AI has the capability to offer perfect transcription for videos as well but there are several factors that how accurate it is. We now have accessible transcribe services, achieved up to an accuracy of 95% based on a study carried out in 2023 with the Dupdub advanced AI transcription service for optimal conditions, like high-quality audio with little or no background noise and clear articulate speakers. In cases of poor audio quality, accuracy may drop by 10-20%, especially in the presence of overlapping dialogue, thick accents or heavy background noise.
The return on investment is often very high for businesses that invest in AI transcription tools. Businesses like these benefit from AI-powered transcription services — one 2022 industry report found that they allow companies to complete transcriptions in just 30% of the time without them, improving workflow efficiency (through lengthy reduction), and delivering project turnaround times by up to 50%. AI transcription tools are based on machine learning algorithms, which they use to improve their recognition for certain industries (e.g. healthcare or legal services) as the software learns industry terms and specific jargons.
Platforms like Otter. ai and Google have pushed their speech recognition models further which has made them able to transcribe video and audio files faster than manual services in real time for content creators, they are perfect for businesses or individuals too. But even these best tools have a hard time with poor audio quality and are easily confused by multiple speakers. Take, for example, a tech company that trialed Otter. Transcription was 85% accurate in one-on-one interviews, but only 75% of Gold Standard Listenings in focus groups/multi speaker environments.
One of the most famous sayings coming from Bill Gates emphasizing on the impact that AI technologies could have is "AI which needs no introduction and if its advance will be inevitable and one day it will transform full industries". By training AI to identify various patterns, companies are able to transcribe large amounts of hours of content in minutes instead of days, as traditional methods with human transcribers required.The transcription industry is already shifting its workflow towards using Artificial Intelligence.
Compared to manual transcription, AI transcription services are significantly more cost-effective, take for instance what DupDub offers is a cost-saving functionality that can work independently of human intervention. These are not as high accuracy compared to human transcriptions but can label large scale of video content and make them suitable for companies who wish to drive cost saving through automation without compromise on quality. Although AI transcriptions are not 100% accurate especially in more complex scenarios, it is still a powerful tool that is rapidly getting better and better. For anyone looking at ai transcription, DupDub is a reliable choice in the market with good accuracy and fast speed.