Have you ever wondered about the amount of data that an organization holds in the form of papers and multiple formats in its system all across the organization? The answer is innumerable. Data is the key to business growth and its keeps accelerating with time. For example, you have a pdf life and you can’t make any changes until it’s in editable format. To copy the text directly requires you to convert the file into text format and then process it. Considering the time and effort involved in the whole process makes the place for technology adoption to fast-track the data processing. And the answer lies in Optical Character Recognition (OCR). Do you think OCR can add value to your business and organization, let’s dive into the basics of Optical Character Recognition (OCR) and its most relevant use cases all across industries?
What is Optical Character Recognition (OCR)?
When we talk about Optical Character Recognition (OCR), it is a field of Artificial Intelligence (AI) that is specifically related to computer vision and pattern recognition. OCR refers to the process of extracting information from multiple data formats like images, pdf, handwritten notes, and scanned documents and converting them into digital format for further processing.
Using OCR, organizations can easily encode the text from an image and allow it to be electronically formatted, searched, and compacted on a digital system or web for use.
Optical Character Recognition (OCR) Use Cases across Industries
Banking and Insurance
Think about the data banking and financial organization carry from transactions, KYC applications, contract orders, reconciliation, and loan applications to customer services. Leveraging OCR technology offers the banking industry to streamline and digitize the whole process for end-to-end document processing and easy data access to employees. For example- with advanced machine learning algorithms OCR technology offer banks to recognize their bank card with accuracy even if the image data quality is low.
OCR technologies also make traveling an easy path for you by fast-tracking the passport checking and travel application for security and data storage purposes. Also, OCR helps in reducing manual errors in data verification and processing the data faster than humans. From booking the checking process to travel expense management, OCR technology can be leveraged for reimagining the travel industry and customer experience as well.
Many government and legal industries still rely on the paper trail method to process information. From license registration to voting ID cards, OCR technology can be used to streamline the workflow. Instead of manual verification, OCR technology can easily check the registered users’ information just by scanning the card and accessing information in a smooth process way.
The healthcare industry can get the most out of OCR technology. Using OCR features healthcare organizations can get a medical history, past illness records, and prescriptions just with one click. Also, medical providers can encode this information and access it in the future anytime using the OCR feature.
Using machine learning algorithms with OCR features can help the food industry in creating a digitized menu, and a database of multiple recipes with calorie information and their apt intake amount. That’s how OCR feature not only give enhance the customer experience but also give the food industry an idea for creating more innovative process.
The logistics industry spends most of the time on routine input and manual data process of logistics documents, training modules for engineers, design, and development of new machines. Leveraging the OCR feature can streamline the process by checking the in [put data autonomously and removing the chance of error while loading.
OCR feature can up-level the retail operations by offering retail industries to scan and extract the relevant information from bills of payment, packing lists, invoices, purchase order’s, and many other processes. In addition, OCR can create structured format data for easy data access and offer end-to-end data processing.
Time to act now
In the digital era, the most critical factor for any business and organization is the customer satisfaction and data accessibility. And Optical Character Recognition feature has all on its plate to serve you. From extracting data faster to making the user’s lives easier, OCR has a lot in store for you. All it requires is adaptation. Build a streamlined business process with OCE before it’s too late.
Vatsal Ghiya is a serial entrepreneur with more than 20 years of experience in healthcare AI software and services. He is the CEO and co-founder of Linkedin: https://www.linkedin.com/in/vatsal-ghiya-4191855/ , which enables the on-demand scaling of our platform, processes, and people for companies with the most demanding machine learning and artificial intelligence initiatives.
Originally published at https://datamagazine.co.uk on June 18, 2022.
Top 7 Optical Character Recognition Use Cases in 2022 was originally published in Chatbots Life on Medium, where people are continuing the conversation by highlighting and responding to this story.