Before the advent of modern office equipment, the only way to transcribe audio was through a collaborative process between the speaker and a person who recorded the speaker’s words. This process is not a very reliable one; there could be frequent repetitions and errors and sometimes unfinished materials due to time constraints. But today, with advanced equipment and software any audios or video can be transcribed into any desired format and organizations now greatly rely on audio transcription services that can provide quick accurate and quality data. These services help in improving the productivity and efficiency of the organization. Importance of Audio Transcription Audio transcription helps generate a written record of the recordings of important events and also provides machine-readable information for dissemination on the internet. With audio transcription, any audio material can be transcribed and the transcript can be accessed by the potential audience. Transcription of audio recordings is also a great help for hearing impaired individuals. Business owners go for audio transcription as it helps backup and archiving of crucial recordings. Transcription is now widely used in various sectors -- media, law, IT, healthcare, construction, academic institutes, entertainment etc. Today, there are several transcription tools available in the market that automate the transcription process. However, automated transcription tools can make errors because understanding individual voice subtleties and lilts is still beyond technology’s capabilities and relying on incorrect transcripts can lead to misinformation and poor business decisions. Natural Language Processing (NLP), a field of artificial intelligence or AI, is used to overcome the drawbacks of automated transcription. Using NLP, computers analyze, interpret, and derive meaning from human language in a useful, smart way. Here are some of the popular AI-based transcription tools for the year 2021: • Scribie: This is an affordable transcription tool that is automated as well as works manually. The manual transcription process includes a four-step process that includes transcription and quality check too. The automated transcription tool uses cutting-edge AI combined with a constantly learning NLP model built on real-world data. • Otter.ai: It is a virtual assistant that helps with notetaking during Google Meet or Zoom call. It provides live transcription and also has features like playback and keyword search. Its speech recognition technology is a combination of AI and machine learning to feed semantics into the system. • Verbit: This is an ultimate AI-powered transcription tool for businesses, education sector, media houses etc. It transcribes audios using AI and automated speech recognition technology, and it is a recommended tool in 2021. • Trint: It uses automated speech recognition and natural language processing to transcribe audios. • Jog.ai: It uses AI and NLP, which is an enterprise level audio transcription tool that works as an intelligent personal assistant to both big and small organizations. It helps to keep a tab on the conversation’s key phrases. • Amazon Transcribe: It is a part of Amazon Web Services (AWS) offered for developers to integrate into their applications. It performs transcription using the deep learning-based automatic speech recognition (ASR) process. There are several automated transcription tools for 2021 that uses NLP effectively. Although NLP is an advanced technology that can convert any audio into text format, it comes with some disadvantages. NLP is built for a single and specific task and is unable to embrace new domains and problems because of limited functions. Another disadvantage is that it may not be able to provide the correct answer if the question is poorly worded or ambiguous. Technology has still a long way to go before it can achieve the accuracy of manual transcription of audio by skilled and trained transcription professionals. Reliable audio transcription services are able to capture each and every word spoken on the audio file and transcribe it accurately. Today there are many services that provide quick and error-free transcription of huge volumes of data. Experienced and highly trained professionals transcribe the audio and video recordings in a coherent and logical manner.