Outsourcing in the business world is defined as the process where a goods or a service is transferred and obtained from a foreign country and or a party outside a company to perform and create in house services and goods under their own employees and staff, while transcription is a business service that converts speech (either live or recorded) into a written or electronic text document. Therefore, Outsourced transcription (put together as one term) allows a business to have excellent quality transcripts on time along with cost savings while the business remains focused on its core competency. This is because transcription is already a pretty time consuming job that requires great attention to detail.
In the Transcription industry the service providers employ trained transcriptionists who are professionals with expertise in their field of transcription. Transcriptionists generally tend to specialize in a particular field of transcription. Some of the most popular areas of transcription are: medical transcription, legal transcription, podcast transcription, business transcription, etc. Most of the other types of transcription generally fall under the area of general transcription.
The main benefit of outsourced transcription is that it allows companies and businesses to save on the cost of having an in-house employee for this transcription procedure, because the industry standard is to charge by the line. One line is 65 characters. Therefore, the business will only be paying for what needs to be transcribed, and will be saving tons of money for the salary and all other benefits that need to be paid to a regular employee.
Time zone advantages also plays another huge role/ benefit in transcription, as most transcription companies are able to transcribe a file within twenty four hours, so each and every employee is working twenty four seven to ensure each and every file is transcribed to their absolute best for their client. With a time zone advantage it allows you to wake up the next morning (after your transcript was requested) to your service being fully delivered. This advantage gives you the benefit of round-the-clock business operations.
Another advantage of why outsourced transcription is a beneficial procedure to take into consideration is because it allows you to overcome seasonal fluctuations in work and lack of workers during holidays and off-seasons is another advantage, because during the holidays many employees decide to go on vacations or take time off from work to spend with their families or to due to an illness they have been feeling during this seasonal break (as it is flu season). Therefore many companies deal with a peak in workloads and smaller staff during vacations by this event. With the help of outsourced transcription it always ensures you have someone by your side working on your team.
And lastly, outsourced transcription goes hand in hand with privacy/data security laws, as privacy and data security becomes more important for certain companies and businesses; it's become harder for those businesses and companies to assign certain parts of their work to due to some laws and regulations surrounding general and other types of transcription. However general transcription companies make sure everything is up to date with the latest developments in their data privacy areas, so their clients can be confident with the sending their files to these services, as the work environment they have created within their business would ensure they would not compromise anyones confidential information.