Transcription has become one of the most sought after and very lucrative businesses in today’s world. Transcription, simply, is the process of converting audio file into text format for varied reasons. The person who does this conversion is called a ‘Transcriptionist’. A transcriptionist listens to a given audio and converts it into text depending on client requirements. Transcription can be done either direct as being present at a given event or through recorded audio files.
Transcription can be broadly divided into 3 main categories:
- Verbatim Transcription
- Edited Transcription
- Intelligent Transcription
Let me take you briefly through these to acquaint you with the subtle difference among them.
Verbatim Transcription: As the name itself tells, it is all about exact word-to-word conversion of audio into text. This also involves the mumblings, half sentences and emotions that might have been used during the event. Eg: “hmmm, I mean, kinda….etc.” From a transcriptionist point of view, this process involves a lot of time and effort to achieve the desired accuracy. Hence it is a very expensive and well paid process. This format is used commonly for legal proceedings and financial events where every word is important.
Edited Transcription: As the name explains, these transcripts can be mildly edited. It is similar to Verbatim, but here the mumblings and the emotions can be edited. One has to listen to the audio and try to get the gist of the speech or seminar without changing the meaning and transcribe it into relevant text. For processing edited transcripts, transcriptionists need to have a good command over language and a greater level of understanding of the concept. It is time consuming too, but less in comparison with Verbatim Transcription. This is also a well-paid process. This is a generally used format for transcription in seminars, conferences, public speeches, etc.
Intelligent Transcription: As the name suggests, it is the kind where transcriptionists ignore unwanted terms and words used in the talk which does not mean anything. As these words add no value to the content, they can be left out of the final transcribed text. This process takes less amount of time as compared to the other two formats. Mild rephrasing is allowed in this format.
Depending on the end users’ budget, turnaround time and other requirements; one of these transcription process is chosen. Though they have their own pros and cons, each format is useful in its own way. Transcription is a very interesting and well established business. It is sought out more because of the flexibility of getting it done even from the comfort of our home.
For a transcription service provider, quality proofreading is the most critical task performed before transcripts are delivered to its clients. Transcription proofreaders typically work as a part of the Quality Analysis team and they work at different levels. They are responsible for the final delivery of error-free transcripts to the clients, and hence considered as the most critical job.
How do they do it? The key to quality proofreading is to read the transcribed text again and again, the more you read the more you understand the context of the document. Each time the proofreaders review the content, they approach it with different mindsets.
Transcriptionists type out documents quite fast simultaneously listening to audio files leaving room for mistakes. Errors are bound to happen as transcriptionists type out at a high speed. Proofreaders are the second set of ears and eyes before the transcripts are finally delivered to the clients.
What do they check while proofreading? Proofreaders check for grammatical and spelling errors. They also check for contextual errors. Proofreaders fill in missing words or phrases missed out during the transcription process.
Document formatting according to the specifications provided by the client is another important task performed by proofreaders. After proper formatting, the documents are delivered to the client after a final quality check by the proofreaders.
With the best Quality Analysis team in place, Transcribe-Now is one of the most sought-after transcription service providers operating in the market.
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.
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.