Wondering how to skip the hassle of manually typing data into the system? Good news, OCR (Optical Character Recognition) has made it possible. This technology is a profound solution for those seeking an automated way to convert documents into machine-readable data. OCR has been around for years and has brought significant progress in the business world. But what exactly is OCR? Why is it so useful? Find all the answers to the most frequently asked questions about OCR in this article.
Definition
OCR is a digital technology that extracts text from images or PDF documents, making the data inside easier to use and process. For example, it can be used to collect transactional data from invoices, or to gather customer information from registration forms. Without the need for long waits, OCR process typically takes only seconds, or at most a few minutes for larger documents. While manual methods often slow you down, switching to this cutting-edge solution can help you work faster and scale with confidence.
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OCR might seem technical, but the process is actually quite simple. To understand it better, let’s take a quick look at how it works in a few steps.
1. Preprocessing
Scanned document images or received PDF files are first pre-processed to make character recognition easier. This involves removing noise, correcting skew, and enhancing image quality.
2. Data recognition and extraction
OCR then identifies each piece of data found on every page. This allows the system to extract relevant information such as text, numbers, or specific fields based on the document type.
3. Postprocessing
All extracted data is labeled and categorized to produce a final output, resulting in a structured datasets in various formats, such as JSON, TXT, or CSV.
Benefits
Making tasks faster and simpler is just one of the benefits it offers. With its advanced features, integrating OCR into workflow delivers many more advantages, such as:
– More accurate results
Forget about repetitive checking and fixing data errors. By automating the process, extract all the important information you need with a high accuracy level.
– Better team productivity at work
No more stuck for hours in a slow-moving process. Put data extraction on autopilot with OCR, free up time previously spent on manual tasks, and shift it to what’s truly important.
– Easier data accessibility
OCR works by converting documents into machine-readable data formats. Instead of manually sifting through physical files, the output from OCR allows you to quickly search for specific keywords or phrases.
Use cases
In every line of business, there are always documents that need to be processed. OCR can help speed up data extraction from various types of documents across different industry sectors.
1. Banking & financial services
Fast and efficient onboarding processes are key to customer satisfaction. With OCR, automate data extraction from ID cards, family cards, bank statements, or other collateral documents accurately.
2. Insurance companies
One of the most challenging parts in insurance is verifying large volumes of claim-related documents. OCR can help extract data from claim forms and various proofs of loss or damage quickly, reducing the time needed for approval and payout.
3. Healthcare
A single patient can have a large number of medical documents that need to be managed. OCR streamlines the administrative process by digitizing patient intake forms, prescriptions, and lab test results, leading to more efficient record-keeping.
How to implement
When it comes to the implementation, there are two options: building it from scratch or using existing OCR software. Developing an in-house system requires significant resources and ongoing maintenance costs. That’s why many companies choose to use OCR tools, especially now that advanced, cutting-edge solutions are widely available.
Fintelite is an intelligent OCR solution that seamlessly extracts data from any type of documents. Deliver the result straight into the system you currently use, without fuss. Fintelite also features fraud detection to help businesses stay on top of potentially fraudulent documents while extracting data, making the process both secure and efficient. Manage, track, and run the process through an intuitive dashboard, all in one place.
