5 Ways OCR AI Technology Is Helping Companies And Businesses Around The World

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OCR is the abbreviation for Optical character recognition. OCR AI is a technology that converts handwritten, printed, and scanned paper documents into machine-readable text, images, PDF documents, and more. 

OCR AI systems integrate hardware and software to convert physical documents into text that computers can read. As an illustration, text can be copied or read using an optical scanner or a dedicated circuit board, although software often performs sophisticated processing.

OCR improves document management

When one uses standard methods to scan everything into a computer, it takes a lot of time to sort and convert them. Fortunately, technology has made it feasible to search through document archives of any size quickly. You can work with the documents as you would with Microsoft Word, Adobe Acrobat, or PDF file formats if you use online OCR AI software. 

Digital copies give you control and the capacity to audit them. Document retention and storage can be completely automated or purged of outdated records as needed instead of delivering paper documents to your teams for manual review. 

Digital docs offer superior management capabilities, more precision, and searchability. Document AI software lowers the possibility of handling or misidentifying sensitive papers. The usage of digital document forms gives consumers total control over their records.

How does OCR AI technology help businesses?

  • Makes incontrovertible files searchable 

Scanned PDF files and other text-based electronic images cannot be searched for or changed. This information is known as frozen tests. However, using OCR you can convert the frozen texts into searchable, machine-readable data. Accordingly, OCR allows you to locate the exact information in your papers that can be converted further for various resolutions.

  • Human errors are minimized

Although it is impossible to avoid human error, you need to be able to correct it. OCR not only lets you search and update your unchangeable documents but also finds any wrong or misprinted information in them. Since OCR AI technology makes it possible to avoid mistakes, it can be used to prevent all human errors.

  • Upsurge in operational efficiency

Businesses can increase operational effectiveness and boost customer satisfaction with the services they provide by using OCR. This technology enables businesses to enhance the consumer experience by making unstructured content searchable.

  • Automates data capture from unstructured documents

Businesses can accurately and adequately capture and categorize data from multiple unstructured documents using smart OCR applications. By routing scanned printed versions of documents to accounts and finance systems, coders employ OCR AI technology to assist banks, SMEs, and business owners in accounting. 

  • Superior data security 

One of the current trends in AI is to use machine learning methods to develop security solutions. With applications ranging from Dropbox using it to parse through pictures to Google Street view identifying different street signs to searching through text messages and translating text in real-time, OCR AI technology is now used by machine learning companies for business process automation and optimization. It aids in enhancing data security.

Who can leverage OCR AI technology?

Any company looking to get rid of handwritten paperwork can use OCR AI technology. Thanks to the technology, essential documents may now be transferred to computers, laptops, tablets, and even cell phones. This technology can be used by businesses in the banking, mortgage, manufacturing, trading, healthcare, and finance sectors, as well as by organizations in the legal or payroll industries.

Document API software Docsumo enables you to convert unstructured documents (bank statements, invoices, and more) into actionable data using OCR AI technology. It digitizes payroll records, legal documents, financial reports, invoices, tax records, and contact information from business cards or flyers, leading to improved work management, operational efficiency, and data security.