OCR's positive knock-on effect on overall operational efficiency is one of its most significant advantages. By increasing the speed of document processing, every other process that follows can occur quicker too. Manual document processing and data entry cannot come even close to matching how fast OCR can perform the same tasks, it’s why the software is such a game changer. The fastest OCR software can recognize almost seven times that per second. The fastest typist ever recorded typed at 216 words per minute. Here are some examples of the benefits of this technology: Increase Operational Efficiency The problems that OCR software can help businesses solve extend from simplifying administrative tasks to improving customer experience. However, when used with other AI technologies such as Machine Learning models and Natural Language Processing, OCR provides a highly usable solution to the problem of unstructured data. The result is not structured and furthermore, OCR alone cannot identify specific data fields or information that the users want to extract. The capability of OCR itself is confined to recognizing characters and returning texts that it identifies. The only true limitation of OCR software is that it works best when combined with other technology. A business operating without a good handle on its data is shooting in the dark and who can blame them when 80% of data is trapped in unstructured formats like physical documents, PDFs, emails, and images? The solution to this problem begins with OCR. In the digital era, data is its own currency. When combined with Machine Learning technologies to comprehend the context, OCR can return the extracted data in structured forms like CSV or JSON, making it readily available for further analysis. With OCR software, businesses are able to automate data capture and limit these issues. Manual data entry, though the norm up until recently, runs the risk of incurring errors and high costs. OCR technology extracts text from scanned documents and images, digitizing information that would otherwise have been manually processed and entered into a data system. Read more for our list of the best OCR software of 2022, and the value of switching over to automated document digitization. The value of that in terms of money and time saved is significant, but with multiple software applications vying to take on that work, which is the best? OCR software can help to automate everyday tasks such as customer onboarding, ID verification, and basic office administration. More specifically, being able to automate how we digitize documents and manage important data streams.īusinesses in the banking, medical, retail, and insurance sectors, among others, are increasingly turning to OCR to automate document processing. The demand driving this growth is automation. Business Wire recently reported that the global Optical Character Recognition (OCR) market is projected to grow by 15.4% annually and that by 2030 it will reach a value of USD 33.44 billion.
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