The business case for speech to text solutions
08 September 2022
When procuring IT and business systems it’s common practice for organisations to put together a business case and anticipated return-on-investment (ROI) to support the projected levels of investment.
So, what should a business case for the acquisition of speech to text dictation software consist of ? Listed below are some of the key components, together with brief examples of how it is possible to quantify the various tangible and intangible benefits.
Time saving
The production of office documents in all their guises is typically expensive and time consuming. So, the first consideration when developing a business case is to think about the ways in which speech recognition systems can help to reduce the document processing times when compared to traditional transcription processes.
One of the key features of speech recognition software is that it’s timesaving through its very nature. By having the ability to dictate a document rather than type it out, the time savings can be significant. General industry figures indicate that the use of speech recognition can allow a user to create electronic documents at a speed of up to 160 words per minute, which is actually three times faster than a proficient typist can achieve.
So, for example, a healthcare professional can capture the patient encounter ‘at the point of care’ from their chosen device and save significant amounts of time they would previously have spent on physically writing and typing information up or transferring it to a secretary to complete.
Add in the fact that there are also automatic tracking and routing capabilities available that provide the author with the ability to automatically track and manage the overall document production process, whilst integration with workflow software can help to streamline the various document creation and approval activities. All of this helps to make the whole process even quicker and more efficient.
Cost saving
Quantifying the potential time savings that can be achieved logically leads to opportunities for cost savings. Traditionally organisations that have used tape-based dictation systems have had a document production service in place. These might comprise, for example, a dedicated typing team, specialist legal secretaries, the use of external transcription services, or a combination of these.
The use of speech to text software can potentially save secretaries and other staff members hours of time typing up documents from scratch. This might well provide the opportunity to reduce the staffing levels required, leading to direct cost savings. Alternatively, it might help to reduce an organisation’s reliance on external transcription services. And the benefits here are two-fold - relying on human transcription isn’t just an expensive solution it’s a slow one that adds an extra step to everyday operations and delays the turnaround of urgent documents and client correspondence.
The potential costs savings and their impact on ROI can be significant, as seen by the examples below:
- In its framework to provide a wide range of technology solutions to meet the evolving needs of NHS & Wider Public Sector Organisations for Digital Dictation, Speech Recognition and Outsourced Transcription Services, NHS Shared Business Services stated that the expected ROI in such systems was typically six to nine months.
- A study found that an NHS Foundation Trust’s radiology team produced cash savings of £69K per year, with an ROI achieved in five months, simply by using medical dictation software.
New opportunities
One key question, particularly for qualified professionals or knowledge workers, is how they can make best use of the time savings resulting from the use of speech to text software.
It is all about exploiting the opportunity to use the time saved in more effective and useful ways. And whilst the results may be a little less tangible than those described above, they can have a major impact upon levels of service and finances.
For example, figures suggest that legal professionals can actually spend up to three hours of a day typing out case notes, briefs, contracts and correspondence. The use of speech recognition technology has the potential to slash this time, leaving them with the opportunity to spend more time on client facing work and increasing their billable output.
Similarly in the healthcare sector, where many physicians only spend only a third of their time interacting with patients, with the bulk of their time consumed with paperwork. Maintaining accurate medical records is, of course, an integral component of providing quality medical care. However, industry experts estimate that digital dictation and speech processing systems can yield time savings of up to 50%, so it is easy to see how such systems could quickly free up clinicians to spend more time with patients.
And it’s not just about professional workers; the time that secretaries and administrative staff save on keying-in text when moving to the world of speech recognition (which some figures suggest could be as high as 80% of their typing time) could be used for more important client support activities instead, which ultimately would have a positive effect on levels of client service.
Accounting benefits
Another potential component of the business case for speech to text solutions is an accounting aspect. Most speech to text software is now available via the cloud, which is essentially pay-as-you-go IT, online and on demand. So, from an accounting point of view, the move from the traditional purchasing model for on-premise IT systems to a hiring model for cloud-based systems has the added benefit that the associated costs will cease to be capital expenditure and will instead become operating costs in the form of regular fees to the service provider.
And finally…any consideration of the business case should take account of the potential implications of NOT using speech to text software. Today’s business environment is ultra-competitive with firms looking to find the right combination of service quality, price and efficiency. If your competitors are already using speech to text technology and achieving the mix of tangible and intangible benefits outlined above, this could well put you at a serious disadvantage when looking to attract and retain new clients.
Take a look at our speech to text services
References
Digital Dictation, Speech Recognition and Outsourced Transcription - NHS SBS
