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On the toolbar click Dictate > Transcribe. On the side panel click Upload audio and browse for the mp3 file.
Wait while it uploads to OneDrive. It will then start transcribing, which could take 5+ minutes depending on length.
When done, the text will appear in the sidebar. Click the button ‘Add to document’ at the bottom to add to the blank Word doc. You can choose to a few options such as pasting it with speakers and timestamps.
The document will be saved to your SU OneDrive account.