Have you found it challenging to deal with loads of paperwork for your business? So, most organizations look for faster and smarter solutions to manage information. Handwritten forms, paper documents, and PDF files are often used for several business operations. However, if you rely on a manual process, it would be a costly affair. There is also a risk of errors with this traditional process. That is why you need to take advantage of Optical Character Recognition automation. From contracts and invoices to medical devices, OCR automation has revolutionized the way you operate business. Let us discuss- What is OCR technology and how is it beneficial to different industries?
What is OCR automation?
OCR automation refers to the way of using Optical Character Recognition technology for automatic data extraction from images and documents. The data is transformed into machine-readable text using the technology. It removes the need for entering data manually, ensuring an accurate and speedy solution. What’s more, digitized invoices and receipts reduce the risk of human errors.
An OCR automation process involves a number of steps-
Text recognition- The best OCR software identifies words and characters using its advanced algorithms. The main function is to convert the visual content into digital codes.
Image processing- A document’s image needs to be captured with the application.
Data extraction- The OCR application derives the text to make it searchable and editable.
Top industries where OCR automation is highly beneficial
Find a list of a few industries that prioritize OCR for automated processes.
Finance and banking
Many businesses in the financial industry traditionally used manual paperwork for various purposes. However, today they depend on creative technologies to deal with account forms and loan applications. OCR software allows them to automate data extraction from financial documents and ID cards. It accelerates account openings and loan approvals by reducing manual data entry needs. OCR applications also improve accuracy in audit and compliance processes.
Some OCR-driven systems instantly read customer ID documents and automate processing times.
Supply chain and logistics
Accuracy and timing are vital in the logistics industry. But, offline paperwork for custom forms and bills of lading. So, how does your logistics business benefit from OCR software? You can use the application to obtain data from your delivery and shipping documents. Real-time tracking reduces errors in your regular invoicing activities.
Logistics companies rely on OCR automation to simplify workflows and reduce administrative overhead. It ensures that their shipments are processed seamlessly.
Healthcare
The healthcare sector deals with several paper records, such as insurance forms and prescriptions. It is challenging to manage the vast documentation manually. To avoid inefficiency, your healthcare organization can take advantage of OCR automation. You can also capture data automatically for billing documents and lab results. Advanced software converts data into digital formats for your convenience. It helps you comply with regulations by ensuring searchable online archives.
E-commerce and retail businesses
Retail businesses in the online and offline world deal with various types of data, from product catalogues to invoices and receipts. With OCR automation software, you can process data more efficiently and provide a better experience to customers.
OCR software also streamlines your receipt and invoice scanning for accounting activities. Product details are easily extractable from your vendors’ catalogues. Customer forms can also be automatically processed for refunds and loyalty programs. Thus, digitize your data and gain valuable insights.
Research and education
Many educational institutions across the world have already implemented OCR technology. They want to store and analyze diverse types of data, from research findings to student records.
OCR automation enables them to digitize exam papers and handwritten notes. It helps them convert study materials and books into online learning resources. Besides, OCR software facilitates easy research data sharing and archiving. Furthermore, it facilitates you in creating searchable and editable academic databases. OCR automation is advantageous for schools and universities, as it improves collaboration and accessibility.
Legal industry
Corporate legal departments and law firms use OCR automation to simplify document management. By analyzing contracts and documents, these firms ensure accuracy and legibility in data. OCR streamlines e-discovery by allowing quick keyword searches. Moreover, it ensures your legal business complies with regulations through retrieval and recordkeeping. Legal professionals in your team do not need to sift through files.
Conclusion
Automated data capture and OCR are highly essential in the digital transformation of your business. Innovative OCR technology provides several benefits across different industries for intelligent and automatic data processing. You can avoid searching data manually to save time. So, choose the best OCR automation software for your business.
