1. Creating a Scanning Process for Paper Documents
A scanning process for paper documents is essential for any business. It’s the easiest way to convert a physical document into a digital document.
What is an OCR Tool?
An OCR tool can extract information from scanned paper documents. They are used to convert paper documents into computer readable formats. OCR technology is to recognize text from images. It is commonly used to extract text in scanned documents and images. Online OCR tool can be used to convert a paper document, or an image into a machine language version with text.
Default Image to Text Settings
Some default settings of an OCR software, such as Acrobat or Adobe Scan, can affect what the text will look like in the digital version of the document. When you need these settings changed, you will have to employ professional assistance to get it done right.
2. Enhancing Data Management & Security
Data, in any form, has been an integral part of any organization. However, the process of storing, managing, and processing data has become more complex in recent years with the emergence of IoT.
The need for safer and faster data transfer is one of the main reasons why organizations are turning to converters or image to text so that they can store data on a device that does not need Internet connectivity.
3. Improve Productivity with Ease
OCR technology (Optical Character Recognition) is an automated system that converts scanned images of text into machine-readable, digital data.
OCR scanners are widely used for digitizing paper-based documents. They are also used to index and retrieve information from scanned documents in libraries and other archives. OCR scanners may also be used to convert postal mail or shipping labels into addresses.
4. Prevent Time-consuming Errors in Transcription & Clerical work
One of the most common problems that transcriptionists face is transcribing a wrong word or phrase. This is because they spend a lot of time on their keyboard and might not have an ear for what is being said on the video. Clerical work also tends to be error-prone because of the workload and are prone to typos, re-typing errors etc.
The best way to avoid these errors is by using an AI transcription system which automatically transcribes audio files into text format.
5. Enhance Customer Relationship Management Functions with Intelligent Searching and Customized Reporting functions
Intelligent searching is a practical solution for companies and organizations who are struggling to keep up with the constant flow of information. Searching for important data in an endless sea of data can be time-consuming, but the time spent searching can be significantly reduced with the help of intelligent search software. There are now tools that make it easy to find just what you need in seconds and not hours.
Customized reporting functions are used to provide reports that meet specific needs while at the same time minimizing irrelevant information. One way that this is achieved is by having machine learning algorithms automatically identify personal preferences as they learn more about your needs and tastes.
Incorporating such features into Customer Relationship Management Systems (CRMs) offers a variety of benefits, most notably its ability to tailor communications based on the individual’s profile.
At the business level, OCR technology is gaining traction
Business workflows and operations have been streamlined as a result of automated OCR technology. The use of technology can reduce resources and save time for businesses when it comes to collecting and managing data. With high accuracy and robust OCR technology, businesses can extract data from multiple electronic or paper document formats.
Because the world is moving towards digitization, businesses around the globe are adopting innovative solutions in their workflows that could reduce human effort, speed up the processes and align well with the customer’s needs.
Here are a few benefits businesses can reap from OCR technology;
Reduced manual identification:
Businesses need to identify each onboarding individual. They’re going to use OCR technology to automatically extract the customer details and verify it.
Reduced cost:
Automated document verification reduces human effort and thus reduces the value while providing improved services to customers.
Substitute manual data entry operations:
The business operation that has the gathering of customer information can employ OCR technology to feed the identity document to the system and get all the customer information from the document in seconds.
Save human resources:
The quantity of employees to manually enter the customer details in sheets can be reduced by integrating OCR services to their system. Hence, human resources are often minimized.
Boost up the business workflows:
With automated data collection and processing, businesses can speed up their processes which can ultimately boost the business revenue.
Reduced error-rate:
Businesses can reduce the error-rate as a result of manual data entry. AI-powered OCR systems intelligently extract the user information while mitigating the errors.
Improved business productivity:
Robust data collection process eventually improves business productivity. The resources that previously used to perform operations manually can be utilized in other useful work.
Automated content processing:
OCR technology extracts the knowledge from documents and fills it within the fields accordingly. As an example, it’ll extract the name from an ID card and fill it within the system storage against the field of ‘Customer Name’.
AI-powered OCR technology employs strong underlying algorithms and techniques that make it possible for businesses to compete within the digital world with reference to robustness and accuracy. As an example, the banking industry has a lot to do with paperwork. To suit the regulatory requirements like KYC/AML procedures or to ensure a clean customer base, there’s a requirement for document verification.
Now the digital world demands digital solutions then online banking emerged with a spread of online services. During this industry, biometric authentication via documents is the primary step that helps onboard honest individuals to participate in the legitimate financial system. Now the challenge of online document verification is often met using OCR technology