To lessen the risk of online fraud, businesses are adopting innovative techniques to automate their processes. They are using artificial intelligence-based solutions to cut operational expenses and increase revenue.
However, the majority of businesses are slow to implement automated solutions for tasks that require time, resources, and money. To keep track of their personnel, prepare financial statements, and complete other responsibilities, every business must deal with a vast volume of data. The fact is that the majority of firms save data in their databases using manual techniques, which takes time and resources. Furthermore, manual data entry is risky because paper records might be lost or damaged.
For businesses dealing with Big Data, such as financial or healthcare institutions, transitioning to a digital data entry method is challenging. They need an effective solution to digitize their existing records before starting the digital data input process. In this case, OCR technology is a great way to digitize data entry procedures.
How can OCR technology help you save money?
Data is recognized as a source of energy for corporate activities.
AI-enabled OCR technology allows organizations to register clients faster by extracting data from any form of paper. Because it handles multilingual documents, the document scanner can retrieve data in any language. It can quickly extract data from paper bills, handwritten papers, and other sources, and it may be adapted to store data in any format. For a flawless customer onboarding experience, organizations can use OCR scanning software to check their clients’ identities.
OCR technology can drastically reduce costs
The significance of digitally collecting an image’s text information is enormous. The rapid expansion of imaging systems for automated processing of insurance forms, medical claims, legal papers, and other types of data on paper in recent years demonstrates this.
Manual data entry is an accurate technique to gather this information, but it is also quite costly due to personnel costs. This is why OCR is popular since it is usually much less expensive.
Use cases of OCR technology
Due to the large amount of paperwork, financial institutions frequently use OCR programs for everyday administrative duties.
Capturing invoices is an important part of the accounting process, but do you enjoy sitting for hours and hours entering data from invoices into your accounting software? Manual paper-based methods of processing invoices are, without a doubt, time-consuming and prone to issues such as human errors, data duplication, and paper document loss.
Optical character recognition (OCR) technology can help you save time and money by automatically extracting information from your invoices. Because data is extracted straight from invoices with minimal manual intervention, it improves accuracy and decreases the risk of human error.
Besides, OCR helps banks with their day-to-day operations to a large extent, making banking procedures easier. ATMs are one of the applications that gather data from ATM cards and serve billions of users every day. It also assists bank employees in scanning and digitally managing handwritten checks.
Digitization of products and processes would considerably benefit finance and accounting. Optical character recognition (OCR) scans texts and photos and converts them to a variety of file formats.
Accounting and financial analysts can concentrate on the more specialized aspects of their jobs while computers handle the mundane tasks of analyzing old receipts and statements.
Rather than the manual skills that most accountants used in the old era, an increasing number of them are undertaking higher-level tasks. OCR will allow accountants and analysts to focus on the more technical aspects of their professions while also improving mechanical activities’ accuracy and precision.
Using optical character recognition in any financial venture has several advantages.
On the other hand, in the healthcare industry, OCR can help with digitizing massive volumes of data such as patient profiles, treatment histories, and health insurance information, to decrease human labor and protect patients’ data from fraud. Using an OCR scanner to digitize patient data allows doctors to diagnose patients by analyzing their past medical records for better treatment. OCR technology also allows for cloud storage of patient data, which helps to reduce medical identity theft.
Any company papers stored in the cloud are protected from being stolen, misplaced, or accessed by an unauthorized party.
Cloud storage allows businesses to safeguard data more efficiently while maintaining control over access and protecting it from security breaches. OCR technology aids in data extraction and cloud storage.
Data may be accessed from any location and on any smart device thanks to cloud storage. This allows all users to readily access, read, and edit the data.
When importing hard copies of invoices into their system, online businesses scan them. After evaluating the material and migrate it into the right group, such extracted data can be automatically checked for its credibility and accuracy, with the entire system being automated.
The rise in ID theft puts pressure on businesses to implement effective solutions to protect their customers’ data. Businesses that provide identity verification services can use OCR technology to extract data from various documents. It helps multiple industries, such as banking, healthcare, and insurance, in properly maintaining their record management systems.
Cover photo source: Ocr vector created by upklyak – www.freepik.com