Last Updated on June 30, 2024 by Team Experts
Optical Character Recognition (OCR) is rather an unsung hero of the corporate sector. Most enterprises are unaware of the wonders OCR technology can bring. In the early 1920s, Sir Emanuel Goldberg invented a device that could read text written on a piece of paper by reflecting light on the surface and creating an imitation of paper-based information. This led to the development of advanced and efficient OCR-based solutions that can help business entities create convenience for their customers as well as improve their day-to-day operations.
While most OCRs are still emerging, corporate businesses struggle with data management problems. Lost and misplaced file folders are one big concern for enterprises that can cost businesses a maximum of $220 to cover up the reproduction expenses for a single lost record. State-of-the-art Optical Character Recognition OCR solutions are one step ahead of these old-school data storage methods since information extracted from a good OCR engine comes with the option of cloud storage that is safe and secure by all means.
Digital Businesses & OCR – What’s in Store?
Customer onboarding is now as effortless as catching up with a friend on a video call. You might not believe it, but that’s possibly true since real-time identity verification solutions offer the right amount of convenience and security that a customer needs while opening an account remotely. These services often incorporate intelligent OCR-based technology that digitizes the process of user document verification.
One advantage that OCR solutions come with is that they are time and cost-efficient for business as well as for the end-user. OCR-generated files are easily manageable since they are organized into a hierarchy/format that is easy to traverse. OCR technology improves the overall accuracy rate of data extraction with the support of efficient data management tools.
Banking on Customer Interests
OCR technology allows businesses to develop solutions that best align with their customer needs. With quick data acquisition and reasonable accuracy, businesses can deliver the level of service their customers deserve.
Banking on Customer Experience
Quick Data Accessibility: Customers can now access data using their mobile phones in an instance. Thanks to OCR solutions, data is extracted and stored on digital databases that only need an internet connection to access services.
Better Data Organization: AI-based OCR services have the ability to perceive unstructured data, pick up relevant data fields and organize it into digital-only files that allow efficient data sharing. No more problems related to poorly managed files.
Reliable Recognition: OCR technology now comes with artificial intelligence which means that it can understand text that is hard to read, has a different font or format, or is in a language other than English. This means customers have to no more wait for lengthy document screening procedures while opening accounts.
Advantages of OCR Technology
OCR software has a lot to offer in a wide array of industries such as banking, legal, retail, medical, and tourism. Here are a few uses cases where OCR technology can be used:
Digitizing Medical Records
When it comes to the healthcare industry, medical records are one big hassle to manage for hospitals and health service providers. The practical application of OCR software is in the quick and secure retrieval of medical records that can significantly assist medical staff in a timely and accurate diagnosis of the patient.
Digital Identity Verification
OCR technology is not just limited to creating digital receipts and creating online medical records. It offers businesses one benefit that can work wonders for them – identity verification. Before onboarding a potential customer, enterprises need to make sure they are dealing with a legitimate individual. In this regard, they need to perform Know Your Customer (KYC) procedures that incorporate verification of authentic ID documents. Using an OCR solution can reduce time, provide essential data and allow organizations in a secure onboarding process.
To wrap it up…
Today, traditional methods of data extraction fall short of what businesses prefer and need. AI-based optical character recognition uses robust tools to digitize paper-based documents, perform identity verification of the end-user, assist healthcare providers in medical record retrieval and create better business opportunities for enterprises.
