Introduction
Optical Character Recognition (OCR) technology is a business solution that can automate data extraction from images or scanned document with printed or written text. The text that is extracted is transformed into a machine-readable form which can be used later to collect data, process it and analysis.
OCR is a popular technology that is used in a variety of commercial operations to simplify the process of removing data from documents. It can reduce the time needed to extract data manually and entry.
Access to information for users can be improved by using advanced OCR Datasets that extracts information from various templates and formats, including invoices contract documents, ID documents and receipts, financial statements and other. Digital documents can be searched through an online repository to locate the necessary document, and then read as edited or used to transfer the data to different systems.
OCR technology is growing in the business world
Automated OCR technology can streamline operational workflows and processes for businesses. Businesses can use technology to cut down on costs and also reduce time spent on data collection and management. With the highest accuracy and robust OCR technology, companies can collect data from a variety of types of paper or electronic documents. As the world moves towards digitalization, businesses across all over the globe are using new workflow methods which can reduce human efforts, speeding up processes, and aligning with the requirements of the customers.
Here are a few advantages that OCR technology can bring to companies:
Reduction in manual identification: Businesses must identify every upon boarding. They can utilize OCR technology to automatically collect information about the customer's details and validate the information.
Cost reduction: Automated document verification reduces human efforts and, consequently, lowers costs while offering enhanced services to clients.
Alternative manual entry procedures: The business operation which includes the gathering of customer data can use OCR technology to send the identity document into the system and extract all customer data from the document within a matter of minutes.
Reduce human resources: The amount of employees that manually input the customer's details into sheets is reduced by adding OCR services into their systems. Thus, the human resource are reduced.
Accelerate workflows of business: With automated data collection and processing, businesses are able to accelerate their processes which could ultimately boost business profits.
Lower error-rate: Businesses can reduce the rate of error due to manually entering data. AI-powered OCR system is able to extract the data of the user while minimizing mistakes.
Increased productivity in business: Robust data collection process eventually increases business efficiency. The resources previously used for manual operation could be used for other tasks that are beneficial.
Automatic content processing: OCR technology is a method of extracting data from documents and fills in the fields in the right way. For instance, it could remove the name of an identification card, and enter it into the system storage in the field "Customer Name".
AI-powered OCR technology makes use of strong underlying algorithms and methods which allow companies to be competitive in the digital age in terms of robustness and precision. For instance the banking sector has a lot to deal with paper. To meet the legal rules, for example KYC/AML or to guarantee a clear customer base it is necessary to verify the authenticity of documents.
The digital age demands digital solutions, and the advent of online banking has brought various online services. In this sector identification verification using documents is the most important process that allows genuine individuals to join the financial system that is legitimate. The challenge of online document verification could be addressed using OCR technology. A person who wants to establish an online bank account must upload a valid identity document, like an ID card used for identification verification. OCR technology that is embedded in the verification of documents will be able to extract information from the uploaded document by identifying its formatting.
Use-Cases of Optical Character Recognition for Businesses
Conversion of paper that has been printed or scanned into machine-readable form A common practice for many companies. Prior to OCR there was only one option for businesses was to write or type the text, which was time-consuming and susceptible to mistakes. The labor-intensive tasks are substituted by the automated OCR technology used by businesses across all over the world. Texts from the past are simple to find and search engines use OCR to index documents, and number plate recognition can be automated. Apart from that examples, here are some of the applications using Optical Character Recognition (OCR) technology:
Information retrieval
The searchable PDF format is one of the many uses of OCR. The systems used by businesses that utilize OCR software can convert PDF files that are done through Image Data Collection and documents that are printed into searchable files. As opposed to PDF files that are normal, the digital searchable ones have an invisible overlay that includes searchable text. To accomplish this, OCR technology is employed as a digital method to discover the names, keywords, phrases as well as other information needed from these documents.
Cloud storage offers greater security and protection
Paper documents are difficult to protect from unauthorized access. They are susceptible to being lost, stolen or damaged easily. Cloud storage is simple for companies to safeguard their information in a timely manner by allowing a secure access to it and preventing the risk of being hacked. OCR technology allows you to collect data and then store it in the cloud.
Small medium-sized, large and even medium-sized companies prefer cloud storage over physically stored storage. Cloud storage allows businesses and smart devices to access data from anywhere and on any device. OCR technology allows companies to keep their data in a secure way in the cloud, where users are able to access, read and modify the data with ease.
Cost reduction
Advanced OCR solutions allow businesses to cut the expense of employing professionals to enter data. The OCR system integrates into the infrastructure of the system and extracts every information that is received. Manual data entry by experts is replaced by the automated process. For instance, to upload your utility bills online users need to upload the last paid bill, and the system will extract the information from it. There is no longer a need for employees to be on their feet to scan for each request can be fulfilled with OCR technology. Additionally, the expense of copying, shipping, and printing are reduced, and companies are able to manage all AI Training Dataset in digital format rather than having a stack of paper documents which take up large space.
Time Optimization
Businesses can save time by using OCR technology for their data extraction process. With higher accuracy, OCR software reduces the errors and also improves the time required to finish the task. Furthermore, it clears the way for companies to be more productive and increase revenue production.
Digital Identity Verification
Businesses that are online and want to maintain a clean client base are required to carry out identification verification in order to safeguard their business or to comply with the legal requirements. Digital document verification using government issued identity documents can help online businesses identify fraudulent actors. OCR technology is used for the process of document authentication when the online user uploads ID card or passport, driving license, or credit/debit card. to confirm the identity of a person. For verification purposes, using OCR to verify a person's identity, the data is automatically extracted and validated in a matter of minutes.
Automation
Online companies look up the hard copies of invoices of their customers following the import of them into their systems. The data extracted is verified by a computer to ensure its validity and accuracy. The slip can be classified in accordance with the classification, and transferred into Accounting system. This way the entire process is automated following the analysis of the contents and then moving it into the appropriate set.
OCR Datasets And GTS
Global Technology Solutions (GTS) OCR has got your business covered. With its remarkable accuracy of more than 90% and fast real-time results, GTS helps businesses automate their data extraction processes. In mere seconds, the banking industry, e-commerce, digital payment services, Image Data Collection, Text Dataset and many more can pull out the user information from any type of document by taking advantage of OCR technology. This reduces the overhead of manual data entry and time taking tasks of data collection.
