Obtaining accurate substantial information of the customers associated with the business is one vital task integral to its security and survival in the long run. However, acquiring the information is one task, and verifying it is another, which holds an equally significant position in the id authentication process. Hence, obtaining adequate information, verifying it through in-depth analysis authenticating its identity, and lastly, preserving the information, are the tasks performed by the OCR technology. Hence, Optical character recognition (OCR) is software, programmed to identify and convert the text from a scanned document or image into machine-readable form.
How OCR Technology has eased business processes:
The traditional, manual ways of converting piles of documents and articles into digital files, through a series of keyboard punches that ache your fingers, have luckily been replaced by the Optical Character Recognition technology. Through effortless scanning and conversion of documents into digital files, the OCR text recognition has brought much-needed relief to businesses. Since easy data entry, retrieval and conversion holds a significant position and is crucial to the digital workplace, the ocr screening has made editing the document that did not originate in an electronic form, a considerably easier task.
Easy Information access:
With the application of ocr processes, an automated solution has been devised for data extraction of printed text from scanned documents or images. The advancement of optical text recognition has made information accessibility easier for not only the businesses but the users as well. The benefits that ocr processed digital files as the financial statements, invoices and contracts, etc bring are:
- Easily accessed from a huge repository
- The presence of sech capability makes it easier to view them
- Editable for any correction required
Benefit to business workflows:
The AI-based automated character recognition solution has optimised the business processes and workflows making conversion of text to digital files, an effective process. Hence, they save their time and resources and the ocr processed information can be used by the business in a matter of seconds. It has mainly assisted the businesses by eliminating the manual data entry and conversion, a significant reduction in errors, considerably improved productivity and resource savings.
Practical Application of OCR Technology:
Since digital advancements have significantly changed traditional ways of business, the character recognition solutions have equally been digitised to adapt to the changing trends. Hence, the surge in the character recognition apps. Following are some of the [practical applications of optical character recognition technology:
- OCR in Banking Sector: Considering the banking transaction’s relation to a huge amount of data entry related to the bank statements, they benefit the most from OCR as it automates the workflow efficiently and has high text recognition accuracy. Moreover, ocr services are also accustomed to capture sensitive information in the mortgage applications.
- OCR in Communication: Another significant application is their use in digitising books and unstructured documents that aid human to human communication. Google Translate OCR technology assists the users to read in any language.
- Insurance: By automating insurance claims, ocr has significantly contributed to the ever-growing insurance industry.
- Healthcare: The ocr has greatly benefitted the healthcare industry by digitising data from reports containing X-rays, diagnostics and treatments, and patient’s history.
- OCR in Retail: With the mobile ocr apps, vouchers can be redeemed by the customers by scanning serial codes
Major benefits of the OCR technology:
Some major benefits that almost all business sectors have experienced with the implication of ocr technology in their business processes are as follows:
- Cost Reduction: The ocr solution, due to its efficiently automated process, has significantly reduced the costs that used to go in the conversion of tons of files.
- Improved Productivity: Business diligently focus on making error free conversion of text into digital files and this particular task has been made easier by the ocr services. Therefore, the ocr processed digital files have eliminated the need to search among tons of files.
- Data Security: Data security is extremely important for all businesses and paper documents can easily be lost or damaged, causing major issues for the company. Data secured through ocr services tend to be safe from any mishap. Moreover, access to such digital documents should easily be restricted, preventing the mishandling of digitized data.
- Disaster recovery: Since data is prone to mishaps and can easily be lost, the automated ocr solution is programmed to deal with such disasters and work for its recovery. Data saved in secured distributed systems remains safe under emergency situations.
- High Accuracy: Major challenge faced by businesses is their inaccurate data entry systems. The AI-based optical character recognition software is highly accurate and results in efficient data entry.
- Editable Documents: To update the information, the scanned documents need to be edited. The OCR converts data to formats that could be easily edited such as Word.
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