AI-driven OCR solutions can help companies raise efficiency, guarantee a great user experience, and increase sales and annual profit margins.
Nowadays, emailing documents is nothing new. Instantaneous sending and receiving of Word and PDF documents is possible domestically and internationally. With the help of swift and digital connectivity, business operations are now more efficient.
It would take days or perhaps weeks to send a single message. A business cannot serve the needs of today’s customers if it adopts this method of communication. Customers now place a high value on speed and won’t tolerate delays. A company that cannot respond quickly will eventually lose customers.
Identity verification services must be friendly and convenient for customers. Whenever there is even a single delay, drop-offs may occur. In these situations, customers have the choice to halt the process. To speed up the procedure, businesses deploy OCR solutions in IDV solutions.
OCR Solutions – A Quick Overview
Information from hard copies is converted to digital using OCR character readers. It automates hard copy production and makes them readable on computers. Paper documents might be difficult to edit, whereas soft papers can be changed without losing value. To build a society that is more ecologically friendly, people are moving toward paperless enterprises.
When it comes to digitizing documents, optical character recognition services has no boundaries. Moreover, it can read any writing style and script. OCR data extraction tools make it simple for a human reader to decipher documents written in cursive. These document types can be used to pull data from:
- Computer Typed
Desktop computer-typed documents can be converted to digital format using OCR.
Human-written papers frequently include unrecognizable text and are extremely challenging to understand. The data extraction outputs from the OCR document scanner are exact replicas of those from typewritten documents.
All that is needed to scan the papers is a picture of them. The smart OCR technology can swiftly return results when given an image of the ID document. Real time OCR is used to simply extract letters and sentences from grayscale images. However, because of technological advancements and the inclusion of machine learning in OCR, it can now also extract information from vibrant photographs.
How Does OCR Work?
The main objective of pre-processing is to help the OCR system distinguish between typefaces and backgrounds.
- Data Retrieval
There isn’t information on every page; others are just blank. Before extracting the data, it finds the zones where it is present.
Post-processing cleans up the spelling mistakes throughout this stage. As it selects characters from the image, it looks for the best word to replace it with. This option was absent from the traditional OCR procedure, but it is now possible thanks to better AI integration.
What are the Use Cases of OCR Technology?
Here are several use cases of OCR technology;
- Banking Industry
The most common consumers of OCR solutions are banks. They manage hundreds of files every day. They have integrated OCR services to automate their operating procedures. For banking institutions, keeping track of their records daily can be difficult and expensive. They can use an OCR solution to save time and money.
The amount of manual data entering can be reduced using OCR technology. A financial institution must manually add the user’s financial and personal information each time a new customer opens an account. OCR technology, on the other hand, only needs the user to upload an image of the ID documents; after that, the system will automatically extract the data.
- Health Sector
Pharmacies, clinics, health insurance firms, and other enterprises extensively use the OCR solution. Medication, bills, and insurance claims are just a few of the everyday papers they manage.
Consequently, managing material that has been moved to a digital format is much easier. Right now, each scan requires just one click. Additionally, to ensure additional security, the OCR-extracted data is stored in the cloud and has 24/7 accessibility.
Businesses may use data to make more productive decisions. Moreover, they conduct customer surveys and analyze the results to enhance their offerings. The data is mostly listed on paper since clients physically respond to surveys. Additionally, the information is entered into the computer to create graphs and charts. OCR services give organizations relief by digitizing and simplifying the entire data-gathering process. Because of the potential time and effort savings, businesses can now employ more innovative tactics. Organizational operations can be made simpler for businesses with the use of OCR solutions.