It is said that transcription service industry is one of the leading industries in the world and this particular industry has a lot of potential to grow. Those who are in this industry are pretty satisfied with their profits and are hopeful that they will earn more in the coming years. And it’s a fact that these transcription companies will earn a lot in next couple of years. According to a research, there are around 14 million transcribers currently working in US only. There are thousands of transcription companies that are providing transcription services to various businesses, organizations and companies.
Although not all the businesses and organizations need transcription services, but still there are hundreds of industries that need these services almost on daily basis. Medical and legal transcriptions are two major and biggest clients of transcription companies. When it comes to outsourcing transcriptions to a third party or an expert company, most of the businesses feel reluctant. No one is sure that whether it’s a good idea to do transcription in-house or to outsource it. Let’s have a detailed look at both types.
In-house transcription is very expensive since company needs to develop an altogether separate department for carrying its transcription services. It’s not easy to establish a whole business unit. It needs lots of money, resources and time to produce in-house transcription services. But one thing is for sure that a business can keep its important information safe in in-house transcription services. Where security of the data is of importance, the business should do transcription in-house.
Outsourcing, on the other hand, has its own benefits, the most important being that it’s very cost-effective. You don’t have to develop your own department for transcription services rather all you need to do is provide the transcription company with audio files and they will return you in written form. However, there is a major drawback of outsourcing these services and that is the confidentiality issue. Since all the important and confidential documents (files) of the business are available to the transcription company and there are fair chances of information leakage, theft, information disclosure and others. So if security is not a concern, then you must go for outsourcing.