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Optical Character Recognition- All Business Need to Know

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Artificial intelligence has changed the perspective of doing business. 83% of companies have enhanced the budget of AI since 2019. 

Every company is now adopting AI to increase the accuracy and reliability of financial statements. Many businesses are gaining a competitive edge, enhancing customer service, and increasing output by doing automation in every department. 

The widespread adoption of automation urges companies to prioritise personal privacy, AI compliance, and cyber security. Gartner states that customer satisfaction will be increased by 2023 by 25% by using AI and ocr software

Many employees think that AI has replaced humans. But the purpose of AI is not to replace humans; rather, it boosts business revenue and gives a competitive edge.

How Artificial Intelligence Enhance productivity 

Artificial intelligence has proven its importance by providing outstanding output. These exceptional outputs encourage many SMEs to acquire the services of Artificial intelligence. 

Artificial intelligence can’t work without machine learning. The chances of adoption of AI increase in case of 

  • Lack of governance
  • Unclear ROI
  • Hiring shortages 
  • Lack of experts 

OCR Scanner

The major AI component that contributes to reducing the workload is OCR. Optical character recognition is a scanner through which all the data can be transferred to cloud software

  • Authentic user

The software generates a unique ID and remembers the fingerprint of the authentic user. So,  only identified users can access the software and can edit the figures. It results in less financial fraud.

  • Retrieve Data 

It reduces the burden of physically recording and managing hard copies of documents. A user just scans or uploads any document, and the scanner automatically retrieves all the data. After retrieving, it directs the data to the required location, and this work just takes minutes to complete. 

  • Converts data 

It can convert any handwritten, typed or printed document into machine-readable data. It can also retrieve data from images and turn them into an editable format. Machine learning has a crucial role in capturing data and understanding the written and printed word. 

  • Accessibility

It removes the need to type all the documents as it saves information manually. Users can access information anytime by just typing the keyword. Even CEOs can access the data 24/7 without the help of any employee. 

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Working of Optical Character Recognition-OCR 

  • Pre-processing of Image 

For successful recognition, pre-process images are required. The purpose is to improve the actual data image. This is a way to suppress distortion and enhance specific image features. 

  • Character Recognition 

When processed input data is large OCR chooses only a reduced set of features. This is crucial as the algorithm detects specific shape and portions of digital video and image. 

  • Post processing 

It ensures the reliability of OCR as it is another error correction technique. Accuracy can be enhanced when output is restricted. Algorithms only record a set of words that are allowed to happen in a scanned document. 

OCR can read numbers and codes along with identifying proper words. It is really beneficial to identify letters and numbers like serial numbers in industries. 

Some service providers develop specific OCR systems that can deal with special images and improve recognition accuracy.

OCR uses standard expressions, business rules and rich information that is contained in colour images. It is used in applications like invoice OCR, ID card OCR, Business card OCR etc. This strategy is known as customised OCR and Oriented OCR.

Use Cases of OCR 

OCR can be combined with a broad range of technology so the possibility of using optical character recognition is widespread. Few are the use cases of OCR

  • Machine Readable Zone
  • Marketing Campaigns
  • Payment process
  1. Machine Readable Zone

OCR regulates the process of identifying and registering people. IDs and passports can be scanned with machine-readable zones. It enhances customer engagements, registration process with businesses and banks and check-in procedure within hotels. It is also used for security at checkpoints and borders. 

  1. Marketing Campaigns 

Famous brands run engaging and innovative campaigns to enhance engagement and experience with customers. For Example, code printed inside of bottle cap and the voucher codes that customers can redeem.  

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OCR can help in effective campaigns by integrating software into company apps and websites. It reduces the hassle of online registration and minimises the manual typing of serial letters and numbers for customers. 

  1. Payment process

IBAN numbers are designed to serve bank accounts globally. The IBAN number can consist of lengths, letters and numbers. Customers can scan IBAN numbers instead of manually typing it. It also provides the comfort of cross border transactions by easily integrating software of OCR. 

Conclusion 

OCR technology is providing numerous benefits that enhance the productivity and efficiency of businesses. Many SMEs are progressing by staying in competition due to artificial intelligence.  

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