The word transcription has several meanings in different fields. In biology, transcription means genetic transcription, where information from a DNA molecule is converted to RNA; in the music world a musical notation, or also an adaptation of a musical notation for another instrument. Linguists, however, define the meaning of the word in two ways. The first method deals with transliteration, where we mirror the characters from one alphabet into characters of another alphabet or change the spelling of a word from one font to another. The second method is related to translation, where transcription is essentially a method of converting speech to text.
In simplified terms, transcription records the contents of audio or video files into text, which is then translated as desired.