With so many papers and electronic documents accumulating on a daily basis in an organization, there has to be a mechanism that can ease the collection, sourcing, and interpretation of relevant points from them. Electronic data capture is one process that supports the same requirement quite efficiently, and there are several tools and applications that are now available to us to facilitate data capture.
Optical character recognition is a technique that enables data capturing in a seamless manner. Applications that support it are called OCR applications. To learn more about the utility of an OCR application, the working of the software, and the benefits that it provides to the users, let us dive in to explore this technology in detail.
Table of Contents
What is an OCR Application?
As stated before, optical character recognition is a key component of electronic data capturing, which involves the scanning of physical or digital documents and extracting information out of them. Later, the software converts this information into digitized text which can further be processed and used for various computer-based operations.
An OCR application is the one that provides a platform for all these functions to take place. The OCR application works on the optical character recognition software. At present, Optical Character recognition has been revolutionized by Artificial Intelligence. Therefore AI-based OCR software has become the most popular choice today.
How Can an OCR Application Benefit Your Organization?
The incorporation of a reliable Optical Character Recognition application into your management systems can have far-reaching benefits for your organization. The most prominent advantages of using an OCR application for daily tasks are:
Faster Turnover
The processing of crucial data and then analyzing it to formulate strategies is what works at the core of any business organization. However, if talent gets wasted on performing routine tasks like data entry, copying, or manual data handling, a lot of time gets wasted and the real issues are not addressed as they should be.
Optical character recognition applications solve this issue by automating data capturing. The app in itself allows optical recognition software scan and OCR software to work independently, after which it converts data into digitized text for you to use and process easily. This way, business operations get completed faster and they are more meaningful as well.
Workflow Optimization
By integrating an OCR application with your existing management and content systems, you optimize your workflow for higher efficiency.
This becomes possible because every worker now has a reduced burden, and performing an unexciting task like data entry is no longer a responsibility that is on their shoulders. The workers will be more interested and will devote more time towards strategizing and analysis, which eventually is more fruitful for the organization. The workflow becomes streamlined, faster, efficient, and result-oriented. It is also an optimization of the workforce because now you can reallocate work within the existing workforce, and many will be relieved of their duties of performing manual data-related tasks.
Cut Down Business Costs
There are multiple ways by which an OCR application can help you reduce business costs. Firstly, your expenses on finding, recruiting, and maintaining a dedicated workforce for data handling operations will be cut down almost completely.
Next, you will no longer have to bear the costs of archiving and storing physical documents just because you may need to pull them out somewhere down the line and extract relevant information out of them. All this can be done then and there itself through a good OCR application, and then data can be stored on the company database forever.
Lastly, data errors are also a big source of overhead expenses that companies have to bear. By automating data extraction and conversion, you can eliminate the possibility of errors completely, thereby saving heavily on these expenditures.
Artificial Intelligence for Smart Processing
This is the age of intelligent document processing, where human intervention needed for routine tasks is down to a minimum, all thanks to artificial intelligence. Artificial Intelligence integrated with OCR applications can work wonders for businesses. By providing benefits like template-less extraction of data from documents of varying formats, Artificial Intelligence can make life easier for the employees.
Lastly, with learning capabilities, AI-based OCR applications are capable of detecting errors very accurately too. Furthermore, they can be used to provide beneficial business insights depending on the analysis of the extracted data.
KlearStack’s AI-based OCR Application
Keeping all the latest advancements in the field of artificial intelligence in mind, KlearStack has developed the most useful Optical Character Recognition application for businesses. Our application can automate the capturing of data from documents of any variety. By using machine learning algorithms and computer vision, the application is capable of detecting errors very precisely.
KlearStack’s OCR solution has self-learning abilities, which allows it to interpret the extracted data and generate actionable insights after the analysis. Many businesses in different sectors like banking, insurance, finance, hospitality, etc. are already making use of our application and have benefited greatly.
To know more about our plans, and to take a free demo of the KlearStack OCR application, contact us today.
