There are many advantages to using speech recognition such as improved turnaround, reduced costs, error reduction and improved and timely decision making. Speech recognition software is most commonly seen in the medical field, but has begun to branch out into other areas as well.
In the business world, time is money, and speech recognition software improves turnaround time when it comes to reports and transcription. Rather than waiting 24 to 48 hours for traditional transcription, using speech recognition software can have the report completed in minutes, in many cases. This parallels the reduced cost benefit of speech recognition software. With speech recognition software, a transcriptionist's expertise is not required to type each report. Rather, he or she simply reviews the report generated by the speech recognition software, which takes much less time.
While this software is not without flaws, there are much fewer errors using this than the services of a transcriptionist. Quite often, a transcriptionist's report is not edited or reviewed thoroughly, leaving room for error. The report generated by this software is edited almost instantly by the physician, which reduces mistakes. Finally, the nearly instant generation of reports reduces the wait time of information that is sent to other interested parties. Using the example of a medical office, reports can be sent almost instantly to other healthcare providers. This is infinitely better than waiting days for a traditional transcription report.