According to the World Economic Forum, artificial intelligence is one of the driving forces in the new industrial revolution. The developments in this technology are aimed at simplifying daily tasks and helping automate workflows further. The projection is that by 2030, AI will contribute $15.6 trillion to the world economy.

As AI continues to develop, it is getting smarter quickly, with big tech companies developing and integrating AI into their operations and products. In addition, several startups worldwide are developing and providing AI-enabled tools.

One of the critical areas that utilize AI is transcription services. Various companies worldwide are training neural networks to distinguish and transcribe speech. AI transcription can reach higher accuracy.

Should you continue to use AI for transcription?

You can say that there are birthing pains for AI transcription, but with the speed of development and evolution of AI technology, the projection is that using artificial intelligence for transcription is here to stay.

Right now, many businesses are already turning to AI to get their transcription jobs done. AI helps make the transcription job accurate, cheap, and efficient. The most efficient way to use AI transcription is to combine the capabilities of automated speech recognition technology and the excellent skills of human transcriptionists.

Here are the predictions for AI transcription.

• It will become more cost-efficient. Human transcriptions are pretty expensive because you pay for their expertise and their time to complete the work. When AI transcriptions become more efficient, the cost of the transcription will become lower, and the turnaround time will be faster. The software will also be available for companies to do their transcription projects in-house.
• Project turnaround times will be quicker. You do not have to wait for hours, days or weeks for your transcription projects, as the process will be a lot faster. Moreover, you can do last-minute transcripts quickly. By integrating the program with other systems, you can avoid manual typing.
• Improve the quality of transcription. With the combination of AI-powered transcription and human transcriptions, the quality and accuracy of the transcription will further improve. The AI transcription software is envisioned to offer affordable costs, and quick turnaround times. Many industries will still be needing professional transcriptionists and they will be valuable in machine learning, together with improvements in technology. Machines will eventually be able to do natural language processing to create transcriptions that will include the natural conversations’ subtle nuances.
• Increase in the availability of AI transcription software. As the popularity of AI transcription software increases, it will become widely available. Businesses can choose what type of software they want. Since providers will incorporate different features into their software, it is vital to test the software, assess the needs of their business, read the reviews, and choose the one that fits their business requirements.

The future of AI transcription looks very promising, but there are still many hurdles to overcome, like having to contend with the different quality of the recording. The technology should learn to adjust and comprehend various speech patterns because some people speak clearly, while others talk with an accent. Some people talk very fast, while other people intersperse their speech with uhms and ahs. Developers of AI transcription software should learn to understand complicated passages and fill the gaps in the recording by understanding the context and recognizing homophones, among other aspects.