A system (100) for real-time transcription of a web-conference is disclosed. A media data receiving module (110) receives media data corresponding to the web-conference. A speech recognition module (120) processes the media data into a pre-defined format, recognizes speech from processed media data. A keyword identification module (130) extracts one or more first set of keywords from the speech recognized, generates one or more transcripts from the one or more first set of keywords extracted. A transcript broadcasting module (140) broadcasts the one or more transcripts on a display interface in real-time for one or more user associated activities. A workflow mechanization module (150) extracts one or more second set of keywords from the transcript, compares the one or more second set of keywords with one or more predetermined keywords of the transcript associated with one or more domain specific tasks, triggers a workflow corresponding to execution of a domain specific task from the one or more domain specific tasks.FIG. 1