Blockbuster, Kodak, Borders, Radio Shack. The business world is ripe with cautionary tales of once-thriving companies that ultimately succumbed to failure. The common thread that connects them all? A reluctance to adapt to changing ways and, specifically, advanced technology. This resistance to embrace new technology and lack of innovation gradually led to these organizations being overtaken by established competitors or by new players on the scene.
Digital transformation has been a hot topic in recent years. As new tech tools are being developed faster than ever, businesses must adapt or risk succumbing to the consequences of not being on board with technology. However, despite clear changes taking place in virtually every industry and the consequences of not adapting being abundantly clear, some resistance to embracing new technologies still remains. Comments like “We’ve always done things that way” are not altogether uncommon.
Driving the Evolution of Court Reporting
The profession of court reporting has always been intrinsically connected with technology and has consequently evolved as the technology has changed. Once upon a time, court reporters traded in quills and inkwells for the stenotype machines. In fact, back in 1906, when the first commercial stenotype machine was introduced, the tool was welcomed with open arms as it made the arduous task of court reporting slightly easier. That early innovation would change the industry forever, with the modern keyboard that stenographers use today having evolved from this groundbreaking machine’s early design.
Fast forward to the 21st century, where AI-enabled transcription and voice recognition software represents the next frontier in reporting tools. When applied to automated speech recognition (ASR) technology, AI has the potential to improve speech-to-text engines to the point that they can transcribe jargon-heavy legal proceedings highly accurately, while simplifying processes and workflows.
The Benefits Far Outweigh the Costs
New technologies will only be developed faster, resulting in more fierce competition. In order to stand out as the top choice, companies must embrace these changes. Simply reacting to new technologies isn’t enough; being proactive is necessary. Companies that are slow to innovate will be overtaken and replaced. We’ve already seen some of the casualties.
Many businesses remain stubborn about adopting new technologies due to the perceived high costs. It’s undeniable that taking on new technology systems is an investment. However, the cost of not keeping up with innovations are far greater than any savings that are accomplished by not upgrading.
Here are some of the benefits organizations can enjoy:
Gain market share
Being open to new technology allows organizations to maintain a competitive edge over others in the field. When a company embraces digital transformation, it often becomes the dominant player in the market, leaving others to play catch-up or risk failure.
The true value of technology, AI, in particular, comes in completing time-consuming, repetitive work. The fact is, machines don’t have a bad day. They aren’t affected by factors like fatigue, or illness and, therefore, can finish these tasks faster with fewer errors. But, while machines can process, store and recall information much faster than people, human professionals still need to apply critical thinking to that information. Therefore, by leaving the mundane or tedious tasks to the machines, AI brings immense potential payoff for organizations.
Running on outdated technology restricts an organization’s ability to gain a clear view of all aspects of their business. Not adapting to novel technology results in not receiving thorough insight into operations and limits the ability to make informed decisions.
Technology provides the ability to communicate through multiple channels and forums. AI-based chatbots provide businesses with yet another touchpoint to communicate with customers. Organizations that leverage all available technologies to reach out to potential and existing clients benefit from more opportunities to win business.
Enhanced Customer Experience
The digital takeover goes hand in hand with what has been dubbed the “4th industrial revolution”, referring to the widespread adoption and use of highly advanced technologies, including artificial intelligence. The daily use of different technologies has blurred the lines between the physical and digital spheres and has set a high standard of customer expectations in terms of how services must be delivered. Today’s tech-empowered customer expects business services to be just as digitized as their personal lives and interactions. Organizations must arm themselves with tech tools to deliver a superior experience.
In today’s business landscape, an organization’s technology strategy is inextricably linked to their overall company strategy. A business that is interested in becoming an industry leader no longer has the luxury of not adapting. By grounding strategy and tactics in technology, organizations can ensure that they are operating at the highest level and exceeding their customers’ needs.
In particular, court reporting companies that embrace the latest technologies are poised to become invaluable for all levels of courts as well as for the legal system at large. The innovation of AI applied to legal transcription has the potential to pave the way for an updated version of the profession of court reporting. Skilled individuals who are experts at overseeing the many different technologies that are involved in the modern courtroom are sure to be in high demand going forward as the digital revolution takes hold in the legal sector.
To quote Charles Darwin, “It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change.” The same logic can be applied in the business world. Organizations that are nimble and open to changes are those that will stand the test of time and thrive in today’s ultra-competitive landscape.