.
Improves Compliance
The final benefit of AI transcriptions is that they can help transcriptionists comply with certain regulations, such as the GDPR and HIPAA. Often, AI transcriptions come with features that allow them to detect when client information is being shared with others. Once this happens, the software itself can halt the speech-to-text process. This prevents sensitive information from being shared with people outside the project.
Do You Actually Need AI Transcriptions?
Understanding the benefits of AI transcription software might lead you to wonder if it's essential for transcribing your files. The short answer is that you don't. The reason is because human-generated transcriptions are still the preferred choice for critical transcription tasks.
Remember, the technology for AI transcription has yet to be perfected. In fact, one of its most significant issues is that transcripts made by AI are still prone to large amounts of mistakes. This is because despite the leaps that AI technology has made in recent years, factors such as background noises, accents, and numerous speakers can still cause errors in the transcription.
Some AI algorithms also have biases created by their training that are still left in their programming. While these algorithms are necessary to allow the software to transcribe the audio and video files fed to them, the biases included can cause mistakes in the transcript. As such, it's highly recommended that researchers continue to rely upon human transcriptionists to transcribe the audio or video files needed for their study.
AI Transcriptions are often seen as the future of transcribing. However, nothing still beats the human touch provided by manually transcribing your audio files.
If you need transcriptions for your academic research, turn to TranscriptionWing. TranscriptionWing is dedicated to ensuring that researchers get the human touch while receiving their transcripts on time. Not only do we produce accurate transcripts but we also offer a wide variety of turnaround times at reasonable costs.
Additionally, if you've already had your transcripts done by AI, we also offer a machine clean-up service for your transcripts. Don't hesitate to turn to TranscriptionWing and get started on transcribing your audio and video files today!
