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6 Mind-boggling Ways OCR Technology
is Changing the Corporate Sector

Today, the experience customers receive from a business can make or break its reputation. Corporate entities have to deal with an influx of user data that is difficult to manage at times. Optical Character Recognition is one innovation that first coined in 1913 after Edmund Edward created a device to read input text from paper documents and convert it into a digitized form. Now, this OCR technology is working wonders in the corporate sector bringing convenience to customers and allowing businesses to work with optimal solutions.

OCR solutions have uses cases in different industries such as healthcare, legal, travel, banking, finance, and identity verification. It brings forth a wave of innovation transforming old-school data entry methods into something more efficient, reliable, and customer-oriented. This enables businesses to redefine their onboarding procedures, reduce unnecessary paperwork, and maintain customer data on secure cloud storage. Let’s have a look at 6 ways how OCR technology is innovating business operations.

OCR Technology - The Trendsetter for Optimized Data Operations

Over the past few years, OCR technology has seen many advances due to which it has become increasingly popular. The emergence of OCR solutions based on artificial intelligence, and its related subfields like machine learning, has improved data extraction accuracy. This AI-based OCR often termed Intelligent Character Recognition is one step ahead of the traditional OCR technology since it can also understand cursive handwriting apart from the usual text documents with standard text fonts.

Intelligent OCR can recognize a wide array of complex fonts that a normal OCR service does not offer.Below are listed six reasons that make ICR/OCR a golden ticket for the corporate sector.

1- Efficient Data Storage

OCR technology not only extracts data from paper-based documents into digitized form but also comes with optimized storage options. Now you don’t need to carry receipts, utility bills, bank statements, tax returns, and similar papers with you. All this data can be converted into electronic form using OCR-based solutions and properly maintained on an online database. This means no more lost, misplaced, or stolen documents that cost businesses a fair amount of revenue to retrieve data. The data stored on the cloud is properly organized into a hierarchy that makes data management streamlined.

2- Distributed Data

When we talk about data in the digital space, the term “distributed” means that it is accessible at any time regardless of where the end-user is currently present. OCR allows instant data accessibility which is a win-win condition for both businesses and customers alike since they can access data in a matter of seconds regardless of where they currently are. The OCR technology is purpose-built for extracting user data in such a form that can be retrieved in real-time with the minimum amount of search operations.

The data stored in a particular hierarchy is easily fetched from the digital folders that provide customers with a reliable and efficient solution. All they need to do is have an internet connection and mobile device rather than a file folder with their ID documents.

4- Secure and Safe

The data extracted from OCR software is backed up on cloud storage that uses encryption for data transfers. An end-to-end encrypted protocol allows the data to be transferred without any external interception. Even if the information gets hacked, it cannot be understood by the fraudster since it's pretty hard to decipher that kind of key-protected data.

5- Avoiding Overhead Costs

OCR technology is one trump card for online businesses these days. This is because no matter how proficient a manual data entry worker is there always exists a possibility that they can make human errors that are a little less efficient than automated tasks that OCR can perform in comparatively quicker. Corporate entities look for efficient ways to work out their operations and OCR technology seems to address all the concerns.

To warp it up, OCR technology is changing the corporate landscape by bringing innovation in data extraction methods that allow businesses to operate smoothly and efficiently. This way customers can enjoy a purposeful experience by accessing their records in an instant from cloud storage whenever they need.

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