Speech-to-text solutions are the preferred choice for many organizations when considering their dictation requirements and organizational needs. According to a recent market report published by Grand View Research, Inc., the global speech-to-text API market size is expected to reach USD 8.56 billion by 2030 and grow at a CAGR of 15.2% from 2022 to 2030. With this growing need for speech-to-text solutions, it is common for organizations to put together a business case and weigh in the return-on-investment (ROI), to get desired results. However, to arrive at a decision, it is important for organizations to consider the benefits and best practices associated with speech-to-text capabilities.
Benefits:
Faster document creation
Speech-to-text can significantly help businesses reduce document processing times, as compared to the standard transcription processes. Real-time speech-to-text turns voice into text as you speak, to increase productivity and decrease turnover time when creating documents, reports, file notes, and more, without compromising on quality. Since talking is much faster than typing, you can dictate and create documents three times faster as compared to when you type them.
Advanced speech-to-text solutions also have the capability of transcribing finished recordings. A recording is uploaded and sent through speech-to-text for a first document draft. You can then simply listen to the recording while correcting and formatting the converted text.
Flexibility
Fully integrated speech-to-text solutions offer the flexibility to work from anywhere- – be it your PC, smartphone, or just a web browser on any computer. Instant transcripts can be created in the office, on the go, or working remotely. Recordings and text documents can be accessed on any device. Speech recognition technology can help reduce repetitive tasks, freeing up time so that professionals can focus on fewer administrative tasks.
When working with speech-to-text, there are a few best practices to keep in mind:
Avoid excessive background noise
Background noise can impact the accuracy of any recording. Since, speech-to-text software can be used in different settings, devices, and working environments, it is possible that due to background noise, the transcript is not accurate. We recommend dictation microphones such as the Philips SpeechMike, that significantly reduce background noise and maximize speech recognition result accuracy.
Working with accents
Regional or foreign accents can be challenging to speech-to-text software when trying to achieve high accuracy levels. It is important to look at high-quality professional speech recognition solutions that can create accurate transcripts even with the most varied accents.
Learn how to dictate
With practice, the right tools, and a proper understanding of the dictation process, you can learn how to dictate effectivity and increase productivity. Make sure, to be as specific as possible with the style and formatting when dictating. Punctuation is an important aspect of dictation too and will help to articulate your meaning and ensure correct sentence structure. Learn more about how to dictate in our blog here.
Philips SpeechLive is a highly secure cloud dictation and transcription workflow solution which also offers professional speech-to-text. Take advantage of the Philips SpeechLive speech-to-text add-on feature that integrates into its workflow. Try the many speech-to-text functions of SpeechLive: real-time or automated speech-to-text, in the web recorder, the SpeechLive mobile app, and the desktop app.