5 Myths about Transcription

There are lot of misconceptions on air about transcription, let us look at five major myths.

5 myths about transcription

1.It is all about listening to an audio and simply typing them out.

This is a myth. Audio recordings are not always perfectly done for transcriptionists to just type them out. Transcriptionists often come across poor audio quality, thick accents, multiple speakers crossing over each other, etc. A good transcriptionist has to understand the concept clearly and has to correlate with the concept most of the times to make sense out of what is spoken. Perfect grammar and spelling with proper formatting are major aspects of quality transcripts.

2.Speaker identification is quite easy.

Not at all. You can imagine how difficult it is to identify speakers during an earnings conference call, especially when multiple speakers with same accent. Most transcriptionists say that it is very difficult to distinguish between female speakers when they have same voice and accent. Good transcriptionists need to make intelligent guesses while identifying speakers; for instance they need to know how to distinguish between what a CFO or CEO address during an earnings conference call.

3.Time required to create a transcript is same as the length of the recording.

This is not true. Time required to create a transcript is always greater than the length of the recording. Transcribing an audio involves stoppages and rewinding to allow transcriptionists to decipher sentences and accurately convert them to text. There are times when a transcriptionist slows down the pace of dictation using transcription tools in order to clearly understand what is being said. Research and proofreading are other aspects of transcription that slows down the pace of transcription process. As an industry standard, it takes 3 minutes to transcribe 1 minute of clear audio recording.

4.Proofreading is a simple task and anyone can do it.

No, proofreading is not at all a simple task and it has to be done by professionals. Proofreaders need to have a lot of concentration and subject knowledge. They need to check for spellings and grammatical errors because these errors are considered to be grave when it comes to the quality of transcripts. Proofreaders are the decisive set of eyes and ears; poor proofreading can cost a lot to the transcript providers.

5.Formatting a transcript is very simple.

Formatting a transcript is not at all a simple task. Formatting the text according to client requirements is of utmost importance. Formatting requirements vary from client to client. An editor has to be sure of each client’s formatting style. They need to have thorough knowledge of the style guides provided by each client. Medical, legal or business transcript formats are entirely different from each other.

A good transcription service provider has to have a perfect combination of transcriptionists, editors and proof readers to deliver high quality transcripts. It is very important for them to have thorough professionals with specialized knowledge in each domain.

Earnings Call Transcription

What is an earnings call? Earnings calls are conference calls conducted by public listed companies to discuss their financial performance for a particular reporting period. Normally, companies do this reporting quarterly and yearly. Analysts, investors and media participate in these conference calls. It is estimated that there are over 4,000 public listed companies in US trading actively on NYSE or NASDAQ. These earnings conference calls are critical for companies’ short and long-term success. Earnings calls make it possible for the public listed companies to share important data and information with their shareholders to analysts.

Earnings call transcription

Usually public companies publish a press release before conducting their earnings conference calls. The press release covers a summary of financial performance and new releases. Earnings calls are conducted by public companies for a variety of reasons. It is mandatory for public-listed companies to disclose certain information with the public and it is required by law. Disclosures like proposed merger & acquisition, major tender offers, etc. are also done during these conference calls. Investors who follow these companies attend these conference calls to know more about their performance.

What happens if investors happen to miss these events due to other commitments? The webcasts are archived in the company websites for a certain period of time so that they can log in and listen to the calls. This makes earnings call transcripts important. Investors or analysts can go through earnings call transcripts to know what was discussed on the call. They can search and find the important sessions covered during the earnings call. Earnings call transcripts are typically verbatim transcripts of earnings conference calls and they include Q&A session as well. Earnings call transcripts help public companies to share information to a wider audience at their convenience.

Earnings call transcripts allow companies to be more transparent, which is widely appreciated by investors. Accurately captured verbatim transcripts ensure no confusion on what was covered on the earnings call. The transcripts can also be used as a record that is easily reference-able.

Earnings call transcripts, who does it for you? Though there are quite a few transcription service providers around the globe who provide earnings call transcripts, people prefer to consume these transcripts from reliable sources.
TranscribeNow is a transcription service provider specialized in earnings call transcripts.