Market For Change?
It seems we don’t really know
Major factors are shaking the traditional tree making up the branches of general transcription services provided for the past few decades by thousands of transcription companies. The headwinds impacting now include the changing technologies that are redefining parts of the traditional market, not only as transcription (speech to text) solutions, but also as more composite workflow improvements that bring added functionality such as recording, big data handling and analysis, etc. all in one. In addition, think of the emergence of improved single speaker dictation systems, intra-company recording and storage systems, fast changing patterns of employment around transcription (more virtual), a wider market spread where transcript values are beginning to enter blue-sky product opportunities, and more.
So Its All Automation From Here?
Having said all this, as a general transcription service company, we have (and are) very closely following the impact of speech-to-text technologies out there. We still get a strong sense that despite a “race” to automating general transcription services, there are continued limitations to achieve this overnight. While the public naturally and increasingly seek software or automation (that is almost real-time and cheap), the difficulties of attaining accuracy of general transcription production that satisfies “client informed trust” is not there.
In our opinion, its a way to go.
We are working to secure a select and appropriate speech engine partnership and are already in this process with a couple of such technologies through our Nibity hybrid transcription service. This solution for general transcription services is being built on a balanced hybrid human and machine transcription synergy – one that does not risk accuracy indicators of 95% plus and secures a balanced proposition to achieving real-time cheap transcription. Its a challenging environment, of course, being significantly impacted by fast changing technologies, human productivity and value in the changed workflow processes, and a organic landscape of new or revised opportunities. These are only some of the factors that must be embraced by the next generation of general transcription suppliers if they are to remain relevant into the next round of market expectations.
The bottom-line remains that to provide transcripts that attain the intent and meaning of text as required by the client for their specific use, the process for transcription must ensure highly relevant and accurate language representation, be capable to interpret dialect variances and account to the changing need of transcription by the market itself.