Optical character recognition(OCR) supports companies to identify handwritten text or printed documents and converts them into machine-readable texts. It has gained popularity over time as it assists in automating the document digitization process and simplifies workflows.
This blog will cover all aspects of OCR technology that a user needs to know.
What is OCR Technology?
OCR utilises some advanced algorithms to recognise and interpret the text from images and documents. It works by analyzing the pixel patterns in an image to identify individual words and characters. Not only this, but it can also read different types of sizes, fonts, and styles.
Every type of document can be digitised by using this tool. It is designed in a way that it can recognise both handwritten and printed text. But, handwritten recognition requires an advanced algorithm as these are more complicated than printed text recognition.
Technology is progressing so it provides accurate and reliable tools for digitizing documents like Optical Character Recognition.
OCR Technology Applications
OCR has different types of applications in multiple industries. Here are a few popular OCR technology applications:
- Document Digitization
OCR technology is usually used for digitizing physical paper documents like receipts, invoices and contracts. It has the potential to scan the document and convert them into searchable digital formats that make it easy for storage and retrieving purposes.
- Data Extraction
OCR technology extracts data from unstructured and structured documents. For example, it extracts relevant information from resumes like address, name and work experience and directs or transfers it to a database.
- Banking and Finance
OCR technology is used to automate data entry and verification purposes in the banking and finance industry. For example, banks utilise the OCR facility to scan checks and fetch relevant information like routing number, check amount and account number.
- Healthcare
OCR technology is used for digitizing medical documents and patient records in the healthcare industry. It is also used for processing administrative tasks and processing insurance claims.
Benefits of OCR Technology
OCR technology provides various benefits to organisations and a few of them are listed below.
- Reduced Costs
OCR reduced costs by automating manual procedures that are associated with verification of conventional ways of data entry and verification.
- Improved Efficiency
OCR technology automates the process of document digitisation and eases the data extraction process, saves time and improves efficiency.
- Improved Accuracy
With technological advancements in artificial intelligence and machine learning, OCR has become a priority for every organisation.
Uses of OCR Technology
OCR technology has various applications that range from digitizing documents to improving visually impaired accessibility. A few of the use cases of OCR Solutions are:
- Digitizing Documents
OCR technology is used to convert physical paper documents into digital ones, which makes it less difficult to store and retrieve them. It saves a lot of effort and time for organisations that have to deal with huge amounts of data.
- Accessibility
OCR technology can be utilised to ease the accessibility of handwritten or printed documents for visually impaired individuals. Converts texts into speech so that visually impaired people can easily access the same valuable information as sighted ones.
- Translation
OCR technology can be used to transform printed text into various languages. This is useful for organisations that work in different countries and want to communicate with clients and customers in their native language.
- Data Entry
OCR technology is used to automate the process of data entry and eliminates the need for a convenient way of doing work. It saves a lot of time and reduces errors in any document.
OCR Technology Advancements
In recent years, OCR technology has come a long way, thanks to artificial intelligence and machine learning. Below are a few advances in OCR technology:
- Real-Time Recognition
OCR technology easily recognizes text in real-time and makes it easy for companies to digitize paper documents when they are being scanned.
- Improved Accuracy
OCR technology is safer and more accurate than ever thanks to technological advancements in AI and ML algorithms. OCR systems can easily identify and recognise complicated fonts and handwriting with high accuracy rates.
- Real-Time Recognition
OCR technology recognizes handwritten texts in a real-time scenario that makes it possible for organisations to scan relevant documents and convert them into digital ones.
- Mobile OCR
OCR technology makes it easy to digitize documents and has the potential to integrate with mobile devices. It is highly useful for professionals who want to do more work with fewer resources.
Key Takeaways
OCR technology has the potential to digitize paper documents remotely without any requirement for expensive software and hardware. It’s quite feasible for organisations that deal with massive paperwork.
