As technology grows by leaps and bounds every passing day, more and more businesses are integrating them into their workflow to increase efficiency and minimise costs. One of the most trending technologies for companies in the last couple of years has been speech-to-text technology powered by the latest AI technology.
It has seen tremendous success among multiple industry verticals, and many SAAS companies specialising in it have cropped up all over the world in less than a decade. If you’re a business owner, you might consider integrating speech-to-text technology to streamline various business operations and improve your business’s overall performance.
If you’re still on the fence about it, here are 10 major advantages of speech-to-text technology for business.
Makes Peer-to-Peer and Meeting Communications Easier
One of the biggest timesinks in meetings and brainstorming sessions is jotting down the discussion on pen and paper or typing it. With speech-to-text technology, you can easily bypass this process and have an accurate record of the entire meeting without missing any important details.
Drastically Improves Documentation TAT
Speech-to-text has been a game changer when it comes to documentation. These software are great at accurately recognising words through different accents and converting speech to text at the same pace as the speaker. This allows for more documentation to be done in much less time than it would have taken.
Provides Flexibility to Remote Workers
Since the COVID-19 pandemic, many businesses have adopted a work-from-home policy to reduce expenses in the volatile global economy. This has made it challenging for remote workers and business owners to maintain a work-life balance. Thanks to speech-to-text technology, remote work has become much easier, providing remote workers with greater time flexibility.
More Time,Less Paperwork
Thanks to speech-to-text technology, you and your employees have more time to focus on other core aspects of your business, like innovation, automation, and marketing. It cannot be understated how doing so puts your business miles ahead of your competitors, who don’t use the technology because they’re dragged down by unnecessary paperwork.
Simplifies and Streamlines Repetitive Work
A great benefit of speech-to-text technology is that aside from documentation and taking notes; it’s also really great at streamlining repetitive work like work order processing or customer service. This greatly improves the workflow in industries where repetitive work like customer service chats and property preservation/real estate/legal data entry.
Flexibility to share files across devices
When the technology was first introduced in the market, speech-to-text software conversions were limited to a few markets, making cross-sharing the results among multiple devices difficult. But these days speech-to-text software provides the flexibility to share files across multiple devices, making things that much easier for business owners and employees.
Speech-to-Text Technology is Less Prone to Errors
When multitasking while taking notes, you can often make errors or mistakes that make them unreliable, especially during meetings. Speech-to-text technology reduces this margin of error with the help of AI technology, resulting in more accurate, reliable, and detailed notes and documentation.
Integrated Encryption Technology Keeps Your Data Safe
Most speech-to-text software have encryption built into them by default which makes it secure for information transmission even on commonly accessible business servers. Even if hackers hack your data, they’ll have a tough time causing you damage unless they’re really good at decrypting the encrypted speech-to-text data they stole.
Accessible from your iPhone, Android, or tablet
In its infancy, speech to text technology was often limited to desktops and laptops due to technological limitations. Today, most speech-t-text technology and software can easily be used across all types of devices, such as smartphones, tablets, and even smartwatches. The best part is, that both iPhone and Android users have equal access to them.
Improves WorkflowVisibility
Many business owners have a tough time improving their business workflow to improve overall efficiency due to a lack of proper workflow visibility. Speech-to-text technology makes it easier to manage priorities and turnarounds, giving you a clearer picture of your overall business workflow and allowing you to improvise and strategise accordingly.
Multilingual Translation Support
Speech-to-text technology has evolved to the point where it can provide instantaneous multilingual translation. So if you’re working with a remote worker or freelancer across the globe with a language barrier, speech-t-text software can easily resolve communication issues by translating your or the other party’s language into English or any other desired language.
Helps Increase Social Media and Video Platform Reach
With audiobooks and podcasts becoming increasingly popular over the past decade, speech-to-text technology is the perfect tool for content creators to convert audio to text as well. Speech-to-text software can often do the reverse as well- convert text into speech with AI voiceovers, making it easier for podcasters and content creators to transmit their content into written form, increasing their reach.
Speech-to-Text Technology in Singapore
Being one of Asia’s biggest financial hubs, speech-to-text technology has become popular in Singapore as well. There are a lot of options in the local market, but iFLYTEK has one of the best speech-to-text APIs you can find in the market. Not only do they provide top-of-the-line technology and SAAS service, but their prices are also very reasonable as well.
They also have a great customer support team ready to help you out with any queries or questions you might have before even paying for a subscription.
Final Thoughts
Now that you have a thorough idea of all the advantages speech-to-text technology can bring to businesses, you should seriously opt to use one in yours as well. You can rest assured that your competitors are doing the same and not integrating this powerful technology in your business in the long run can have a negative impact on your business.