How Transcription Can Improve Your Business
What Transcription Does for You
If you want to expand and find growth for your business, transcription needs to be a part of the plan. Every industry faces the need to understand how to grow and develop. There are many paths to success that can be put forward to follow, including effective marketing, customer engagement, and improved communication from the board room to social media.
There are many instances throughout a business that it would be beneficial to have more exact notes or even recorded content. Meetings, conferences, and other business-related situations can be recorded both with audio and video. You can have a secretary take notes, or you can try to write everything down yourself, but it is never as good as the original content. The recording gives an exact record.
Transcription services can be hired out. You can hire your own company transcriptionist. There are also excellent software packages that will use AI to listen to your recordings and produce an exact record. There are many ways to get the job done, but having a written copy of the information gives you additional content. This content can then be shared with stockholders, managers, or, in some cases, provide quality content for your social media or company blog.
You Need Your Own Transcription Capabilities
As a business, you are responsible for all the data that you acquire. Whether this information is regarding other retailers, partners, or customer data – the end-all requirement to continue to do business is that you respect the data. Transcription services that you send out the information and wait for the data to be returned to you can be costly. In sending the data out to a third party, you put that information at risk for a breach. There is the additional risk that a violation could occur with the third-party transcription service. Though hackers can target any system of any size and their fraudulent actions and use of data is a crime – the truth is, they may never be caught. Even if caught, the number one thing that gets destroyed is your company’s reputation.
Hiring your own team of transcriptionists can cost even more. When the number of hours involved is included with yearly salaries and benefits, your returned amount of transcribed data isn’t worth the price you pay. If you can incorporate technology, artificial intelligence, and automation into your transcription capabilities, your team of transcriptionists can be narrowed down to one. The speed of transcription done by AI automation can’t be touched by manual labor. The accuracy of automated transcription software is far more correct than that done by humans.
Automated transcription software can help your company speed up the return of information and improve your ability to disseminate it in multiple ways. Handling your transcription through these applications also decreases the risk of having the data fall into the wrong hands or your company’s reputation brought into a breach scandal.
The Cost of a Data Breach
Eliminating any additional risk of a data breach is a way to protect the company and its future. The cost of a data breach can be so impossible that it can put many small companies out of business. According to statistics, the average price for a data breach in 2020 is $3.86 million. It can be much higher. Canadian lender Desjardins Group faced a security incident that was revealed to have cost the company more than C$70 million ($53 million US). British Airways and Marriot each have faced fines of more than $100 million each for violating GDPR (General Data Privacy Regulation) requirements in the EU.
If there are small steps that you can take during your data handline process that can eliminate significant threats to your data, then these are the choices that will save your company more than money. Data breaches can cause irreparable damage to a company’s reputation, causing a loss of trust in long-time, valued customers. These customers then turn to competitors to fill the void. It can be shown that when a loss of personal confidence causes a customer to seek services or goods elsewhere, 2 out of 3 will never return. These customers will find satisfaction in finding the products and services they need from a new business.
Time and Money = Business Growth
We have all heard the phrase “time equals money.” Does it really? For some, this is their perspective of life. These individuals are happy to trade their time for a specified monetary amount. These are the individuals that are continually hoping for that next “good job” or the ones you see striving to become a part of or stay a part of the middle class. There are exceptions, those who don’t fall for the trade-off. There is a considerable part of the population that does not believe that time and money are equal. These high thinking individuals know that money can always be replaced, spent, earned, but time – once gone, can never be regained or even bought. Time is more valuable than money.
Those who truly understand the value of ROI and profits know that time is always a more valuable commodity. These are the company leaders who take time to understand the way products move through the stages of production. They study how the document process weaves its way through its business model from order to delivery. These same corporate leaders must also understand the value of marketing, social interaction, and company reputation. They are the ones who stress over the costs of a data breach or mishandling of customers’ personal data.
Part of leadership and success also comes from knowing that if you can do both, save time and money, you are on the path to corporate growth. Transcription is a service that falls into the category of business necessities that can save both time and money if it is handled responsibly. Having an automated transcription option allows the company to produce print copies of minutes of meetings, board meetings, corporate plans – in minutes, versus days of traditional turn around time for a service. The automated option costs versus the costs of hiring out transcriptions services or hiring your full-time transcriptionists are not even close. The automation option saves both time and money. If the company had to hire their transcriptionists, they would still require a turn-around time of several days as well as the cost of their permanent yearly salary and benefits. To purchase an automated option and have all or individual staff members trained to use the software is a far cheaper option.
Saving time and money creates growth that drives company success. When a company has so many requirements for information processing and handling, it makes sense to find an option that will perform multiple business tasks in one application. CaseGuard has an all-in-one data processing solution that helps companies find success, demonstrate leadership, create long-term trust with customers, and grow their profits.
How can one software system do all that? Data processing of consumer information has many expected and legal requirements. Companies are responsible for the amount of personal data they compile on their consumers. Data breaches can create staggering penalties and fines, which can close many business doors permanently. A software system that helps speed up the data processing for your company business and protects consumers’ privacy speed up inter-office data processing, automate services, generate compliance reports, and enhance social media visibility. Most companies are looking for this type of all-in-one solution but find themselves paying for individual services, applications, and more – costing them time and money!
CaseGuard provides solutions and opportunities. Automated transcription processing in multiple languages can benefit most companies. CaseGuard also handles video and audio editing, watermarks, redaction processes, translations, captions, and much more! The all-in-one solution is highly intuitive, making it easy to train various office workers and multiple levels to use the software. Keeping everyone on the same page will help modernize and streamline your office processes.
CaseGuard provides redaction processes helping companies to stay ahead of privacy regulations and possible fines and penalties. The software can add watermarks to your documents and video. It can translate and caption video or audio recordings into multiple languages. It can read handwritten notes and produce pdf versions that are readable, searchable, and correct. One software package that enhances the company’s video editing process while protecting its valuable reputation. The answer is clear. It is not to hire large staff departments to handle all the information flowing through your offices. Still, train the staff you have on a superior document processing software that includes automated redaction, transcription, translation, and other uses to enhance your company’s productivity level. When you are ready to grow your profits, get prepared for CaseGuard.