Since it arrived in the 1990s, OCR technology has advanced by leaps and bounds. The application of OCR for businesses is capable of interpreting a variety of languages, characters, and symbols. Not only that it can enable editing of documents’ original layout, fonts, and even color. The utilities of OCR for businesses are wide-ranging and can revitalize daily business operations seamlessly.
Modern OCR software can recognize a wide variety of patterns, symbols, colors, and allow you to breathe new life into your business. Moreover, the ICR/OCR solutions run on top of artificial intelligence models and boast an accuracy rate of over 90%. Starting from data extraction, OCR is able to remove any unwanted spots and marks from your documents. This is just the tip of the iceberg as we will discuss the applications of OCR for businesses in detail.
Tasks Automated By OCR
Larger businesses are employing OCR on a huge scale to automate their mailrooms. Let’s see how it works. Incoming documents are automatically scanned, classified, and sent to their relative business teams. Relevant information is then recognized and extracted from these documents and indexed which provides swift access to different business teams.
Invoice and Form Automation
Organizations, big or small, can scan paper-based business invoices or transfer them to their systems as editable documents. The extracted information is verified automatically to provide maximum accuracy of results. Then, they can be introduced in the financial system so that to keep your business records straightened up. Just like invoice automation, form automation is also a part of the applications of OCR for businesses. Here, physical documents are scanned and then imported into the system as electronic documents.
Nowadays, owing to the preference for a mobile workplace, it would be strange if any organization is not moving its documents to the cloud. Because access to documents from the cloud makes total sense. It adds a security and safety element not to mention convenience. So, if the cloud is being used for storage, then manual data entry and extraction cannot go hand in hand with it. Thus, optical character recognition technology provides an efficient utility to the organizations which store their documentation on the cloud.
The searchable PDF feature is a defining feature of OCR for businesses looking to find particular information from documents. Even the image-only PDF files can be recognized by OCR and then keyword searches can be performed on them.
Miscellaneous Uses of OCR for Businesses
- Increased profit and productivity of businesses due to the elimination of manual data extraction and entry.
- Revitalize data management and reduce human error.
- Eliminate the cumbersome task of manual sorting.
- Improve customer experience and customer retention.
- Enhanced control, safety, and security of sensitive documents.
Technologies Behind Optical Character Recognition
Following are technologies behind the intelligent OCR software
- Convolutional Neural Networks (CNN)
- Natural Language Processing (NLP)
- Artificial Intelligence (AI)
- Machine Learning (ML)
To better understand how it all comes into place for OCR, let’s jump into the details.
OCR technology provides an efficient utility to the organizations which store their documentation on the cloud. As OCR is based on AI and ML-based technologies, it is able to localize text in an image and interpret its meaning.
First and foremost, Convolutional Neural Networks (CNN) recognizes a photo and identifies pictorial patterns for identification and its transformation into text. Moreover, the ICR/OCR solutions run on top of artificial intelligence models and boast an accuracy rate of over 90%. Starting from data extraction, OCR is able to remove any unwanted spots and marks from your documents. This is just the tip of the iceberg as we will discuss the applications of OCR for businesses in detail.
Then, OCR’s advanced computational algorithms recognize all the alphabets and symbols, marked by Convolutional Neural Networks (CNN) in the first stage. Following this, Natural Language Processing (NLP) algorithms analyze the data logically and identify the relationship between different words. Not only that it can enable editing of documents’ original layout, fonts, and even color. The utilities of OCR for businesses are wide-ranging and can revitalize daily business operations seamlessly.
In Search of the Most Reliable OCR Solution
Today, there are plenty of open-source and paid OCR solutions available in the market. While choosing the best solution may seem a perplexing task but actually, it is not the case. The first and most crucial factor to look out for in the solution is recognition accuracy. Some top-of-the-line OCR solutions in the market publicly provide their recognition accuracy results. Thus, employing a service with more than 90% recognition accuracy can provide your business a proper cover.
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