Speech Understanding tasks revolutionize transcription by transforming raw audio data into structured, actionable intelligence, eliminating the extensive manual post-processing traditionally required. These tasks include advanced speaker identification, which accurately labels participants by roles or names, custom formatting to ensure consistency in data outputs like dates and contact information, and integrated translation that processes audio directly into the target language. This streamlined approach reduces latency, costs, and complexity for global operations, enabling businesses to seamlessly integrate transcriptions into workflows and systems without the resource drain of custom pipelines. By embedding intelligence directly into the transcription process, Speech Understanding allows for more efficient, accurate, and scalable data management, driving better business outcomes across industries such as healthcare, call centers, and legal services.