Growing industries have long been concerned with dealing with large chunks of data. Dealing with large datasets manually is serving organizations with bigger losses due to higher inaccuracies. However, with time as technology has evolved - industries are finding new ways to simplify the scanning and extraction of information. Although, depending on the technology to do the human work with higher accuracy hasn’t always been the same. The technology needs time to adapt to new changes. Therefore, nowadays the industries need a sophisticated solution to eliminate manual work required for data processing.
With the growing need for fast data processing, the identity verification industry, in particular, can’t depend on manual work. Judging by the manual verification process conducted by banks and other financial institutions, industries need to authenticate multiple documents on a single go. For this reason alone, depending entirely on manual data verification could compromise quality along with the speed. Therefore, industries require a solution to ease up the entire authentication procedure.
Due to a rising need to gain efficiency and accuracy, Optical Character Recognition OCR Technology is helping organizations to eliminate tedious verification processes. The technology has been tested time and time again with an influx of large amounts of data. Moreover, optical character recognition systems can also smooth the customer onboarding experience. Companies could also ensure better turnaround time and low cost. So, the real question that remains is, “What is optical recognition software?”
What is an Optical Character Recognition OCR?
OCR technology helps with scanning and extracting large amounts of data from various document types. OCR also called optical text recognition software helps with storing the data in digital format and making it easily searchable for various industries. Although, the algorithm within the traditional form of optical character recognition system has to be fed on various document types to increase its performance. The technology keeps human intervention at the minimum and serves industries to lower cost and time.
How OCR Works in Different Industries
Automated OCR technology has helped in closing a significant gap among different workflows and operations. Industries could cut down their cost by limiting the number of resources and save time with data collection and management. By properly utilizing the Optical Character Recognition OCR, businesses could extract data from various paper-based documents.
Banking
Banking sectors and financial industries deal with large amounts of data each day. For this reason, OCR technology is used most often by these sectors. Although the most frequently used aspect of OCR in the banking industry is scanning handwritten cheques. The contents in the hard form are digitized that also include signatures. This way, human involvement is kept to the minimum and digital verification with OCR helps with clearing the check-in time.
However, it can’t be said with total honesty that a character recognition app can provide 100 percent accuracy. Optical character recognition OCR software has still a long way to go to completely satisfy the needs of the banking sector. With AI algorithms integrated within the OCR system, the system is continuously learning. Although, the software has offered plenty of economic gains for the industry and its customers at this stage.
Legal
OCR technology is helping legal industries to deal with massive paperwork that is unlike any other industry. A multitude of paperwork from affidavits, filings, statements, and Wills to other legal document verification could be easily stored and searched with the help of OCR technology. As OCR extends its capability to other languages such as Chinese, Japanese, French, Arabic, etc. The system also helps legal institutions to provide quick access to millions of old cases.
Healthcare
Similar to the other industries, healthcare is also doing quite well with OCR technology. With this solution, it could become easier for the industry to search through the digital store to seek out any past illness or hospital record. All of this can be arranged in one place rather than having files dispersed all over the place.
However with the ability to secure records digitally could also provide a massive boost to the logistics of drugs and other medical-related consumables. Keeping this in mind, the huge database caters helps the industry to cater data regarding the healthcare policy and supplies.
Optical Character Recognition OCR is serving industries with data extraction over several years. Organizations are taking the right step towards the future that provides them with short and long-term benefits. Coupled with the power of big data along with artificial intelligence, OCR technology is constantly evolving to tackle more challenges in the future.
