Transcription Services FAQs: A Comprehensive List

With the rise of digital, the transcription industry has witnessed significant growth that has drawn interest across the business and academic spectrum. In this post, we’ll answer questions, both generic and specific, about transcription services that people ask world-wide.

Here’s a comprehensive list of those questions (we’ll be updating this post as we get more questions!):-

Q. What are transcription services?

Transcription is the conversion of voice recordings to a text format. A transcription service is a business that provides clients with documents transcribed from meetings, interviews, dictation, and speeches. Transcription services are used in various fields such as: marketing, finance, technology, government, manufacturing, health, law, arts, and nonprofit sectors. The source of the audio may be live speech, or (more commonly) speech recorded into any number of formats (including MP3, MPEG, WMA, DVD, magnetic tape, MOV, etc).

Q. What should I charge for transcription services?

The rates for transcription services vary based on the difficulty level of the audio and the number of speakers in it. The rate of transcription as per the industry average varies from $1 to $1.50 per audio minute, with some companies charging per speaking person. At GMR, transcription rates typically vary between $ 1.25 to $ 4.50 per minute of recorded audio, depending on the number of speakers in that audio and its difficulty level. For extra services like verbatim, time codes, and corrected grammar, we charge $ 0.50 per recorded audio minute.

Q. Why businesses need transcription services?

Accurately transcribed information is very important to ensure the smooth operations of any business. Business transcription involves the creation of textual transcripts of video or audio recording of various business interactions, such as conferences, meetings, presentations, workshops, etc, for current or future use. A majority of companies need business transcriptions to avoid lawsuits and disputes later in the future. Additionally, choosing a professional transcription company will help you grow your business by making use of a variety of business intrinsic services.

Q. How Big Is the Global Market for Transcription?

According to data gathered by Transparency Market Research, the global medical transcription services market was estimated to be USD 41.4 million in 2012 and is expected to grow at a compounded annual growth rate of 5.6% from 2013 to 2019, to reach an estimated value of USD 60.6 million in 2019.

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Q. Which Business Needs Transcription Services?

There is a virtually endless list of businesses (and organizations) that use transcribers. Here is a lengthy list that is far from complete:

Q. Are Humans Replaceable by Machines in the Transcription Industry?

A computer can hear and dictate spoken words, but only a human can listen and catch errors, edit, and format documents. The accuracy and intelligence of human transcription is invaluable to maintaining high transcription standards.

Q. Is Accuracy More Important Than Speed in Transcription?

In terms of transcription, accuracy is the most important, and speed is a close second. When looking for transcription services, it is critical to find a company that focuses on these two factors. A transcriptionist should provide at least 98% accuracy, as well as get the job done in a reliable, timely manner.

Q. Why is Confidentiality Adherence Crucial When Choosing a Transcription Company?

Confidentiality is a critical factor when choosing a transcription service company because an audio file often includes sensitive data. All transcription companies make their transcribers abide by a strict NDA policy. You wouldn’t want a conversation you had with your doctor or lawyer going public, would you? We take confidentiality very seriously.