There is no denying that technology is having a profound impact on the way we run our businesses. There are many different technological inventions that have had a big influence in recent times, yet AI is definitely a standout.
Artificial Intelligence, otherwise known as AI, is present in so many different technology solutions today, from live chatbots to logistics solutions. However, one area that is certainly worth exploring further, especially in regard to small businesses, is AI transcription software.
This form of software is making it possible for small businesses to compete with larger companies by automating elements of their company for greater efficiency. With that being said, in this blog post, we will reveal everything you need to know about transcription software and how it is supporting small companies. So, let’s get right to it.
What is AI transcription software?
AI transcription software, such as Happy Scribe’s MP3 to text converter, uses artificial intelligence to convert human speech into text. It gets rid of the long-winded and manual process of taking notes. Instead, transcription software can be used to listen to video files, audio, or conversations, and seamlessly transcribe them into text.
The type of AI that is used for transcriptions is Artificial Narrow Intelligence (ANI) or Narrow AI. This sort of AI is utilized for specific tasks, such as spam filters, virtual assistants, and of course, transcription.
How does AI transcription work?
One of the greatest things about humans is that they can process natural language intuitively. This is something that we’re very good at. When you talk with someone, you can gauge what they are feeling. You can efficiently deconstruct the meanings of sentences and words, understanding how the message is being delivered based on its context of it.
After all, a lot of words have more than one meaning, which can be quite confusing on the surface. However, as humans, we are able to deduce what meaning is being inferred based on the context of the sentence and its delivery of it.
As impressive as it is, Artificial Intelligence is not able to process natural language by itself. Instead, humans need to use a machine-learning algorithm to train it. This gives the machine the ability to solve problems when it is provided with large sets of data.
This is achieved via NLP, otherwise known as Natural Processing Language. This is a subset of Artificial intelligence that uses deep learning and machine learning to understand the semantics of the human language.
As a consequence of deep learning, this is something that gets better as time goes on. For those who are unaware, deep learning is a sub-set of machine learning, which has layers of processing units that form neural networks. Neural networks mimic the way our brains work. With deep learning, machines are not only able to deconstruct sentences but they can understand the context as well. Automated transcription software will typically use automatic speech recognition (ASR) machines that are powered by AI. They can be used in btoh recorded and live settings.
How is AI transcription software supporting SMEs?
Now that you have a good understanding of what AI transcription software is and how it works, let’s take a look at how it is supporting SMEs.
Improve your SEO performance
If there is one area where businesses can struggle in comparison to bigger companies, it is search engine optimization. It is not surprising when you consider the massive marketing budgets a lot of these big companies have.
While businesses use SEO mainly for boosting sales, a lot of start-ups rely on it for gaining traction in the sector. Nevertheless, while search engines can analyze written posts and articles quickly, they still face issues when referencing audio and video.
In this situation, it would certainly be helpful to transcribe your media files so that Google and other search engines can display them in their search results without any trouble. When you outsource the promotional areas of your businesses, the chances are that transcriptions are not going to be included. In such a scenario, using an AI transcription tool can be beneficial in terms of adding captions inside or under media players.
Furthermore, it can assist in terms of dealing with podcasts, documentaries, and other types of long-form media files whereby manual transcription can be both inefficient and tedious.
Give your start-up the power it needs to succeed
Ultimately, what AI transcription software and other forms of AI software does is give smaller businesses more of a level playing field. With a big budget, it can be hard to compete with these worldwide companies that have tech departments, access to many resources, and a monopoly on the market.
Often, what holds small businesses back is their inefficiencies. Most workers need to wear more than one hat. Moreover, you may not have the cash flow or the money to be able to compete with the bigger companies in the industry. However, with AI, machines do the work for you. They automate these lengthy processes that have been holding you back so that you are free to focus on the core elements of your business and put your employees’ skill sets to good use.
Because of this, the future is bright for small businesses when they leverage the power of AI so that they can automate intelligently and make better business decisions.
Accelerate sales growth
AI transcription software is also proving popular with SMEs because it can help in terms of accelerate sales growth. Nevertheless, while it is not a direct application, the advantages will impact the performance of your employees and your business as a whole.
It is easy for you to transform spoken recommendations or meeting data into actionable methods using these tools. Furthermore, these methods are then going to reach the sales team for installation into marketing plans, promotions, and steps. Again, because Artificial Intelligence enhances accuracy, a transcription solution is going to preserve any messages from executive calls, meeting decisions, or such like, which means sales team interpretation will be much more accurate.
In terms of customer service, transcription software can help both the support team and the clients. It will be a lot easier for customer service teams to read transcriptions of a number of query entries in comparison to listening to lengthy audio recordings.
Furthermore, issues can be resolved quickly because staff can transcribe conversations, ensuring they have a reference. Also, your workers will not need to ask people on the other line to repeat themselves, which also facilitates a much more efficient process.
Enjoy more effective online meetings
Last but not least, another reason why small businesses are leveraging online transcription solutions is that they are aiding the meeting process. In every company, meetings are a necessity to communicate ideas, discuss methods, resolve conflicts, and present results. Because of this, it is evident that the more effective meetings are, the better!
In the past, meetings were a lot easier to manage because business operations were primarily on-site. However, this is not the case anymore, as organizations have expanded and most businesses are using remote workers in some capacity.
Thankfully, meetings are a lot more manageable thanks to transcription software. Audio recordings from meetings can easily be transcribed into editable text with these tools. Plus, AI makes this faster and more accurate than it ever has been before. You will be able to efficiently process recordings, even if they are large in size, and you will not have to worry about any trade-offs, extended waiting times, or noticeable slowdowns.
As a consequence, your meetings can be shorter because speakers are not going to have to repeat certain things over the phone since recordings can be converted into readable documents straight away for their reference. Furthermore, the facilitator of the meeting can transcribe audio quickly, meaning he or she is going to have more time to put their skills to better use.
As AI will provide higher levels of accuracy, the final transcription is able to preserve the integrity of the information and messages from any discussion. When you consider just how vitla every second is for a start-up, it is not hard to see why so many SMEs are embracing transcription software so that their meetings can be more time-efficient and successful.
Compete with bigger businesses with AI transcription software
As you can see, transcription software gives businesses the ability to compete in the global market. For small companies, this can be especially beneficial because it means you can reach a much greater number of people without needing to invest heavily in personnel or resources.
Needless to say, you do need to choose any sort of AI transcription software with care, ensuring that the technology is cutting-edge and the results are highly accurate.