Types of business transcription

Any business that involves conversion of audio files into verbatim transcripts is called Business Transcription. Business, which is registered with NASDAQ or NYSE, is subjected to document their quarterly meetings to enhance their performance level towards their investors. An assigned coordinator captures the meetings in the audio format and sends them for transcription. Now comes the role of a business transcription service. The transcription company then converts the audio into text after listening to the audio files carefully. This whole process of recording meetings, converting audio files into text is called Business Transcription.
What are the different types of business transcription services available? Business transcription services cover a range of industries, including health care, airlines, automobiles, and insurance. All these businesses need the service of a business transcription company. They can be categorized into business transcription services for teleconferences, books/magazines, focus groups, insurance groups, academics, and legal.
A business transcriptionist should be able to convert any type of interaction, be it meetings, lectures, speeches, conference, discussions, and interviews. Keeping in mind the time frame, the business transcription company should work out a schedule. Sometimes, there may be a necessity to convert audio of different language into English text. For this purpose, transcriptionist who is an expert in the foreign language as well as English is required, so that they are able to undertake the conversion work effectively. There should be no language barrier as far as transcription business is concerned.
Initially, transcription projects were carried out by in-house entities of companies, but later, when the volume and the complexity of the transcription work grew, companies began to search for external help to get their transcription done. Even this outbound work did not venture beyond the immediate neighborhood of the company for the sake of ease of transferring of recordings and the pertinent transcripts. However, in contemporary times, business transcription is more often outsourced, which has proved to be a turning point for business transcription companies.
The service areas that a Business Transcription Service focuses on are, transcription of teleconferences where word to word record of the conference calls is made for permanent records. Next comes transcription of speeches and lectures, where you can mail the audio of the lecture or speech and get it back in Word format. Seminars and conventions also can be transcribed for focus groups. Handwritten copies can be converted into word format for books and magazines. Government departments like police and fire also need text copies of accident report, fire reports, witness interviews, bugged conversation, and the like on paper for administrative purpose. With so much of scope for business transcription, the industry is bound to take a leap in the forward direction.