Cutting Costs in Transcription

Looking for ways to cut costs in transcription? In times of economic uncertainty, most transcription companies are considering every possible cost cutting measure. They are now looking at ways to drive down costs in transcription either by outsourcing or by using home-based transcriptionists or cutting-edge technologies.

In reality, the internet has completely transformed the way business is conducted in the transcription industry. High-speed internet connections are completely dismantling geographic barriers. These days, most transcription works are done remotely and transmitted electronically which results in transcription from home. This increases productivity while dramatically reducing costs.

In an effort to remain competitive, lots of companies have turned to outsourcing as a means of cutting costs. Outsourcing allows businesses to change their corporate culture. It allows your company to focus on its core competencies and challenges ahead in a slowing economy. Organizations have turned to outsourcing to ease their internal management responsibilities, reduce their physical space requirements and equipment expenses. Outsourcing has become a strategic tool that gives businesses flexibility and access to skilled personnel.

In the past, all kinds of transcription works were mainly performed by in-house employees which means the organization not only had to pay salaries, they also had the expense of physical space and equipment needs. Today, hiring a full-time transcriptionist is costly and not an efficient use of resources.

Also Read: 9 Signs That Indicate Your Business Needs Transcription Services

The advantages you get by outsourcing Transcription services includes-

1. Reduced infrastructure investment

2. Low-cost of outsourcing

3. Fast turn around time

4. Getting skilled labor when you need them

4. Hassle-free, as you do not have to deal with transcriptionists

5. Delivery of files in any format of your choice

By using home-based and production-based transcriptionists, many businesses are finding cost-cutting solution. Fewer employees are required. Office space is not needed. Turnaround time is reduced.

Research says transcriptionists who worked under a home-based, incentive-based arrangement were more productive than office-based, hourly-based transcriptionists. The geographical location of a transcriptionist is immaterial, as long as he/she gets an internet access in their living area. No office space is required for home-based transcriptionists that further reducing costs.

Use of cutting-edge technologies like speech recognition software can also help you in cost-cutting. As it is not very expensive and has obvious advantages over traditional transcription services. It captures the speaker's utterances and vocal inflections and places them in context with one another. With the latest versions of speech recognition software, you can dictate directly into a PC, laptop or into a digital recorder, then transfer the recording on to your PC and let the software dictate from the recording.