Forms are often part of customer-facing processes like registration and receiving order requests. But since the forms usually have long columns of information, it takes quite a long time to collect data from them. The fastest way to gather form details is switching to form data extraction, where data is accurately captured from each field. OCR (Optical Character Recognition) powers form data extraction by transforming unstructured information into structured datasets you can easily act on. In the simplest of terms, this method is an efficient solution to process forms, with a lot to offer.
In this article, we cover everything you should know on automating form data extraction using OCR tools.
What Is OCR (Optical Character Recognition)
By definition, OCR is a technology that converts data in images or PDFs into machine-processable formats. This capability is what makes OCR widely adopted to automate data extraction from any document businesses routinely deal with, such as forms. With OCR, businesses can save a lot of time in capturing all the information in forms rather than typing each data into the system manually and repeatedly.
Here’s how OCR makes forms data extraction effortless:
OCR Benefits for Form Data Extraction
Businesses across sectors have found many benefits from automating form data extraction using OCR. These are why it became a must-have for businesses that deal with high-frequency form data inputting.
Reduce manual data entry
OCR significantly reduces reliance on manual data entry with automated form data extraction and delivers the data right into your processing system.
More accurate documentation
Lower the risk of mistaken input as OCR automatically extracts every detail in your forms with high precision.
Shorten SLA times
Reduce turnaround times and delays by instantly capturing all the necessary information in seconds.
Types of Forms That OCR Can Process
AI enables OCR to efficiently read data from any type of document with high accuracy. This means various forms that businesses commonly handle can be automatically parsed using OCR. Following are several types of forms OCR can easily process:
Order forms
OCR allows sales operations teams to collect details like customer info, items requested, quantities, and prices more quickly, improving efficiency across the sales order cycle.
Membership registration forms
Streamline the registration process of every new member by automatically capturing and documenting their personal details, contact information, and membership preferences.
Loan application forms
With the help of OCR, build an efficient loan processing system that can automatically retrieve all required data including applicant identities, employment details and collateral information from submitted forms.
Customer feedback forms
Improve response times to customer feedback or complaints by using OCR to instantly extract information, helping your team maintain accurate records and track issues more easily.
Fintelite: AI-Built OCR For Smarter Data Extraction
Fintelite’s intelligent OCR is here to be your smart solution for automating data extraction with ease, even from complex columns of forms. Our OCR is powered by AI that efficiently reads both handwriting and printed information in forms, converting them into one structured datasets in seconds. Fintelite provides all the features your businesses need to optimize data extraction, from customizable data capture to flexible export and integration. Contact our team today and take the first step of your business automation journey!
