VIQ Solutions Inc. (“VIQ” or the “Company”) (TSX Venture Exchange: VQS and OTC Markets: VQSLF), a global provider of secure, AI-driven, digital voice and video capture technology and transcription services, today announced it completed migrating 400 clients to NetScribe, its AI-enabled transcription platform, creating efficiencies and workflow optimization tailored to target markets.
VIQ successfully completed migrating its three initial acquisitions to NetScribe, resulting in a dramatic increase in editor speed and efficiency. Within six weeks of transitioning from offline transcriptionist to online editor, 30% of the team edits at a rate 30%-60% faster than standard manual transcription and 40% are at par and moving to improved results. NetScribe, powered by aiAssist™, is proven to reduce labor costs, generate meaningful savings, boost margins, and increase revenue.
As the appetite for digitalization of multi-speaker recorded events surges, the industry is struggling to keep up with the sharp increase of evidence collected daily. The transition from typist to professional editor, who edits computer-generated documents for quality and accuracy is required to keep pace with the vast amount of daily evidentiary content. VIQ’s AI-based speech-to-text technology significantly increases human transcriptionist efficiency, decreases turnaround time, and yields higher transcription accuracy.
“The ability to use technology to transform complex evidence by combining AI and human expertise to create a collaborative experience that drives speed and efficiency for our clients is revolutionary,” said Susan Sumner, VIQ Chief Operating Officer. “This combination, along with segment specific AI learning, drives us to the advantageous position of leading the disruption in our markets. It also provides an evolutionary path for thousands of traditional transcriptionists to become highly skilled professional editors for markets we serve.”
AI technology, combined with human expertise, is quickly transforming the transcription industry. VIQ is proving the efficiencies gained in medical industry speech recognition is tracking to efficiencies expected in non-medical industries. VIQ’s technology is clearly the industry leader of transforming complex, highly secure, multi-speaker evidentiary recordings. Using AI to improve the quality and accessibility of evidence, while utilizing deep, rich content enhancing all workflow elements resulting in predictive insights for its global client base.
“VIQ continues to be a leader in bringing to market innovations and inventions directly benefiting our customers. The learnings from these migrations combined with the depth of content gained in our key sectors provide the foundation, not only to accelerate productivity enhancements to our transcription workflows but also to improve the comprehensive solutions that we deliver to our customers where the drive for faster and more accurate draft content is essential to their competitive positioning,” said Tony Incardona, VIQ Senior Vice President, Sales and Business Development. “We are excited to offer NetScribe to our global client base to guide the transformation of their workflow to keep pace with the volume of complex multi recordings and multi speaker evidentiary data exponentially increasing due to the transition to a remote workforce. The need to be faster, more secure and cost-effective has never been more important as we drive the digital transformation for our clients,”
For more information about VIQ, please visit viqsolutions.com or call 800- 263-9947.
About VIQ Solutions Inc.
VIQ Solutions is a global provider of secure, AI-driven, digital voice and video capture technology and transcription services. VIQ offers a seamless, comprehensive solution suite that delivers intelligent automation, enhanced with human review, to drive transformation in the way content is captured, secured, and repurposed into actionable information. The cyber-secure, AI technology and services platform are implemented in the most rigid security environments including criminal justice, legal, insurance, media, government, corporate finance, media, and transcription service provider markets, enabling them to improve the quality and accessibility of evidence, to easily identify predictive insights and to achieve digital transformation faster and at a lower cost.
Certain statements included in this news release constitute forward-looking statements or forward-looking information under applicable securities legislation. Such forward-looking statements or information are provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Forward-looking statements or information typically contain statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project” or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking statements or information in this news release include, but are not limited to, management’s targets for the Company’s growth in 2020, as well as the size, scope, and timing of the implementation of projects currently in the pilot phase.
Forward-looking statements or information is based on several factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although VIQ believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because VIQ can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this news release, assumptions have been made regarding, among other things, the Company’s recent initiatives, and that sales and prospects may provide incremental value for shareholders. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions that have been used.
Forward-looking statements or information is based on current expectations, estimates and projections that involve several risks and uncertainties which could cause actual results to differ materially from those anticipated by VIQ and described in the forward-looking statements or information. These risks and uncertainties may cause actual results to differ materially from the forward-looking statements or information. Readers are cautioned that the foregoing list is not exhaustive of all possible risks and uncertainties.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.