Optical Character Recognition (OCR) is an innovative technology powered by artificial intelligence (AI) that converts text from images into digital data. Nowadays, companies across various industries rely on OCR as an essential tool to streamline operations and boost productivity. OCR automates tasks that were once manual and time-consuming, allowing companies to operate more efficiently and maximize profitability.
Moreover, OCR impacts not just companies and employees but also all of us, as we use OCR in our daily lives without even realizing it. Here are some examples of how OCR is used in everyday industries and individual activities that we should know.
1. Convert physical documents to digital data
OCR scans and converts physical documents, such as letters, books, receipts, magazine articles, and others, into editable digital data. This process saves time since we no longer have to manually type out each document, as accountants and administrators once did.
2. Translate foreign languages automatically
We don’t have to worry about traveling abroad as we don’t understand the language. OCR technology allows us to swiftly translate text in a foreign language into our language. Simply scan the text using our phone’s OCR application, and the OCR application will automatically translate it into our preferred language. This feature is particularly useful for travelers and professionals who encounter documents or signs in languages they don’t understand.
3. QR codes
QR codes have become popular now, frequently used for payment methods, digital menus, event check-ins, and more. Their ease of use is one of their greatest strengths. Users simply scan the code to instantly access the information. QR codes are an implementation of OCR technology, which can recognize and decode the text or information contained within them. By leveraging OCR, businesses can efficiently interpret QR codes and barcodes, improving the customer experience and optimizing operations.
4. Enhance airport security
The implementation of OCR has been used to maintain national security, such as at airports. OCR is used to detect indicators of manipulation or scams in documents such as personal information, passports, and visas. It is because OCR can detect any fraudulent activity in a document.
With its ability to identify discrepancies and inconsistencies in scanned documents, OCR assists security officers in spotting fraudulent activities and ensuring the authenticity of travel documents.
5. Financial management
The most common application of OCR in business is for managing finances. OCR converts physical financial information, including invoices and receipts, into digital data. Once extracted, this data is automatically stored in an accounting journal based on category.
The implementation of this OCR can be found in Fintelite’s OCR. By leveraging advanced AI technology, Fintelite automates the recording of financial reports with remarkable speed and accuracy. The process begins with scanning images or financial transaction documents, which Fintelite’s OCR recognizes and converts into editable digital formats. Fintelite also categorizes transactions, simplifying financial management and providing valuable insights for better decision-making.
OCR Technology is Constantly Evolving
These examples show the common application of OCR technology in our daily lives. As OCR evolves, it will become increasingly involved in every aspect of our work. The advancement of this technology aims to simplify and improve task efficiency, allowing for faster, more productive, and more efficient work. With continuing developments, OCR will play an important role in streamlining personal and business workflows.
