For any business, process automation and customer satisfaction are among the most important factors.
These two contribute a lot to determining the long-term success of any business model. The constant endeavor to get better is what differentiates achievers from dreamers.
The OCR technology has had a revolutionary impact on the business world. It is being used in healthcare, tourism, retail, manufacturing, government departments, and other industries. The market for OCR is expected to reach 39.6 Billion by 2030.
What is OCR Technology?
Optical character recognition or OCR is a modern technology that enables computers to convert any image, PDF, or scanned document into an editable form. The technology has shown 90% accuracy over complex conversions.
At the heart of this technology lies Artificial Intelligence. It allows computers to recognize human text, convert it into machine language and finally, produce a readable output in the end. The NLP, natural language processing, is the branch of AI that enables computers to do this job.
How OCR Technology can help your Business?
We have already described the volume of the OCR Market. Businesses around the world are increasingly using complex OCR systems to improve their efficiency.
This section explains how OCR can help in your business growth.
Faster Data Compilation
In business, data is everything. Every feasibility, analysis, or project plan depends upon the numbers. The accuracy of this number is directly proportional to the success of your business model and improvement plans.
With OCR you can get data at a faster pace with greater accuracy. You don’t have to save thousands of documents to keep a record of previous transactions. The OCR takes care of that.
Ease of Data Access
The OCR allows easy access to your desired data. It can convert all your ledgers, minutes of meetings, customer reviews, or performances into editable form. After that, it allows you to interpret it as per your requirement.
With Editable data, you don’t have to waste time finding documents. All you need is a serial number to get desired details.
You can compare the different sets of figures to draw comparisons and formulate your strategy. The data can also be made shared via cloud or SAP to all concerned parties at once.
The OCR quickens your processes. With QR code scanning, You can determine the right inputs to machinery. It can help you keep track of inventory, logistics, employee IDs, banking transactions, and all such hefty processes.
The operations are not just at a faster pace, they are done with higher accuracy as well.
Lower Human Dependency
With OCR, you can ease the burden on your employees. Human beings are prone to errors. At times these errors can do irreparable damage to your company’s reputation.
A false transaction or running the wrong material on a manufacturing line can stop the entire production process. To avoid that, businesses should bring in OCR for material verifications.
For any organization, trust is of immense value. Mutual trust is the basis of team building. To achieve that, you need to work on the transparency of your system.
The OCR gives you straight facts without any bias or malfunctioning. You can see things the way they are and present them in front of top hierarchies to get solutions. It also improves your coordination with international auditors and watchdogs.
Ameliorate Customer Relations
Businesses always strive for better customer relations. If you want to play a long game, you have to give respect to your customers. Successful businesses have specially designated cells for customer relations management. The only job of these cells is to listen to the customer’s voice.
With OCR you can circulate an online questionnaire or any fill-out form to get instant customer feedback. The customers can highlight the positives and negatives of your product and services. Based on that, you can work on finding appropriate solutions for that.
We all know that there isn’t anything as volatile as the business market. To survive, you need to be aware of upcoming developments and trends. If you fail to stay up to date, you can get wiped out from the scene very quickly.
The prime example of this fact is the downfall of Nokia. With OCR technologies you can get insights from people, experts, and your employees regarding your business model. This can give you a clear picture of where you stand as a company.
Utilizing this input, you can revise your business strategy and come up with a better business model.
How does OCR Work?
The OCR is the primary tool for creating a wide database for the company. It allows you to inter-link all the data of various fields to optimize your business model.
A typical OCR software uses 3 technologies for doing this.
IWR (Intelligent Word Recognition)
Intelligent word recognition is built on formulating the complete sense by the identification of distinctive words. The computer uses AI to analyze the shape of a world. This recognition gives the device a hint about the choice of words. After that, it compiles these words to make comprehendible sentences.
The technology is predominantly used to convert printed images or handwritten text into digitized form.
ICR (Intelligent Character Recognition)
The ICR focuses on the recognition of individual characters. It recognizes every alphabet as a separate entity. This technology is particularly useful for QR scans. The device with ICR can work to target a specific zone to get results.
This technology can also extract text from blurry images in form of singular alphabets.
Optical Word Recognition
Optical word recognition uses optical devices for word recognition. It doesn’t use complex AI algorithms. The technology is most suited for converting PDF files into text. In other conversions, the quality gets compromised.
Today, you can find many tools which can use all 3 techniques at once. The OCR Online can practically demonstrate all 3 conversions for your understanding.
The OCR technology has become the need of the hour. Every business with an installed and functional OCR system will get higher efficiency, greater turnover, and larger market share.
This article highlights how it can help your business to grow faster.