OCR technology is considered one of the most significant types of data extraction methods there are. It extracts the data from unstructured and structured documents and digitizes them. Either it’s a printed document or a scanned OCR makes the data extraction process seamless and effortless. Because the converted text can be easily stored, searched, and edited digitally. OCR solution has improved the entire data extraction process for companies as the OCR process is quick and easily shareable.
OCR solutions bring a lot of advantages to businesses which increases the efficiency and effectiveness within company procedures. It can quickly filter through large volumes of data for companies that are dealing with a pool of candidates every day.
Increased Productivity
Using OCR services can help companies reach high levels of productivity that were otherwise limited by manual procedures. The company’s resources can be utilized on core activities that were wasted on manual procedures since data extraction is automated through OCR. Also, the data extracted through OCR is stored digitally, the employees are not required to repeatedly go to record rooms to access files from thousands of archives.
Low Data Extraction Costs
Deploying OCR services will assist businesses in lowering the data extraction costs, companies can save hundreds on hiring new resources, copying, printing, manual scanning, etc. Therefore, OCR also reduces the cost of lost data in case of physical incidents.
High Accuracy Rates
One of the major challenges of manual data entry is the levels of inaccuracy rates. Automating data entry results in efficient data entry and makes the entire process less prone to errors. As the process is digital entering the wrong information can be avoided.
Cloud Storage Space
OCR not only scans the document but stores the information from a piece of paper to electronic documents. Optical character recognition is a paperless approach that eliminates the maintenance of paper files as data is stored in digital form.
Enhanced Data Security
Data security is crucial to organizations. Paper documents can be easily destroyed by the incidents, can be easily misplaced or stolen. However, having OCR saves the company’s sensitive customer data from natural disasters or otherwise.
Easily Searchable
One of the most important advantages of Optical Character Recognition is that it makes digital documents easily searchable. All employees have to do is enter keywords to find the documents within seconds.
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Improved Customer Experience
Call center agents are required to provide a quick customer experience, they can not keep customers on hold for longer. Sometimes they need to provide customers with the information or check the personal information provided by the users to further process the request. Extracted data through OCR is stored in electronic form is easily accessible. The customer waiting time is reduced which as a result improves the entire customer experience.
Easily Editable
Scanned documents are not easily editable but data extracted through OCR can be easily edited, added, or removed. At times, companies need to regularly update data, the OCR extracted contents are easily updated.
Recoverable files
OCR files are easily recoverable as the data is stored digitally in servers that are secure, which protects the data from emergencies. In case of incidents, the data can be quickly recovered to ensure business operations.
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OCR for Global Businesses
Global industries can make use of OCR technologies. Either it’s a financial industry or healthcare, every industry can leverage OCR for business. solutions. The documents that are constantly digitized are invoices, financial statements, tax documents, payrolls, business cards, and others. Leveraging the tool can help save company costs and time altogether. Also, OCR technology has been used by the financial industry for customer identity verification purposes before onboarding customers. The process is simple: the customer shows the ID document in front of the camera, or upload the ID document, the OCR technology can then extract the data from the document for further data processing.