Data entry is a process of entering data from printed documents or digital PDFs into a system, commonly spreadsheets. Depending on the method taken, this process can be either simple or tedious. Manual data entry involves repetitive steps that require extensive labor and time, especially if handling a large volume of documents. But using OCR-based data entry, on the other hand, it allows you to input documents in a more time-saving and efficient manner.
OCR (Optical Character Recognition) technology is a game-changer that makes data entry way faster and easier. In this article, we will answer every question you have about OCR-based data entry, from the definition and the best practice to utilizing it in your business.
1. What is OCR (Optical Character Recognition) technology?
OCR is a technology that can transform physical or digital documents into machine-readable data. As a result, information that was previously locked within documents can be easily processed for various purposes.
2. How does OCR (Optical Character Recognition) work?
OCR typically works by scanning, capturing, and converting every piece of data in a document into an editable and searchable format. For example, when a PDF of an invoice is uploaded into an OCR platform, the system will process it by recognizing the text, numbers, and even tables within the document. Then, it will generate extracted data in formats like JSON, Text, Excel, CSV, and others.
3. What is the definition of OCR Data Entry?
OCR-based Data Entry is the practice of leveraging OCR technology to automatically extract data from documents and input it into a digital system. This automated process can streamline your daily administrative tasks by delivering data right into Excel, QuickBooks, Xero, and other management systems your business currently uses to store data.
4. What is the role of OCR for automating data entry?
OCR plays a key role in reading and capturing data from various documents that need to be inputted. As the foundation of the process, it also ensures that the data is accurately extracted, maintaining consistency between the original documents and the system.
5. How accurate is OCR data entry compared to manual entry?
Manual data entry requires retyping information by hand, which is why missed input more likely to happen. On the contrary, automating data entry with OCR allows you to reduce the need for manual work and minimizes the risk of error. With Fintelite AI-powered OCR solution, extract data from any document with over 95% accuracy.
6. What types of documents can be processed through OCR data entry?
Utilizing traditional OCR may struggle with documents that have complex layouts and formats. For broader document coverage, AI-powered OCR like Fintelite offers enhanced recognition capabilities for diverse document types, such as ID cards, invoices, receipts, bank statements, customer forms, and more. Fintelite allows you to seamlessly extract and input data from any document without module retraining.
7. What are the benefits of using OCR for data entry?
Transitioning from manual data entry to OCR data entry leads your business to greater efficiency and productivity. By automating data entry with Fintelite, achieve a more streamlined workflow. Fintelite’s automation frees up the team from delays due to errors and repetitive tedious work. Additionally, it speeds up processing of large volumes of documents and enables seamless integration with existing business systems.
8. How secure is OCR data entry for sensitive documents?
The security of OCR data entry primarily depends on the system used and how the data is handled. With Fintelite automation, all data stays encrypted throughout processing and is not retained afterward. Moreover, Fintelite holds industry-grade security certification of ISO 27001, ensuring reliable data protection.
9. What powerful features does Fintelite’s AI OCR offer?
The latest version of Fintelite AI OCR introduces more cutting-edge features to help you process documents more efficiently. It can be tailored to automatically pull data from emails or other sources, seamlessly integrates with your existing systems, and allows custom outputs, such as adjusting Excel results to fit your templates. Additionally, it also equips you with fraud detection to scan documents for the possibility of forgery that can be harmful.
10. Is Fintelite’s OCR customizable to extract only the data I need?
Yes, the data extraction is customizable in Fintelite to meet your specific needs. Define which data to extract and specify the corresponding labels for each. Customize data fields easily with our OCR builder, no coding required.
Conclusions
OCR data entry revolutionizes the way businesses handle documents, making data capture faster, more accurate, and less prone to human error. Fintelite brings these benefits together through AI-powered OCR automation. With Fintelite, data entry does not feel monotonous anymore. With Fintelite, data entry does not feel tedious anymore. All you need is to upload the document, and it will automatically extract and deliver the data into your system with a high accuracy level.
