Auscript CEO wins EY Queensland Entrepreneur of the Year AwardFor The Record
Auscript Australasia CEO Peter Wyatt has been announced as the winner of the technology category at the 2015 Australian Ernst & Young Entrepreneur of the Year Awards (Northern Region).
The self-described “serial entrepreneur” was awarded for his use of digital innovation to make Auscript’s parent company Record Holdings the global leader in court recording technology. This is the same technology and innovation that sits at the heart of Auscript’s recording and transcription services in a number of Australian Court jurisdictions.
The judges said Mr Wyatt’s investment in researching and developing recording technology had significantly increased the speed in which the Judiciary and parties could access the record of the Court “so that court recordings can be provided to legal professionals within one day, rather than the industry standard of two weeks”.
“Record Holdings has disrupted the market in Australia and has a solid plan to extend the business model to overseas markets,” the judges said.
Having purchased Auscript out of voluntary administration in 2004, saving hundreds of jobs in the process, with his business partner and co-founder Tony Douglass, Mr Wyatt said he was proud Auscript was now the cornerstone of a major international court recording business.
“As a result of stringent funding models, courts are traditionally unresponsive to the potential costs of innovation, but we were determined to show the market there was a better, faster and ultimately cheaper way to produce an accurate record of proceedings,” he said.
“So our team completely re-engineered the recording and transcript production process, developing a transparent, quality focused workflow system and eliminating the need for tape-recording machines or to have stenographers sit in courtrooms all day.”
With no off-the-shelf software available to enable Auscript to achieve its mission, Mr Wyatt and Mr Douglass invested in an in-house development team to build a solution which allowed court audio to be securely streamed to remote locations while it was still recording in a courtroom. Auscript then built a workforce of skilled Audio Transcribers who could work from anywhere at any time.
To back up its local innovation, Record Holdings purchased software development firm For The Record (FTR) in 2013, giving Auscript exclusive Australian access to its world-leading software. Under Mr Wyatt’s and Mr Douglass’s leadership, FTR has grown to now command an estimated 60 per cent of the worldwide digitised court market, spanning 65 countries and over 27,000 venues.
“Court recordings and transcripts are essential for the effective functioning of the world’s judicial systems, yet the system was previously being supported by an archaic and slow analogue service industry,” he said.
“We’ve invested more than $12 million since 2004 into developing tools for our clients which promote greater transparency in the judicial system, ensuring the ‘verbatim record’ is always captured, delivering high quality services to the judiciary, parties and the public, all while achieving significant cost savings for our Government clients.
“I’m always asking myself, ‘where are the holes in the existing system?’ so that I can uncover opportunities for improvement.”
Peter Wyatt will vie for Australian honours at the National award ceremony in Sydney on 15 October. The overall Australian winner will then continue on in the global program, travelling to Monte Carlo in June 2016 to compete against other national winners from more than 60 countries for the chance to be crowned the EY World Entrepreneur of the YearTM.
About the EY Entrepreneur Of The Year™ awards
EY Entrepreneur Of The YearTM is the world’s most prestigious business award for entrepreneurs. The program encourages entrepreneurial activity among those with potential, and recognises the contribution of people who inspire others with their vision, leadership and achievement.
About Peter Wyatt
Peter Wyatt qualified as a Chartered Accountant in 1979 and started his first business at 25. In 2003 he sold his share of the leading Australian and New Zealand claims management firm he’d established 24 years earlier – formerly Wyatt Gallagher Bassett. In 2004 Peter purchased court transcription firm Auscript out of administration. Today, Brisbane-based Record Holdings, in which Peter is the majority proprietor, is the 100 per cent owner of Auscript and For The Record (FTR).
Auscript is the largest court recording and transcription provider in Australia, recording more than 180,000 hours of digital audio and delivering over 2.3 million pages of transcript a year. With the highest quality ratings in the country (99.5 per cent), it is trusted by the Federal Court of Australia, Family Court of Australia, Federal Circuit Court of Australia, Queensland Department of Justice and Attorney-General and the Department of the Attorney-General in Western Australia.
About For The Record
FTR is a global leader, dedicated to providing digital recording, review and content management solutions for justice, law enforcement, legislative and public meeting bodies. FTR’s recording solutions have been the standard in digital evidence recording around the world for more than 20 years. Its North American headquarters is in Denver, CO, and its global headquarters is in Brisbane, Australia.