For example, AI transcription tools like Transkriptor can automate converting meeting recordings into written text. They can also help you summarize the meeting with action items and key points. You can then share them with someone who could not attend the session.
In this guide, we will walk you through the five key strategies that will help you save meeting costs and run more efficient meetings:
1. Leverage Transcription Tools Like Transkriptor for Automated Meeting Notes
AI meeting assistants, use call transcription software to help you record online meetings. They can also transcribe audio with Evernote and videos and save the transcripts for later use. Instead of taking manual notes during ongoing meetings, AI transcription tools like Transkriptor can help you automate the process.
The audio-to-text tool can record and transcribe spoken words into text. Since there is no need to assign a manual note-taker to each meeting, you can reduce the meeting cost with accurate transcription tools.
AI tools are transforming workplace communication and improving meeting productivity. For instance, this Forbes article highlights how automation tools are reducing the effort needed to transcribe and summarize meetings, enhancing team efficiency and collaboration.
If you often attend or host meetings in your workplace, here are two popular AI transcription tools.
Transkriptor
Transkriptor is a reliable and feature-rich AI virtual meeting transcription tool for Google Meet, MS Teams, and Zoom. You can connect the Google Calendar and Outlook Calendar to Transkriptor so the meeting bot can automatically join scheduled meetings.
Transkriptor can also generate meeting transcription summaries and action items for download or share with team members. It is 99% accurate and supports over 100 transcription and translation languages to meet the needs of global teams.
Otter.ai
Otter.ai is another AI audio-to-text tool that can record and transcribe Zoom meetings . OtterPilot can join the online Zoom, Google Meet, or Microsoft Teams meetings and convert spoken words into text.
While Otter.ai does a decent job transcribing meetings, the speech-to-text tool's accuracy is only 85%. This means you will have to spend much time editing the transcribed file.
Another area for improvement of Otter.ai is that the AI note-taking tool is limited to English. Hence, it might not suit multilingual users.
2. Use Video Conferencing to Cut Travel Expenses
Video meetings have become the new normal in remote and hybrid companies. This is because they help reduce the need for travel and other expenses.
Video conferencing tools can help you quickly schedule and add remote meetings to your calendar. Audio-to-text tools can also reduce costs and allow for flexible scheduling.
Zoom
Zoom is a popular video conferencing app. All you need to do is share the Zoom meeting link with the attendees. You can feel confident that everyone can join the call quickly.
It is highly reliable and will keep your video going even with a weak Internet connection. Zoom also offers a whiteboard that quickly fills the virtual board with sticky notes, images, and diagrams.
Microsoft Teams
Microsoft Teams offers some of the market's most robust video conferencing features and team chat offerings. The whiteboard feature is excellent: You can draw freehand, and the program will smooth things out.
This feature makes it easy to take notes and diagram things on the move. It saves all the chat from the meeting and is saved to the team chat app so you can save it for future reference.
Google Meet
One of Google Meet's best features is its deep integration with the Google Workspace apps. If you create a meeting in the Google Calendar, you will receive a Meet link, which all the attendees can click to join.
Meet is a popular Zoom alternative that runs in a browser, not an app, which is a plus. The captions work well in English, but Meet cannot detect when the participants speak other languages.
3. Implement Shorter, More Efficient Meetings with Structured Agendas
Meetings are the backbone of effective collaboration, but longer and inefficient meetings can waste money, time, and effort; consider proper Virtual Meeting Etiquette to minimize disruptions. That is where a well-crafted meeting agenda comes into the picture. It lets you set clear expectations for the team. You can even shorten the meeting length by focusing only on essential discussions.
The participants' understanding of what they will discuss in the meeting allows better preparation. It also eliminates the time spent on unproductive discussions. Well-structured agendas help you strike the perfect balance between flexibility and structure. Here are some of the tips to implement shorter and more efficient meetings:
- Use Pre-Set Agendas: A pre-set meeting agenda will act like a blueprint. With this blueprint, your meeting could be completed on time and in the right direction. A thoughtful agenda should provide an overview of the discussion points. It establishes a timeline for each topic to prevent overrunning.
- Allocate Time Limits for Each Discussion Point: You should define the start and end times of the meeting and allocate a time limit to each topic. A well-crafted meeting agenda should respect the participants' time and help maintain focus from start to end.
- Stick to the Schedule to Avoid Overruns: Remember that overruns are the enemy of engagement in a packed meeting. Make sure to keep everything concise. While it might be tempting to continue discussing an exciting topic, sticking to the schedule to reduce meeting costs and save time is essential.
4. Reduce the Number of Attendees to Save Time and Resources
You should avoid wasting the team members' time by roping them into meetings they do not need to attend. Too many participants make the discussions more challenging.
As a general thumb rule, it is better to invite the participants whose input is necessary for achieving the goals. Fewer participants mean the host will have to waste less time on coordination, and there will be fewer interruptions.
Reducing the number of attendees in the meeting will also help the key decision-makers focus on high-priority tasks and stay focused on relevant topics or questions.
- Only Invite Essential Stakeholders: One way to reduce the number of meeting attendees is to invite only the essential stakeholders. It includes vital decision-makers, contributors, or anyone else who will affect the output of the meeting.
- Use a Meeting Summary to Update Nonattendees: You can share the meeting summary with them even if you are not inviting everyone to the meeting. It will ensure everyone has access to critical information and discussions.
AI summarizing features of Transkriptor can automatically generate a meeting summary. It will include actionable insights and key takeaways from the meeting transcript. You can share the summary with anyone who could not attend the meeting so they can stay in the loop.
5. Use Task and Project Management Tools for Follow-Up
Follow-up is one of the best ways to make a meeting worthwhile. Task and project management software like Asana, Trello, and monday.com can help you streamline task assignments and track progress, reducing the need to follow up with attendees manually.
Using the task and project management tools also improves accountability. It ensures everyone completes the assigned action items without further meetings. Here are some of the free and paid task and project management software to reduce the meeting costs related to follow-up:
Asana
Asana is a modern project management software that supports multiple project management styles. It gives you complete control over how you visualize and organize the work. You can also find many built-in features that make it easier to collaborate.
For example, it lets you assign tasks to individuals using an intuitive and well-designed interface. The in-app direct messaging allows you to attach files, tag other projects, and record video messages.
Trello
Trello offers a simple visual way to organize projects using Kanban boards. It is simple to use and does not have a steep learning curve. Thanks to the simple drag-and-drop interface, you and your team can use the tool efficiently.
The cards or tasks include due dates, attachments, images, comments, custom fields, and checklists. Once the team members complete the tasks, they can drag the cards to the appropriate list.
monday.com
monday.com is another project management app that allows you to visualize all the projects in one place. It is highly customizable and helps you aggregate data and metrics onto a visually appealing interface.
While monday.com offers many customization options, some of the advanced features and views are available only in higher price tiers.
Conclusion
Meetings are like workshops where team members can come together to shape the best ideas using collaboration strategies for managers . However, scheduling and hosting meetings require a lot of time and resources. Businesses must host meetings well to ensure their profits are maintained, and consider transcription services SEO benefits for online visibility.
Fortunately, many AI tools can automate time-consuming and tedious tasks. For instance, developers can transcribe meetings using speech-to-text tools. They can also use popular video conferencing tools like Zoom or Google Meet to schedule and host remote meetings.
Instead of asking an attendee to take meeting minutes, you can add reliable AI tools like automatic transcription software . For example, Transkriptor can convert speech into text and provide automated meeting notes to reduce costs. These AI tools will help reduce meeting costs and make every session worthwhile.
