AI OCR — a Global Solution For Businesses
With the rise of digital automation in current years and endeavoring more than just technology, businesses are increasing the reach of process automation to incorporate a procedure that was earlier performed physically because inputs were in the form of ambiguous information, duplicated text/picture, or joined handwriting content.
According to a report by Mckinsey, “Organization can save the total annual revenue by digitizing present paid tasks”.
Optical character recognition is the subsequent solution to this problem. OCR is a digitized answer for data entry tasks. Many organizations have taken advantage of digitizing using OCR technology. Let’s take a deeper look into how OCR combined with AI has made data entry more accurate and convenient.
What are OCR technology and its significance?
OCR is one of the common digital automation that aids organizations in digitizing the information. Embracing this technology, an organization can ease everyday activities such as onboarding a new client, automating the scanned bills, managing bank statements, etc. A conventional optical character recognition software works by recognizing the patterns, it distinguishes the picture. If there is any content on the picture, then it extracts the data into a format that can be easily read by a machine. The document turns into a digital editable format.
Therefore, this optical character recognition is just restricted to extracting information and turning it into digital form. There is still no assurance on how precisely and error-free this activity is completed. The problem still remains as the staff is used in checking the undesired errors and time is yet again misused. The rise of the organization has out-turned its advancement. This is why a more comprehensive solution to data extraction is of the essence.
Artificial intelligence-based optical character recognition works in 3 main steps:
- Preprocessing
- Extraction of data through OCR.
- Post-processing
How an organization could take advantage of AI-based optical character recognition technology
Digitized optical character recognition technology has simplified workflow and tasks. Optical character recognition based information extraction acquires lesser measures, time, and efforts. Organizations can diminish the resources acquired for entering information manually as well as reduce time in the data processing. Having better accuracy using artificial intelligence OCR can aid organizations in extracting information from several files either in computerized or written format. With the globe moving towards automation, organizations around the world need to embrace an intelligent solution to digitize their tasks, diminish manual efforts, increase procedures, and serve the client in the most effective way possible.
These are some advantages that artificial intelligence OCR brings to organizations:
1. Cost-effective
Digitizing the document extraction procedure lessens the additional cost required to manually maintain all the registration procedures. As stated by import.io digitizing the manual information entry could diminish cost up to 66% for organizations.
2.Diminish manual identification
Manually maintaining the information entry is a prolonged and tiresome procedure and is also sensitive to undesired errors. Restoring manual information extraction with a digitized artificial intelligence optical character recognition engine diminishes the probability of undesired error to a minimum level. As contrasting to conventional software, optical character recognition procedures enhance the client experience by reducing manual content to businesses. Authorizing a digital report is much quicker than analyzing to identify one paper document in a stack of other unrelated reports.
3. Utilizing human resources
The number of employees to manually enter the client information in sheets can be diminished by unifying optical character recognition to their software. Depletion in human resources aid in cutting running or operational costs.
4.Enhanced productivity
Optical character recognition uplift employee morale, making their functional environment simpler to work within, and rarely paper-centric. The capacity to identify text reduces paperwork. A robust collection of information eventually enhances organization productivity.
5.Automated text processing
Artificial intelligence OCR extracts the data from the files and fills the information in the report accordingly. For example, during the identity authentication procedure, the client’s information is extracted from the ID and is automatically filled in the form. Artificial intelligence OCR engine enables algorithms that aid organizations utilize their information as a competitive advantage by efficiently comply with digitalization with all their information available to them in an automated format to engage in the digital world.
