In today’s digital age, the need for efficiency in business operations is critical to achieving business goals. With over 1.1 million industries established in Malaysia, the competitive market is tight, and with solid regulations, businesses must stay updated and comply. Manual methods do not provide the full benefit that leads to efficiency; instead, they lead to inefficiency because the processes take a lot of time and effort. Not even if there are errors that affect the entire process. Manual methods can often be unsatisfying for staff since they must conduct repetitive tasks, which causes delays.
Thus, OCR exists to help businesses streamline their workflows. With powerful and cutting-edge technologies deployed, OCR is capable of working efficiently. Whether when processing documents faster and more accurately, minimizing the time spent on similar tasks. This article will help you understand how OCR transforms business processes in Malaysia, as well as provide expert tips for choosing the right OCR tools for Malaysia businesses.
Understanding OCR for Malaysia Business
OCR or Optical Character Recognition is an advanced technology that extracts information from physical documents and digital documents such as images or PDF. Type of documents that OCR in Malaysia businesses usually handle including invoices, receipts, ID cards, purchase orders, contracts, and more. The faster processing and accurate results making OCR is helpful for businesses who process a large number of papers each day.
Common Business Challenges Without OCR
1. Time-Consuming and Error-Prone
Manual data entry requires staff to input data from many sources one by one into the system, which obviously takes hours or even days to complete all documents. When entering data, manually processing documents is prone to error because staff may miss information in the documents.
2. Potential for Fraud
Fraud has become sophisticated and difficult to detect with human eyes; thus, staff may miss signs of fraud in documents. This might have a negative impact, both internal and external. Internally, it can cause financial losses and disrupt workflow. Delays are possible, and the operation may be paused during the fraud investigation. Also, staff must re-input data and perform multiple checks. External consequences include a damaged business reputation and lost customer trust.
3. Compliance and Audit Risks
Malaysian regulatory governments such as Lembaga Hasil Dalam Negeri (LDHN), Suruhanjaya Syarikat Malaysia (SSHM), and others have severe financial reporting and taxation requirements, particularly in the banking, finance, and insurance sectors. As a result, businesses have carefully managed their tax and financial reporting. Reporting errors can lead to penalties and audit risk, which interrupt operations.
How Malaysia Business Implement OCR Tools
1. Finance & Accounting
In the finance and accounting industry, OCR plays an important role in automating invoice and receipt processing. This saves businesses time for creating budgets and financial reports, and also allows them to build strong relationships with stakeholders like vendors by avoiding payment delays.
2. Healthcare
OCR assists the Malaysian healthcare industry in managing the huge amount of claims and patient forms that are sent on a daily basis. With faster and more accurate extraction of information from claim forms, medical forms, and policy cards, claim approval is faster and policyholders are more satisfied.
3. Human Resources
In human resources, OCR helps in the digitization of employee records such as identities, contracts, employment details, and payroll. This ensures that human resources handles papers properly and keeps information in an easily accessible and searchable format.
Tips for Choosing the Right OCR Tools for Malaysia Business
There are some aspects to consider when choosing the OCR.
1. Feature Capabilities
Ensure the features cover all of your business needs. Check the speed and accuracy level when processing the documents. For example, Fintelite is capable of converting all document formats and processing them 10x faster while maintaining over 90% accuracy.
2. Multi-Language Support
Many Malaysian businesses are multinational, so their documents are in more than one language. Choosing the OCR software that can support multiple languages can help businesses to process documents without having to translate them first.
3. Cost and Security
These aspects are important to consider while picking OCR software. Find software that offers a high level of security, assures data protection, and is reasonably priced. Fintelite OCR can be the best solution to consider because it has been certified by several trusted institutions that secure sensitive data for businesses and customers. Fintelite can also create custom features based on business needs, ensuring an affordable price while giving significant features.
