The OCR acronym stands for Optical Recognition Technology. It is a solution for businesses that automates their data extraction process from the given documents by the clients. It can extract information from the documents in both cases (handwritten or printed). There are also cases when customers submit structured or unstructured records, this kind of technology can capture the desired information from both types of documents.
After the extraction of the desired information and its conversion into the machine-friendly language, the optical recognition system is able to organize the information and use it in predictive models to gain insights from the data. As the technology is efficient, it is able to complete the work with more productivity, fewer errors, less time, and higher efficiency. This is so much better than manual effort because it takes more time, shows frequent errors, and uses more resources.
When was the OCR technology introduced and how did it facilitate the industries?
The use of technology peaked in the early 20th century because there was a need to digitize newspaper data. It was important for recording historical events. The advanced version of the technology nowadays is so much better and faster than the previous versions. Through regular advancements and upgrades, the technology is able to reach an accuracy level above 90%.
The advancement in technology has improved a customer’s access to data in different forms. It means that clients can extract information from their invoices, utility bills, government-generated documents, and much more than this. There is also an option of database access so that customers can find the desired document if required by the authorities. Based on their access level, they will be able to view, edit and send the documents as desired.
The Applications of the OCR ICR Recognition Software in the Corporate World
Data extracted from the provided documents are converted into a form that is detectable by the machines so that businesses can benefit from it. Before the use of OCR technology, there was only one option: companies had to hire staff and ask them to type all the text in the documents. This was a time-consuming procedure with a number of errors that took a lot of time for correction and hence, the process was extremely low productive altogether. With the use of the latest technology, companies are able to gain access to different information types, search parties, and indexes for better recognition in the market. There are multiple uses of the technology and some of them are below:
Gaining the Desired Information from Documents:
The OCR technology makes the provided documents readable and converts the images into a readable form. This also makes them searchable. While comparing them to regular PDF files, the new types of PDF documents enable the user to find the information through a search box using words, and phrases with multiple other options.
Better Protection with Cloud Databases
The drawback of regular paper documents is that anybody can gain access to them which is problematic in the sense that anybody can have access to the information even if they are not authorized to have it. The information can be used for different purposes and it can even be distorted and damaged to the point of being unrecognizable. The facility of cloud storage/ database makes it possible to secure the data with password encryptions so that it is not stolen by any third parties.
Nowadays any kind of and any level of organization likes to safeguard their data with cloud storage. There are also features that users can access information from any time and anywhere so there is no restriction of time and place for the clients. If a company uses OCR technology, they are able to capture desired information as efficiently as possible with the minimum hassle involved.
The Reduced Use of Financial Resources
The latest OCR technology is able to facilitate companies in reducing the cost of hiring a candidate for doing the job. It can be really costly in business sectors where huge volumes of forms arrive on a daily basis. The companies integrate the technology with their smart devices and extract the information in their desired formats. It is so much better than manual labor. For instance, the users can submit their bills online and they just need to submit the picture and the amount. In this way, their bills will be paid automatically.
Digital businesses have the option of scanning documents so that they can organize the information in the desired fashion and then gain insights from it using ICR technology. Whenever the data is extracted, it is sent for credibility and a check of accuracy levels. There can be data organization that can be worthless. In such cases, the matter will be sent back, and a call for new information extraction will be placed. This is important for creating a suitable data set.