Intelligent Text Recognition: How it Drives the Industry with a Breeze?

Intelligent Text Recognition: How it Drives the Industry with a Breeze?

Intelligent Text Recognition is a form of advanced Optical Character Recognition (OCR) technology aiming to address all the shortcomings of traditional OCR systems in handling various types of text interpretation challenges.

Intelligent text recognition refers to a popular technology that uses artificial neurons to recognize and analyze handwriting.

When OCR systems extended to identify data, the neural networks’ concept was applied in particular: to underline that this new tech was based on AI, a new abbreviation was established, replacing the “O” Optical with the “I” Intelligent.

Intelligent Text Recognition or Intelligent Character Recognition (ICR) is a self-learning technology, meaning that it learns, adjusts, and transcribes data to online databases better every time it is exposed to different handwriting styles and fonts.

It provides the following advantages to businesses:

  • ICR is a scalable method for preserving electronic records archives. It can also be used for document management.
  • Businesses are using ICR in conjunction with transcription services and integration with different types of documents.
  • ICR services ensure accurate data and save time by eliminating human data entry. Employees can work more efficiently as a result of this.
  • Cloud storage is more secure when uploading data using ICR solutions, and enterprises may safely protect data from unauthorized access.

Working of ICR

Robotic Process Automation (RPA) is a technique that automates the configuration of ICR software and ensures that operations are completed without errors. To increase the capabilities of new ERP suites, elements such as pattern recognition, computer vision, AI, ML, and speech recognition are used in conjunction with RPA and ICR. ICR allows humans to acquire insights from complex analytics, which aids in making crucial business decisions, and the reports provided are accurate.

Source : coforge.com

When it pertains to document retrieval for businesses, here’s how ICR works:

  • The ICR scanner receives the documents.
  • API that has been pre-trained read the data and scans the image. The system automatically processes any handwritten text, which refers to a pre-existing database.
  • The software may prompt the user to submit handwritten signatures for user authentication.
  • Data is retrieved from documents utilizing key-value pairs and automatically organized.
  • The ICR program detects abnormalities (if discovered) and delivers documents to clients for approval after proofreading and verifying for spelling problems.
  • Otherwise, the records are analyzed, and the data is automatically entered into accounts.

When new document types are provided, the APIs automatically construct new models to read and interpret the information the next time a person wants to upload more documents. If the same document types are submitted, it will scan and read data using older models.

Application of ICR to Modern Technologies

ICR systems that include AI and ML improve their ability to recognize both structured and unstructured types of alphabetic and cursive handwriting over time.

As a result, the Intelligent Text Recognition system has been widely utilized in various platforms and new technologies for optimizing workplace operations, such as process automation and OMR.

  • Because it complements their work design, ICR software is a good solution for electronic archiving (EDMS) and document management software (DMS).
  • ICR has its evolved version called IWR, just as OCR is fundamentally an extended version of ICR.
  • Unlike standard ICR, which works from printed to handwritten text identification, IWR stands for Intelligent Word Recognition, which can recognize whole words or phrases.
  • IWR is used to scan and decipher unconstrained handwritten text at its best.
  • Organizations can combine their technology with OCR and IWR to ease and speed the transcription and digitization of various forms and documents.

Intelligent Text Recognition in Action

Intelligent text recognition excels in extracting data from physical documents and intelligently converting it to electronic representations. The following industries make use of ICR:

  • Large volumes of consumer data are stored by NBFCs, banks, and other financial institutions. ICR reads data from cheques, loan applications, surveys, and forms to digitally process them.
  • Schools and educational institutions use ICR to read handwritten notes and input them into grading systems.
  • ICR is a technology that allows online businesses and e-commerce stores to capture electronic signatures and keep them in databases for KYC documentation.
  • By scanning land documentation, property managers use ICR to verify ownership. Landlords are using ICR to e-verify rental agreements.
  • Many insurance firms are compelled by law to digital documents, and filing claims through ICR increases transparency significantly. Customers may renew insurance and file complaints because the data is available online and can be easily checked.
  • Receipts, shipping records, address proofs, invoices, bills of lading, and other documents are scanned using this technology in the hospitality and logistics industries.

Conclusion

Intelligent neural networks power ICR software, continually learning and adapting to different handwriting styles. When it refers to intelligent text recognition, we can state that as technology advances, the accuracy and precision of the system improve. Users benefit from having more data to offer ICR models since the program can update and perform better. Klearstack also offers the most efficient Intelligent text recognition services.

When ICR software scans handwritten fonts, it improves its ability to predict new writing styles and updates its database automatically. Fields that have not been written clearly can be difficult for ICR models to read, so it is important to verify them carefully before entering them.

Ashutosh Saitwal
Ashutosh Saitwal
www.klearstack.com/

Ashutosh is the founder and director of the award winning KlearStack AI platform. You can catch him speaking at NASSCOM events around the world where he speaks and is an evangelist for RPA, AI, Machine Learning and Intelligent Document Processing.