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In this tutorial, the speaker introduces a transcription tool called otter.ai, which uses AI algorithms for transcription. You can use the tool for free with 600 minutes of transcription available, and purchase more if needed. To get started, simply open the tool in your browser, log in with your Gmail account, import the audio file you want to transcribe, and let the tool do its job. This is considered one of the best transcription tools available, but there are also other options to consider.