Rapid digitization has facilitated businesses in various ways by extracting data instantly and streamlining business operations. In this light, corporations want to use innovative digital solutions to capture data from government-issued records. The application of smart services saves not only time but also the capital of the enterprise. This attracts business owners to apply OCR solution that can capture data from user records and store them in well-encrypted repositories.
OCR technology can extract data from user records and transform text in images into electronic forms. It can easily process multilingual documents to ensure global coverage. Moreover, modern OCR solution can capture data from both structured & unstructured documentation.
The innovative solution is a GDPR-compliant service that ensures a positive experience for users and facilitates compliance with KYC & AML regulations. This way, organisations can have a competitive advantage and strengthen their market credibility.
According to Straits research, ocr technology market size will reach around $39.6 billion by 2030, displaying a CAGR of 16% for the forecast period of 2020-2030. The statistics show remarkable growth for the industry in coming years. Hence, ocr technology is an interesting subject of research in computer vision, artificial intelligence, machine learning and pattern recognition. This provides an effective way to digitise all the records and protect data from hacking.
Converting printed text into machine-readable forms is the function of OCR technology. Historically, businesses had to rewrite all the data which was a challenging & time-consuming task. With the advent of ocr, professionals can reduce time wastage and achieve their goals for business growth. This technology also improves access to use data through search engines. Moreover, it can perform number plate recognition instantly. The following sections highlight notable applications of OCR solution in present-day corporations.
Offering a searchable PDF approach is an important perk of ocr solution. The business software that uses the innovative digital solution transforms image-only PDF files and paper-based records into searchable formats. This means such records are different from normal PDF files because new documents have an added invisible layer that has searchable text. In this context, ocr acts as an advanced digital system that can search keywords, phrases and other important details from given files.
It is difficult to safeguard paper-based documents from unaccredited access or external threats. Criminals can steal, misplace or damage files easily. With the help of cloud storage, corporations can easily store data effectively while having controlled access to protect it from external attacks. In this way, OCR solution can capture data and store it in the cloud.
Enterprises of all sizes such as small, medium and big can forgo physical storage spaces which are prone to damage. With cloud storage, users can access data with their electronic devices from all over the world. Hence, ocr solution facilitates companies to access, read and view data conveniently.
Using advanced ocr solution can help modern-day corporations reduce the cost of hiring an employee for data entry. The latest technology can integrate with the company’s infrastructure and extract data easily. This replaces manual data entries with an automated system.
For instance, in order to submit utility bills online, the client can easily submit previous bills and the latest technology will automatically capture data from it. This way, ocr solution can replace data entry professionals. The expenditures of shipping, copying and printing reduce with ocr technology. Hence, company experts can manage important information digitally instead of using traditional approaches.
Utilising ocr solution can streamline business operations and save time in data extraction procedures. With high accuracy rates, ocr can reduce errors in output and reduce turnaround time. Hence, this provides a method that increases productivity levels and facilitates revenue generation.
In the modern world, online businesses must perform ID authentication according to KYC & AML compliance protocols. Performing digital record verification by using government-issued documentation can discourage bad actors.
OCR solution can streamline the document verification process and easily capture data from ID cards, passports and driving licences. This authenticates the identity of the new client in real time. The use of innovative digital solutions can capture data automatically and validate it within seconds.
The application of ocr solution can help businesses streamline their daily operations and increase productivity levels. This way, experts can receive results with unbeatable accuracy & in real time. This happens because ocr can automate data extraction and processing.
The banking, e-commerce and payment service operators can easily extract data from clients’ records which can be of any type. In this light, ocr solution helps discourage external attacks, optimise time for operations and streamline IDV services for corporations.