Understanding Transcription Services: Should I Choose Human or AI?
While audio or video calls deliver important messages, transcripts ensure that every word is captured and ready for deeper analysis. Transcripts of earnings calls form permanent records and aid in regulatory compliance. Transcription also provides analytical benefit as members of the financial community such as, investors, analysts and journalists will base their work off of this documentation. Having a transcript provides an accessible option for viewing your company’s strategy, market position and future outlook. This transparency is crucial in maintaining and fostering investor trust.
Why Should I Order Transcription Services
Transcription is the process of documenting the words spoken in an audio or video call. For an earnings call, it captures executive remarks, financial overview and the Q&A session that often follows. The transcript acts as a written record, which can be referenced and accessed long after the call is completed. Most webcast replays are available for 12 months. The Transcription has no timeline as the company can post the transcription for as long as they would like. It is invaluable for ensuring clarity and accountability among the company’s messages.
A company can decide to transcribe their call through two different methods: human transcription and AI transcription. Both of these services have their upsides, so it begs the question, which method should you choose?
Should I Choose Human or AI Transcription?
Advances in AI have come with a tendency to prematurely adopt this new technology. This is due to its portrayal of increasing a company’s workflow. While AI may offer quick results, it does not have the capacity to produce the same quality as human transcribers.
Let’s take a look at the pros and cons of each method to determine which transcription service provides the most benefit for your company.
Human Transcription Services
Having your call transcribed by a human ensures a high level of accuracy. Despite taking more time than its AI counterpart, human transcription will yield more reliable results. This is especially evident in scenarios where detail and context are essential.
Benefits of Human Transcription:
- Better Accuracy: Human transcribers provide a quality level that AI cannot match. Transcribers can pick up on details such as tone and context, which will make the transcription more reliable.
- Customized Templates: Transcribers are able to manually put the information into standardized or customizable templates.
- Identify Multiple Speakers: Transcribers are able to differentiate and identify speakers. This avoids the confusion over who said what in the transcription.
- Overcome Language Barriers: Accents and speech impairments can present difficulties for AI. Human transcribers are able to understand and interpret these discrepancies, ensuring the message is transcribed correctly.
- Understand Industry Terminology: Human transcribers research the company as they type to understand specialized terminology. This understanding ensures that the transcript reflects the correct context of the discussion.
- Multilingual Capabilities: Human transcribers can transcribe/translate in multiple languages, making it a versatile option for companies with diverse stakeholders.
The Drawbacks of Human Transcription:
- Longer Timeframe: Having a human transcriber does take longer than using AI. However, the expertise and quality of their work will yield greater results.
- Increased Expense: In a situation such as a shortened deadline, human transcribers can have added costs.
AI Transcription Services
Having your call transcribed with AI is a quick fix. It might save time initially, but the technology hasn’t progressed to a point where the results are without error. There will be a need for added proofreading for all AI transcriptions.
Perks of AI Transcription:
- Time Efficient: AI can deliver the initial transcript of a call faster than a human transcriber. This can be useful when quick access to a transcript is required.
- Multilingual Capabilities: Some AI transcription services can handle multiple languages. This can be helpful for companies with diverse stakeholders.
What They Don’t Tell You About AI Transcription:
- Inconsistent Quality: AI is not at a level where it can guarantee the same quality of transcription as a human. Errors are more common, and these can be costly in high-stakes situations like earnings calls. AI transcription often scores below 70% in overall accuracy and structure.
- Difficulty with Accents or Speech Impairments: AI can struggle to accurately transcribe calls with speakers who have strong accents, speech impairments, or poor audio quality, leading to misinterpretations.
- Limited Understanding of Industry Terminology: AI may misinterpret or fail to correctly identify specific industry terms. This can result in an inaccurate transcription of critical information.
- Lack of Contextual Understanding: The use of AI can lead to misrepresentations due to its inability to interpret context or tone.
- Additional Proofing Required: AI transcription requires extensive human proofing afterward, eliminating the time that was saved during the initial transcription.
- Increased Expense: In a situation such as a shortened deadline, AI transcription can have added costs.
The Answer: Leave it to the Experts
With the potential for increased efficiency, the emergence of AI may persuade companies to adopt this new technology. Using AI for transcription will provide a quicker result initially, but overall, it will end up using the time it had saved. This is due to the need for additional proofreading of AI transcription. AI has not advanced to a point where it can always understand specific industry terminology, differentiate between multiple speakers, or understand accents and speech impairments. When planning to have your next call transcribed, our advice is to leave it to the experts!
Having a human transcriber will ensure a high-quality transcript. It also enables a company to have complete control over the customization of their transcription. Human transcribers spend years perfecting their skills. Their ability to understand the context and tone of financial messages provide an invaluable aspect to the transcription process. In the case of specific industry terminology, transcribers add an additional benefit through their ability to conduct research.
The medical field is a good example of an industry with specific and complex terminology. Human transcribers will research for a deeper understanding of industry terms. Familiarizing themselves with unique terminology will eliminate the possibility of misrepresenting crucial information.
ViaVid Expert Transcription Services
There is a lot that goes into a successful conference call. Events, such as earnings calls, can take months of preparation to ensure the desired outcome. With the help of ViaVid, all the essential services for these high-stake calls can be found in one provider. ViaVid offers industry leading earnings calls, webcasting and transcription services. Partnering with their experienced team will allow your company to get all the help they need in one place. Choosing a service provider that can do it all will increase the organization and efficiency of your call, leading to stronger investor relations.
Services Offered by ViaVid:
- Traditional Earnings Teleconferencing
- Webcasting
- Pre-recorded Earnings Calls
- Audio/Video Event Management
- Transcription
ViaVid offers expert quality transcription services. Their team of experienced transcribers ensures that your transcriptions are accurate, contextually relevant and provided without the use of AI. ViaVid will have your transcript delivered in a timely manner, offering 6-hour, 24-hour, and 48-hour turnaround times. With both standard and customizable formatting options available, their team will meet your specific needs. Choose to maximize both efficiency and quality by leveraging ViaVid’s Transcription Services.
Ready to make sure your next call is accurately documented?
Book with ViaVid’s team of expert transcribers today!