OCR technology – Ideal Solution For Digital Data Processing

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The corporates have to interact with large audiences on a daily basis. Obtaining customer information then extracting the usable information and then converting it into machine-readable code is quite a challenging task. Data extraction and processing procedures take days to complete which increases the time and labor cost. Businesses require automated solutions which can do the same procedures that can save them time and effort. Thus, AI-based OCR technology is the perfect solution for businesses and corporations’ survival in the modern world.

How Does OCR Works In Identity Verification?

The online identity verification solutions integrated with OCR technology are of great interest. Optical character recognition technology is able to extract the customers’ personal information (date of birth, name, ID card number, security number, gender) from documents that can be in the form of scanned copies or handwritten. Thus the OCR technology assists the online identity verification process at this point. With the OCR services, the personal information from the ID documents is extracted and then converted into machine-readable codes. 

  • The customers have to upload the scanned copies of the documents or even can simply place those documents in front of the camera
  • The OCR technology extracts all the personal information from the identity documents which is automatically filled into the electronic forms
  • The customers manually just have to check the presence of empty fields and thoroughly check the data whether it’s correct or needs changes.  Afterward, it sends for verification

AI-based OCR Technology Corporate Solution 

For businesses, obtaining and processing customers’ data is the toughest job. The old school procedures of manually entering the information were time-consuming and had high chances of mistakes. To remove anomalies, the workers have to thoroughly check all the datasets which reduce productivity. The businesses are in need of a technology-based solution by which they can make the data processing efficiency. Therefore, the OCR technology steps in through which the data processing is fully automated. The scanned copies or the images of the documents are provided by the customers’ using OCR technology and all the necessary information is extracted and converted into machine-readable code. This also provides the facility of auto-filling of personal information into the registration forms. 

Pros of OCR Technology For Business

Technology-based OCR solutions have uplifted business functioning. By adopting OCR technology businesses can save resources as well as the time cost for manual data processing. With the use of highly accurate and efficient OCR services, corporates can extract information from multiple documents at once. Following are the benefits of the OCR technology at the corporate level:

  • Reduce Manual Data Processing

The business must verify the customers before onboarding. To do so data gathering and processing has to be done precisely through OCR which can automatically extract the information and fills it into the forms

  • Cost Reduction

For the manual data processing, the business required extra employees to do this job. Being human, it’s a chance to make mistakes. To validate and modify the anomalies extra effort and time is required which costs a lot. However, with the help of OCR, the data processing can be done automatedly which eventually reduces the cost of operation. 

  • Speed up The  Corporate Workflow

Employing the OCR into the businesses, the data processing can be done automatedly which eventually speeds up the data collection and verification processes thus the businesses tend to onboard more customers.

Industrial Use Case Of OCR Technology 

  • Financial Industry

Financial organizations are one of the biggest consumers of OCR technology. On a daily basis, thousands of customers tend to use the services which require form filling and verification. The OCR helps out the financial corporations in the data processing. The customers have to simply upload the documents from which the OCR extracts all the required information with accuracy. ATMs are the best example of OCR technology which reads the numbers from the credit card and process them digitally

  • Medical Care Industry

Healthcare centers require a lot of paperwork to obtain patient information. To keep track of the data is pretty much hard duty for medical care industries. Online optical character recognition is the best solution keeping in mind the situation that tends to convert the data from patient profiles, treatment history records, insurance details into the electronic form. The extracted information is placed over the cloud for future use.

Final Thoughts 

The OCR technology is beneficial for the business. This opens the gateway for corporations to do data processing automatedly. AI-based OCR solution is the perfect solution in the markets by which the corporates can get highly accurate results at minimum cost.

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