5 Best Call Transcription Software (Updated for 2024)

call transcription, iovox insights, conversational intelligence, 

Call transcription software will let you record, transcribe, and store customer or conference call conversations on the fly.

But which call transcription software should you use?

There are a host of great tools that your company can use to improve customer service and make audio interactions searchable.

In this article, we’ll cover 5 fantastic call transcription software tools. We will also go through some of the benefits of call transcription and answer a few FAQs on the topic.

This Article Contains

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• What is Call Transcription?
• 5 Best Call Transcription Software
• 3 Key Benefits Of Call Transcription
• 3 FAQs About Call Transcription Software

Let's get started!

What is Call Transcription?

Call transcription transforms recorded audio conversations from phone calls, video calls, or conference calls into written text for you.

This is why it’s often referred to as speech-to-text transcription.

Call transcription software makes this entire operation automatic, providing you with searchable text records of an audio file. No more scribbling down inaccurate meeting notes during a conference or phone call!

Want to begin recording calls soon?

Let’s go through some fantastic transcription tools to help you get started.

5 Best Call Transcription Software

There are plenty of great transcription tools on the market for you to choose from.

Let’s go through a few of the best options:

1. iovox Insights

   iovox Insights is an innovative conversational AI tool you can use to transcribe audio calls into recorded conversations.

   Its application programming interface (API) employs speech recognition technology with which you can quickly extract key customer interactions from recording calls.

   iovox Insights also provides users with a helpful transcribe feature to help you convert an audio file to text on the fly.

   With iovox Insights, you can also:

   1. Search Keywords

      iovox offers a keyword-spotting feature that goes hand-in-hand with its speech recognition technology to help you automatically detect keywords from a transcript.

      To use the speech analytics feature, feed the tool phrases and keywords you want to highlight. The AI technology will then automatically detect them from call recordings and track them.

      Keyword monitoring helps with:

      • Spotting trends and outcomes
      • Creating timestamps for important information exchanges
      • Monitoring how agents handle incoming inquiries

   2. Evaluate KPIs

      iovox Insights can help you evaluate key performance indicators (KPIs) and spot trends in previous customer conversations.

      Understanding customer trends means you can predict outcomes and improve call interaction standards through sales coaching. This helps boost customer experience and retention by building trust in customer relationships.

      Using KPIs will also boost operational efficiency in different ways, including:

      • Evaluating total call time
      • Discovering how many calls take place per day
      • Learning call outcomes

   The best part:

   As you continually use the software, you will be training the artificial intelligence by exposing it to higher volumes of customer interactions and analytics. This makes iovox Insights an ever-evolving automation tool that grows with your business.

2. fireflies.ai

   fireflies.ai is a meeting transcription software powered by artificial intelligence. It allows companies to record, live transcribe, using voice recognition technology.

   After transcribing audio using fireflies.ai analytics, you can highlight key points in the voice call, leave comments in the text document, and scan for keywords.

3. Wingman

   Wingman is a conversation intelligence tool that can live transcribe to help your company improve sales call performance, coaching, and collaboration. Wingman can transcribe audio as well as any video meeting.

4. Otter

   Otter.ai is an automatic transcription tool used mostly by educational institutions to transcribe meetings and classes to generate searchable text files.

   This recording software provides real-time audio transcription and generates an automated summary that can be used in team settings. Otter can also provide live captions for Google Meet or a Zoom meeting.

5. Gong

   Gong is a call transcription service and recording app that uses intelligent insights and analytics to streamline client and rep interactions. The tool has integrations with major web conferencing services like Zoom and Microsoft Teams.

Before you pick the best call transcription tool, check out what benefits this technology offers.

3 Key Benefits Of Call Transcription

Here’s how a call transcription app and transcribing calls can help your business:

1. Call Transcription Makes Audio Searchable

   Manually pulling key phrases and transcribing a recorded call is time-consuming as recorded audio may be difficult to decipher.

   By transcribing a video file or audio recording and converting it into readable meeting notes, automated transcription tools make audio easily searchable.

   With a text transcript in your hands, you can quickly jump to specific meeting moments or particular keywords and search for important parts of the call — all without reading the entire speech conversation.

2. Keep Records Of Customer Interactions

   An audio transcription is a text-based record you can store for reference whenever you need.

   Transcribing calls and keeping records of your reps conversations means that you can pick up with a customer wherever the conversation had previously ended.

   You can also share these records with other team members to understand the success of a particular interaction and improve the buyer’s journey.

3. Legal Records

   Many industries require regulatory compliance when dealing with customer support.

   Organizations can quickly detect discrepancies by analyzing transcribed calls and taking proactive action to ensure legal compliance.

   Furthermore, by recording and transcribing audio, you’re provided with evidence of what was said between reps and customers to see how certain situations were handled.

   Note: All phone, meeting, and conference call recordings must abide by the law. Review your country’s and state’s laws about recordings before employing a transcription tool.

Still have questions about the technology?

Let’s look at some frequently asked questions about call transcription software that can help you out.

FAQs About Call Transcription Software

Here are a few frequent queries about transcription tools and their abilities:

1. Does Zoom Have Transcription Capabilities?

   Zoom offers an automated transcription service alongside its principal video meeting feature.

   But it’s not included on our list for a reason.

   Automatic transcription is not Zoom's main feature, so it’s not entirely as accurate of a tool as iovox Insights. This middle-of-the-road accuracy problem is compounded by Zoom’s lack of AI technology and inability to track keywords.

   So, while you can transcribe a Zoom meeting, it’s weaker than the more dedicated tools mentioned above. Tools like Google Voice and Microsoft Teams also suffer from this problem.

2. How Accurate is AI Transcription?

   AI transcription is not 100% accurate, but the rate of word errors will depend on the recording app you’re using. A 2020 natural language processes benchmark test found that tools offered by companies like Microsoft and Google had an average accuracy of around 78% and 79%.

   On the other hand, dedicated tools boast an average transcription accuracy rate of 90%.

   All-in-all, using software is far more accurate than opting for human transcription of an audio file.

3. How Many Words Does A Meeting Transcript Usually Contain?

   Typically, meetings produce around 130 words per minute, according to the typical speaking pace and natural language processes.

   A 30-minute meeting transcription will be in the ballpark of around 3900 words. An hour-long meeting transcription will produce a transcript of 7800 words, and so on.

Final Thoughts

There are many fantastic meeting transcription software tools on the market right now.

Each of them provides benefits, such as making recorded call conversations searchable and improving customer service, which could be extremely valuable to your sales team or call center employees.

However, iovox Insights stands out amongst the transcription options with its efficient, conversational AI technology. Using iovox you can transcribe calls within seconds and analyze data you pull from any audio recording!

Visit the iovox website for pricing information and more.

To connect, simply click the call button below, and we’ll be in touch with you shortly.

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