Each department has to deal with multiple types of client data on a regular basis. Getting information, capturing the values of the clients, and transferring them into a machine detectable language makes everything easily available for an in-depth analysis. It may look easy but nothing in the process is like a piece of cake.
It takes multiple hours and days for the completion of the entire process. So, it is greatly time-consuming and uses a great number of resources (finances and human effort). These days society is at fast-pace and the technological environment demands solutions in order to process clients’ data. It is critical to saving the company.
How Can OCR Compliance Technology Replace Manual Work For Higher Productivity?
For example, the identity authentication department cannot take the chance of using the technology regarding manual information processing because it is prone to errors and gives low productivity. In this regard, the KYC verification and AML monitoring procedures are the hardest jobs to perform in the world. If any financial institution wants to perform screening on multiple certifications of clients, is there any way that the job can be performed without compromising the quality of the process? It is almost impossible to do and even if a manual information processing route is taken, the process becomes hectic and troublesome. This is where the industries need effective problem-solving abilities in order to make the procedure stress free for the organizations.
How is the AI-based Optical Recognition Technology a suitable solution for all the problems?
The OCR technology has been in use since the late 1990s but it was not up to the mark and on the competition level of today’s fast-paced world. When AI (artificial intelligence) came into the technological world, software technology used to enhance the functioning of OCR technology. The AI-powered-based optical character recognition became the new normal and it improved the technology for information processing and data entry for industries all over the world. AI technology has changed the way organizations and industries process their data. The foreign exchange companies and other organizations analyze the data in a new light.
What is exactly an AI-based OCR Character Recognition?
The AI-based OCR has the power to extract information from multiple types of documents, from several languages of the world, and even different formats. On the other hand, with the previous technology, it was not possible and there were so many limitations. With the arrival of artificial intelligence-based algorithms, AI-powered OCR technology can improve itself without the need for human intervention.
There are three stages behind the AI-based OCR of data processing.
- Pre-processing
- Data processing
- Post-processing
What are the different applications of OCR process technology in businesses?
There are different uses of OCR technology. So, the conversion of the text document into a language that a machine can process is suitable for industries. Before the advent of OCR technology, organizations had only one option of re-writing the text. But it was an extremely time-consuming task. It has resulted in low productivity. The task that requires human effort is now replaced by the automatic and AI-based version of the OCR text recognition technology. The technology is used all over the world now because the software can be run smoothly, and the search engines use the technology to organize the documents as a number plate recognition which can be done automatically. On the other hand, there are different use cases/ applications of the technology that facilitate an organization in its processes.
Retrieval of Data and Relevant Information
The PDF has a searchable format which is one of the applications of OCR. The business systems that run their operations using the OCR software exchange the image-only file and paper documentation for searchable formats. It is unlike regular PDF files because the online files carry an invisible layout. It has the option of searchable text. In order to do this, the OCR software performs as an online system that finds keywords, phrases, and other required information from the given documentation.
Wrapping Up
If, in today’s world, any organization is using old methods to process their data. The organization is at a great loss. It is because the old technology will use a lot of time and effort along with company investments. Moreover, the employee working on the task feels a lack of productivity because the manual processes are extremely error-prone. Plus, it takes a lot of time to correct the errors in order to reach the desired quality of the work.
There is technology nowadays that can facilitate organizations in combating the given challenges. The technology only takes a matter of seconds to complete the process. The good news is that the accuracy rate of the software is above 90 percent.