by Neeraj Verma October 11, 2023 Research and Development (R&D) can be expensive – whether you’re building the next big thing or trying to improve an existing application, the costs can quickly add up. But there are ways to cut costs without sacrificing quality. One way to do this is by using a transcription API instead of manually listening to calls or paying for traditional transcription services.
A transcription API is a set of software instructions that allows you to convert audio to text. Transcription APIs are powered by artificial intelligence (AI), which means they can provide features that human transcribers can’t, like the ability to transcribe multiple speakers at once. Most importantly, transcription APIs are significantly less expensive than traditional transcription services, making them an ideal solution for a business seeking to cut costs while still enabling innovation.
The cost of a transcription API varies depending on the features you need and the size of your team. That said, transcription APIs are typically offered on a pay-as-you-go basis, which means you only pay for what you use. This makes them an affordable solution for businesses of all sizes.
There are many benefits to using a transcription API, but the most important is that it can help you save money on R&D. Transcription APIs are much cheaper than traditional transcription services, so if you’re working on a tight budget, they’re definitely worth considering. In addition, because transcription APIs are typically AI-powered, they can offer features that human transcribers can’t, like the ability to transcribe multiple speakers at once. Further, if you are thinking about building your own Automatic Speech Recognition application, we recommend that you opt for a transcription API instead, due to long-term cost and technology advantages.
While there are many benefits to using a transcription API, there are also some drawbacks to consider. For example, they may not be as accurate as human transcription, in some cases. In addition, some companies may prefer the personal touch that comes with working with a human instead of an algorithm.
In addition to the elements covered above, there are three things you should keep in mind when deciding which route to take – and once you’ve decided, when choosing which vendor to work with. Evaluation criteria should include the following:
While there are many transcription API options on the market, ElevateAI provides the highest accuracy, the lowest cost, and is purpose-built for the contact center.
