$1 Million a Year Business Resisting AI Disruption

Ajay Prasad started GMR Transcription back in 2004 when he needed 7 hours of audio transcribed 👂

He wrote in a recent interview…

The thought of spending over 10 hours transcribing it was daunting, prompting me to consider outsourcing the task. However, after reaching out to several transcription companies, I was taken aback by their pricing models, which quoted fees based on the number of lines rather than the recording time.

This left me concerned about the potentially exorbitant cost of transcribing such a lengthy meeting. In light of this, I made the decision to take on the transcription myself, determined to find a more efficient solution for future endeavors.

Ajay’s side project has since grown into a thriving business generating over $1 million per year in revenue 🤑

Ajay comes from a marketing background having previously run a digital marketing agency, which definitely helped him put GMR on the map.

He says…

One of the major priorities for our company has always been accuracy. I have ensured that accuracy is at the forefront, which has helped us grow our happy client base.

This focus on precise transcription has enabled GMR to carve out a niche serving clients like legal and corporate professionals who require flawless documentation.

I would have thought this kind of business would be disrupted massively by artificial intelligence 🤖

But apparently not, according to Ajay…

While AI technology has made significant strides in speech recognition and transcription, there are still distinct advantages to utilizing human transcribers.

Human transcribers excel in understanding context, nuances, and accents, allowing them to produce more accurate and reliable transcripts.

They now have a team of 5 and over 300 contractor transcriptionists based in the US 🇺🇸 who do the transcripts.

Ajay’s advice for beginners…

Most important is to focus on customer satisfaction. Prioritize understanding and meeting your customers’ needs. Provide exceptional customer service and continuously seek feedback to improve your products or services.

Also noteworthy that Ajay started out looking for a better transcription service himself 👀

He wasn’t happy with the existing offerings, so he created his own.

Next time you experience a subpar product or service, ask yourself…

How could I create something better? 🤔

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