Some of the best uses of OCR for businesses include reducing the unseen costs of document processing and saving time. Banks, for instance, use OCR software to turn scanned checks into cashable transactions.
These applications improve security and risk management. Hospitals have also used OCR software for years to streamline their workflows and reduce manual work. Insurance companies use OCR to extract data from scanned forms, speeding up claim processing.
Law firms use OCR to convert scanned legal documents into electronic files that can be accessed by legal professionals.
Let’s explore some of the more uses of OCR Online in the businesses:
Uses of OCR in Businesses
Conversion of handwritten notes into digital format
OCR technology is a powerful tool for converting handwritten notes into digital form. OCR software can automatically recognize handwritten notes and convert them to text, which is a common format for business documents.
It also has a number of advanced features, such as determining whether the words are in a Latin font or not and recognizing content formatting. Its advanced capabilities include improving the quality of the text and removing small imperfections.
In addition to converting handwritten notes, it can also convert scanned images into searchable text. It is especially useful for archival projects and the digitization of books, journals, and newspapers. It also enables automated systems to recognize text within images, such as license plates. Aside from converting handwritten notes to digital form, OCR software recognizes the text of images, which enables users to perform a number of tasks that were previously impossible to perform.
Making documents searchable
OCR technology has made it possible for PDFs that contain only images of text to be searchable. This technology works by scanning the page and identifying all the dots as text characters. This can be a time-consuming process, but the results are well worth the effort.
OCR technology has many applications and can be used to make documents searchable in any industry. However, it should be noted that it is not a foolproof solution.
One of the main benefits of OCR technology is the ability to convert documents into machine-readable data. This allows users to search through the information within the document and easily find specific information without the need to manually index the data.
Moreover, the process can provide better security, as all of the information is stored digitally, which allows for improved access controls and encryption. It also frees up time by eliminating the need for manual data entry.
Converting papers into digital data
OCR software is a popular tool for businesses of all sizes. The image to text converter recognizes documents automatically and organizes them for easy searching and analysis.
The data it extracts from documents is easily transferable, saving a business countless hours and energy resources. Furthermore, it can be used to fill out cross-examinations across departments, reducing the amount of paperwork a business produces.
Many companies maintain archives with boxes and files of paper-based information. In addition to being inefficient, paper-based information is also costly and subject to human error. Businesses can save time and money by using OCR software to scan these files into editable formats.
This technology also improves file security and accessibility. With a little training, OCR can streamline a business’ workflows and eliminate manual data entry altogether.
The process of using OCR software for paper-based data conversion involves three stages. First, a process known as pre-processing ensures the accuracy of data read. Second, it uses a feature extraction algorithm, which uses the stored glyphs to recognize text.
Lastly, it can be used for searching and editing text files, as well as to send them to other systems. Once data is converted, a business can store it into a CRM.
Automates invoice process
Automation of the invoice process can be a great way to free up time for employees and focus on more strategic tasks. While automation frees up employee time, it does not eliminate the need for human oversight.
Employees may still need to perform some manual tasks such as approvals and exceptions. Automation can help businesses increase efficiency and reduce costs, too. Let’s take a look at some of the benefits of automation. Here are three key benefits of automation for your business.
The first benefit of an automation tool is speed. While humans are still required to review invoices, automated tools can help speed up this process by enabling workers to review and approve more invoices faster. Automated invoice processing (AIP) software extracts data from digital files to streamline the invoice process and make payment easier.
Unlike human review, automation tools can also facilitate faster payments and streamline the workflow process. By automating the invoice process, your company will save time and eliminate errors that can slow down the process.
Invoice processing automation can be achieved by taking several steps:
First, determine how the invoices flow in your business. For example,
- How many invoices are received electronically and in paper?
- How long does it take your AP team to process them?
- What is the average time it takes to process one invoice?
- How many invoices does it cost to process each one?
Automated invoice processing can help you eliminate these pain points and free up time for more added-value tasks.
Improves standard character recognition output
Optical character recognition (OCR) technology converts handwritten text or scanned images into machine-readable text. Once scanned, this electronic text can be used for
- advanced analytics
- the near-elimination of manual data entry
- exceptional enterprise search capabilities
While imperfect OCR reduces accuracy per field, even a 4% improvement in quality can make the output 90 percent accurate. And this is a significant improvement over the current process of manual data entry.
Before the digital age, data was collected on physical formats and extracted, sorted, and stored by humans. Even though digitization has improved some data capture processes, many businesses still use paper documents.
In such cases, using optical character recognition (OCR) software can greatly increase the efficiency of business operations. The following are some of the benefits of OCR technology. The technology will improve standard character recognition output for businesses by automating tasks that used to be performed manually.
The OCR software with feature detection uses neural networks or machine learning algorithms to classify words. By comparing an image’s features with examples stored in its memory, it chooses the closest match.
This algorithm is particularly useful when the image is of poor quality or contains unusual fonts. In addition, the statistical data used in the feature detection algorithm can identify typical OCR errors. As a result, the feature detection system can correct any flaws in the recognition process to enhance the accuracy of the output.