In the advanced digital age, organizations are saturated with data, in different formats from various sources. One of the most time-intensive tasks is extracting data conventionally from physical paper documents and images. This is the point where Optical Character Recognition(OCR) data extraction steps in.
Introduction to Optical Character Recognition(OCR)
OCR is a process of transforming images of handwritten or printed text into machine-readable formats that employees can easily search, edit and analyse. OCR data extraction is the procedure of utilising advanced OCR technology to fetch data from different sources such as receipts, invoices, business cards and forms.
This procedure is valuable for businesses as it helps automate data entry tasks, streamline processes and reduce manual errors.
Streamline Processes: Achieve Greater Efficiency in any Business
One of the major benefits of OCR data extraction is enhanced efficiency. Conventional data entry is a time-intensive task specifically for businesses that have to deal with huge amounts of data. A single mistake has a crucial impact on the accuracy of data which leads to wasted time and additional costs. Accounting automation that uses OCR can greatly reduce errors and processing time.
It can quickly fetch and scan data from documents which significantly reduces the time employees take to enter manual data. It also allows employees to concentrate on more crucial issues such as making informed decisions and analysing data.
Work Smarter, Not Harder: Streamline Business Procedures
Another OCR data extraction benefit is streamlined processes. Many companies’ procedures such as expense tracking and invoicing require conventional data entry methods. It is a time-intensive task because companies have bundles of physical papers.
OCR data extraction can streamline these procedures that reduce administrative costs and turnaround times. Not only this but they can also extract data from receipts or invoices that reduce the time taken to process the documents. It helps companies to improve cash flow, and process payments faster.
From Typographical Errors to Biases: Overcome Common Obstacles to Achieve Higher Accuracy
OCR data extraction also helps in improving accuracy. Conventional data entry is error-prone, dealing with handwritten documents. However, OCR software accurately extracts and reads handwritten or printed documents that reduce the risk of errors.
How Flexibility Improves Overall Business Health and Wellness
Flexible OCR systems have the potential to manage different types of documents such as receipts, invoices, and business cards. They fetch data from different parts of documents such as text boxes, tables, and handwriting.
Flexibility in OCR data extraction is achievable through different techniques such as:
Adaptive OCR Models
These models learn from the information they process and have the ability to adopt new document fonts and layouts.
OCR systems analyse the document layout and adjust the data extraction process relatively.
OCR data extraction recognises and extracts handwritten information.
Intelligent Character Recognition
This technique uses advanced machine learning algorithms to extract and identify characters, even in challenging conditions like low-quality damaged, faded or scanned documents.
Moreover, flexible OCR systems improve accuracy and save time in data extraction by removing the need for conventional data entry. It is specifically useful for companies that deal with huge data volumes such as healthcare providers, accounting firms and financial institutions.
Choose the Suitable OCR Software
Choosing suitable accounting software is a challenging task because there are numerous factors to consider. Following are a few things that a company should keep in mind while selecting the right OCR software:
Companies should make sure that software has a high accuracy rate in identifying characters specifically if they are dealing with physical documents that have complicated layouts, low-quality images and handwritten text.
OCR software should be able to scan and transform text instantly. If a company is working with huge data volume, the speed of software should make a significant difference in productivity.
If the company needs to recognise any text in Languages other than English, then they make sure that OCR should support those languages.
Check if the software is compatible with current operating systems because some software only works under certain conditions.
The software should be easy to use, and should not require extensive technical knowledge with an intuitive interface.
Analyse, if the software has the required customer support and online tutorials, can help its users.
OCR software ranges from free to expensive depending on the features and accuracy level. Determine the company budget and choose a suitable software that provides features the company needs by staying within budget.
OCR data extraction improves the accuracy and efficiency of data processing which makes it an indispensable tool for modern organisations.