In the fourth industrial revolution age, businesses still face issues with data entry procedures and productivity levels. Professionals use the latest technologies to modernise enterprise operations & increase productivity. Applying ICR OCR technologies can help modern-day corporations accomplish their targets timely and offer a positive customer experience. According to Markets research, intelligent document processing market size will reach to a point of a financial worth of around 5.2 billion dollars by 2027, showing a CAGR of 37.5% from 2022 to 2027.
The following articles closely discuss the importance of ICR OCR solutions and how businesses can use the latest technology to achieve their goals timely.
ICR OCR Solutions: A Brief Overview
Intelligent document recognition services are an upgraded version of Optical Character Recognition (OCR) solutions. OCR technology focuses on hand-printed text, whereas ICR OCR can easily process various handwriting styles and fonts that a computer system can learn to increase accuracy rates.
Modern ICR OCR technology supports Artificial Neural Networks (ANNs) which increases the capacity of cutting-edge solutions to process massive volumes of data. It also means that the greater the availability of information, the more efficient will be the processing of handwritten records.
ICR OCR services can process new data entries with the support of AI & ML models. This means that with each new data entry, the intelligent character recognition solution updates its database and increases its accuracy rates. With the support of ANNs models, the predictive power of the technology also increases regarding fonts, styles and handwriting.
According to Allied Market Research, the main objective behind the use of intelligent document processing is to target highly administrative and record-intensive procedures which often demand a high level of organisation. Moreover, the latest technology also saves time and capital for companies. The use of intelligent document processing solutions also automates workflow and other critical business procedures. The cutting-edge solution has advanced features that produce better results than outdated data entry procedures. Finally, state-of-the-art technology can extract desired information from both structured and unstructured documentation.
Intelligent Word Recognition: A Quick Insight
IWR services can help businesses identify and capture both printed and handwritten information as well as cursive handwriting. ICR OCR recognises data on a character level, whereas IWR can process full phrases and words. Moreover, state-of-the-art technology can easily process unstructured information without compromising the quality of results.
Complete Working Behind ICR OCR Technology
Intelligent character recognition technology can easily integrate with pre-existing systems and mobile applications. The software can easily scan data and capture information from the given records. The following points highlight the working of ICR OCR technologies in the context of a bank.
- The system asks the client to show their government-issued ID card before a camera. ICR OCR will scan the records and extract data e.g., full name and Date of Birth (DoB).
- There can be circumstances where the system can ask the customers to upload their handwritten consent validation by following the given instructions.
- After completing the first two steps, cutting-edge technology verifies the information and produces high-quality results.
The automated data entry and extraction procedure reduce time wastage and surplus use of company resources. This way, corporations can forgo hiring employees and focus on automating data flow systems. Moreover, businesses can use data in predictive analytics and other models to optimise services and increase efficiency in the workflow.
Various Benefits of Using ICR OCR Technologies
The following points highlight multiple advantages of using intelligent character recognition solutions.
- ICR OCR solutions can process multiple fonts and handwriting styles without lowering the final output quality
- The support from Artificial Neural Networks (ANNs) helps the software to increase its experience with time
- Cutting-edge services can process data from structured and unstructured records and different handwriting styles
- The support from AI & ML models can help modern-day corporations process huge volumes of data accurately and timely
- State-of-the-art approaches can easily reduce errors while extracting information from handwritten notes
The application of ICR technology can help businesses fulfil their business requirements. With that being said, corporations can easily process massive volumes of data and generate high-quality results within a few seconds. Using the latest technology, businesses can easily extract information from all kinds of records. Experts can also use ICR & OCR technologies to accomplish the purpose. Finally, ICR OCR technology can help corporations forgo traditional approaches and opt for the latest methods to achieve goals.