Data processing is necessary for all the organizations in this era of digitization. This process involves the collection and conversion of data into useful information. The form and format of this transformed data is readable by computers and can be analyzed and interpreted by the organizations for future decisions. It not only helps them to streamline their operations but also delivers best business insights.
In this electronic world, data processing is advancing towards cloud computing. In this technology, large data migration to the cloud increases the speed, quality, and efficiency of the data processing. This blog will explore how intelligent character recognition (ICR) technology can accelerate document processing, eliminating errors and transferring a large variety of data.
What Is Intelligent Character Recognition (ICR)?
Intelligent character recognition (ICR) technology is used to recognize and transform hand written text from the scanned image into machine readable language. It is an advanced category or extension of optical character recognition (OCR) that can recognize only printed text. ICR can extract data from both structured and non structured text and recognize different fonts and styles also.
How ICR Technology Works?
ICR services are used to improve the efficiency of an OCR system by leveraging the latest artificial intelligence (AI) and machine learning (ML) technologies. It works on artificial neural networks to process data and each new hand writing style is saved in the character list of the database for future ICR recognition. This improves the accuracy of the system and reduces the capture time and results in the upgrading and enhancement of its learning process.
The process is briefed below:
- Data Collecting
A number of handwritten documents are uploaded to the system and integrated with ICR services. f
- ICR Scanning
Data is scanned and extracted from the hand written documents through an ICR scanning software.
- ICR Recognition
ICR technology reads and recognizes different handwriting and font styles by applying artificial intelligence (AI) and machine learning (ML). This recognized data is converted into machine language for further analysis.
- Saving In the Database
The output data is verified and new characters are saved in the pre existing database,upgrading the intelligent recognition process.
Use cases of ICR Technology
Data processing is important for all the companies that need to manage customer records and analyze them for future decisions. They need to utilize ICR OCR technology for entering and processing data from a variety of documents, letters, and forms as it provides 100 % accuracy, eliminating human errors. [The organizations handling thousands of documents monthly require to benefit from the ICR services to process this huge structured or unstructured information. The following are the most important use cases of ICR technology.
Banks and Financial Institutions
Banks and financial institutions have to keep the record of the transactions and require the identity verification of their customers during the onboarding process. ICR services are used by them for data extraction and verification of the documents provided by the users.
Logistics Companies
Logistics companies have to deal with a lot of vendors and suppliers. They have to extract data from a variety of invoices and reciepts. ICR services can handle data automatically without any entry and accounting errors.
Healthcare
In the health care sector , lots of hand written prescriptions, forms and invoices can be processed for record keeping. On the other hand, customer identification is required in case of remote medical facilities. ICR technology benefits health institutions by processing their data efficiently and accurately.
Law Organizations
Legal documents need a high level of accuracy and verification to avoid any penalties. It may involve the input data in the form of hand written documents like wills, agreements, and other legal papers. The signature verification is also crucial in case of many documents and consent papers. ICR services help these organizations to mitigate fraud, forgeries, and errors efficiently.
Other organizations
Other organizations can use ICR technology for data entry and digitization of their paper documents.
Benefits of ICR technology
- Elimination of manual data entry
- Advancement towards digitization
- Improved accuracy through reduced human error
- Time saving and efficient
- Automatic upgrading of learning system
- Effective handling of massive volume of data
- Increased productivity
- Enhanced customer satisfaction
- Better understanding of problems and working within organization
- Editable data availability for analysis and future decision
Why ICR services?
Organizations must take advantage of ICR services to extract and validate the data results using ICR technology. The following are reasons for availing these services.
- Cut off in the administration and training costs of ICR system
- No need to wait for installation time
- Cut off maintenance costs
- Cut off labor costs for manual verification
Summing Up
In this digital landscape when organizations are moving towards digital sources of data accumulation and verification, ICR technology helps them to process data automatically and effectively. It can extract and recognize data in different handwriting and font styles. Organizations can benefit this technology by integrating an AI-powered ICR system.
