What is speech to text technology?
The advancement of disruptive technologies like artificial intelligence, machine learning, deep learning, and others has reinforced the capacities of speech to text technology, unlike anything before. While the technology has been tested around for quite some time, it wasn’t until a few years ago that it really took—off in terms of accuracy, speed, and reliability. Today, the technology is fully matured and being integrated into various applications and industries, including the media companies. Today, the capabilities of the technology have enabled businesses to improve their workflow processes and efficiency, leveraging the full business potential.
In this blog, we will be looking at some of the benefits of speech to text technology for the media industry.
What’s the role of speech to text technology for media companies?
Before we dive into the advantages of technology for the media industry, let’s take a look at the role of the voice recognition technology for the industry to get a better understanding of its working and benefits. Today, voice recognition technology has various applications across different aspects of the media and broadcast industry including improving the editing process to media asset management and from automated captioning of videos to media monitoring. The technology potential for the media industry is huge and profound.
With the massive increase in the consumption of video content, the voice recognition technology has become the game-change for the media industry, equipping them with vital tools and features required to keep up with the surged demand and ensure the quality of the content. The media companies are also integrated speech to text technology in order to keep the competitive advantage, sustain increased traffic, and boost revenues.
According to one study by Speechmatics, the media companies are using voice recognition technology to gain operational efficiencies, lower the turnaround times, and gain a competitive advantage over other companies. The technology in short is opening up new opportunities for the media industry; enabling them to expand their scope and reach out to more markets.
Benefits of Speech to Text technology for media Industry
Now that we have an idea of the applications of the technology in the media industry, let’s take a look at some real-world benefits of voice recognition technology.
Operational efficiencies over 80% of the media companies that have integrated the voice recognition technology into their operations recognize the increased operational efficiency as the biggest its benefits. By integrated the speech to text technology into the workflow processes and operations, media companies significantly increase their capacity to process large volumes of content.
- Employee support
From the very beginning of artificial intelligence, people have been worried about its negative impacts on the workforce. Machines replacing the human workforce is the single biggest threat presumed by people. However, now as the technology has matured fully and is being integrated into various industries, it is proving to be actually more conducive and supportive of employee growth. The voice recognition technology in the media industry is today assisting human workforce in their daily routine, relieving them of the redundant tasks like transcribing. This enables employees to focus on improving their skills in other roles like editing and offer better value to customers.
- Reduced costs
The voice recognition technology not only helps employees complete their work more efficiently and accurately, but it also enables businesses to lower operational costs. By improving the turnaround times and enabling more efficient workflows, the speech to text software is recognized by media houses as a cost-saving technology.
- Gaining a competitive advantage
Over 60% of media companies using voice recognition technology said that these platforms are helping them to stay at the top of the competitive curve. Many businesses look at the speech recognition platforms to expand their services and reach to larger markets thanks to advanced functionalities and features offered by such platforms.
The companies integrating voice recognition technology says that these platforms are helping to greatly improve the quality and capacity of existing products and services, while also helping them to expand and grow business operations.
- Improved customer experience
Another great benefit of voice recognition technology is improved customer service. Over 30% of media houses using the technology recognize speech to text platform as the driving technology helping them to serve customers with better solutions. The businesses are using media companies to enrich existing workflow processes, enhance the engagement with customers, as well as, find the right keywords to create better content for the end-users.