Data entry and extraction today are regarded as two of the most important aspects of any business. It enables a corporation to keep track of its activities in a more robust manner. With correctly managed data, a corporation can pinpoint the source of all of its issues and begin to address them. The precise and effective gathering and analysis of data are what improves the business growth. The manual data entry and extraction method, on the other hand, is more of a burden than a blessing, and this is where ICR technology can help your firm simplify its data processing mechanism. Let’s evaluate the importance of ICR technology for your business in this article.
What Do You Mean By OCR Technology?
OCR is a commonly used data input method for scanning printed text from photographs and scanned documents so that the text may be edited and searched. The following are some types of documents that may be scanned for extracting data using OCR technology:
- ID Documents
- Passports
- Business cards
- Invoices
- Bank statements
- Any printed document
Limitations of Optical Character Recognition (OCR)
- It evaluates only printed papers.
- It is font-sensitive, which means it does not operate well or accurately with text in handwritten form.
- Image quality has an impact on its performance.
Because of these constraints, ICR Technology takes control when it comes to handwritten words, while OCR is inefficient in this regard.
What Is ICR Technology?
ICR is an abbreviation of Intelligent Character Recognition. It is a subtype of OCR that specializes in identifying handwritten text. It is an AI text recognition software that allows computers to analyze and understand diverse fonts and patterns of handwriting in order to improve accuracy.
Which Businesses Can Profit From ICR?
Firms that deal with a wide array of forms, letters, papers, and other documents frequently employ ICR technology. ICR software is commonly used by government institutions, banks, legal firms, and the healthcare industry to expedite their data input procedure. Any company can use it to enter and extract data from their invoices. Because they have to deal with a mammoth amount of customer data, many firms demand 100 percent accuracy regarding data entry. They can’t afford to make mistakes since erroneous data might cause their clients to lose money, which might lead to a lawsuit from the impacted client.
Advantages of Intelligent Character Recognition
Recognition Of Minute Details
While retrieving data, ICR services assure attention to detail. As previously said, data may be retrieved from any textual form, including images and handwritten documents. ICR technology can retrieve data in a variety of languages and verify that the text format and type are accurately extracted. The data input procedure is more efficient with ICR recognition technology, and there is less potential for mistakes.
Enhanced Productivity
Managing each and every piece of information can be a tedious and mind-boggling process for the manual data extraction professional. Employee productivity suffers as a result of this, and instead of being more creative. They are prone to spend a lot of time on a specific subject. In addition, the organization ends up squandering resources on the manual data input procedures and professionals rather than on something more useful.
User Experience
Firms can improve their user experience by using a more reliable and swift data input solution. Good service quality leads to a higher consumer turnover rate. As a result, the firm will be more successful.
Time-Saving
When compared to the manual approach, the data input procedure with intelligent OCR technology saves a lot of time for businesses. Managing each consumer’s data might be time-consuming, but with the aid of an automated system, the organization can retrieve and arrange data in no time.
Cost-Efficient
Another significant advantage of the ICR algorithm is that it is a cost-effective option. The manual data entering method puts the business under a significant amount of monetary strain. The corporation has to spend a lot of money on resources and a lot of personnel to cope with it. ICR reader software assists the firm in reducing these costs.
