What is The Importance of OCR Technology?
As industries grow, they have large amounts of data to deal with. Dealing with these large databases manually results in losses for the organization due to a higher level of inaccuracies. However, as time goes by technology has been evolving, industries are finding simplified ways to deal with the extraction and scanning of data. As industries evolve, databases grow there is a need for new and improved technologies for fast data processing and reduce manual work. Like in banking and other financial industries the verification process conducted by them needs to authenticate many documents on a single go.
Due to a rising need of efficiency and accuracy organizations are using OCR to increase the speed and accuracy of the verification process. If you have ever worked in an office equipped with a document scanner you must have come across the term OCR. OCR basically stands for optical character recognition; it is a kind of technology that recognizes texts within scanned photos as well as document. It is basically used to virtually convert any kind of image containing either handwritten, typed, or printed text into machine readable form. In the attempts of digitizing historic newspaper, it became popular in the 1990s. Since then, it has been developing.
How OCR works in Different Industries?
Automated OCR technology has helped run the work operations more smoothly. Many industries can cut down costs by limiting their resources and save a lot of time spent in data collection, processing, and management. Organizations can extract data from various paper-based documents by the proper use of OCR technology.
As the banking sector and other financial institutions deal with large amounts of data daily. That is why OCR technology is mostly used by this sector. Scanning handwritten cheques is the most frequently used aspect of OCR in the banking sector. The contents of the handwritten cheque that are in hard for form are digitized including the signature. In this way with less manual work the work is done efficiently, and cheques are cleared on time.
However, we cannot totally rely on the character recognition apps to be completely accurate. OCR technology has still a long way to go. The OCR system is learning continuously with the integration of AI algorithms. This software has gained multiple economic profits for the industry.
Legal industries have massive paperwork to do, and the OCR technology is making it easier for them. Loads of paperwork including Affidavits, filings, statements, will, property work etc. need legal document verification that can be easily stored and processed with the help of OCR technology. It is extending its capability to many different languages.
Just like other industries the healthcare sector is also using optical character recognition to its full advantage, with the help of which they can seek out data on past records of patients or any illnesses. It makes it easier to arrange data in one place and retrieve it for future use rather than having thousands of files dispersed everywhere. It is easier to manage hospital drug supply and logistics management becomes much easier.
With the increasing load and need of data extraction and verification, the importance of optical character recognition has increased over time. The world is becoming digitized and handling organizational data on digital basis is much more convenient than handling it manually. OCR has helped many industries over the years to increase the speed and accuracy of data verification process. It continues to grow and provides organizations with the benefits they desire.