Businesses are embracing new ways to automate their systems to reduce chances of online fraud. They are trying to reduce operational costs to generate more revenue by adopting artificial intelligence-based solutions. Businesses can save $2 trillion by adopting AI-powered solutions to automate their current activities by 45% according to a report by McKinsey. Most businesses lag to adopt automated solutions to perform their tasks that need time, resources, and money. Every business has to deal with a large amount of data to maintain the records of their employees, financial statements, or perform other tasks.
The majority of businesses use manual methods to save data in their databases which is time and resource consuming. Moreover, the manual data entry process is not secure as paper-based documents can be stolen or lost.
Shifting to the digital data entry process is quite difficult for businesses dealing with Big Data such as financial or healthcare institutions etc. Businesses need an instant solution firstly to digitize their previous records and then to start the digital data entry process. Online optical character recognition (OCR) solutions facilitate digitizing data entry processes for businesses.
How does OCR technology Reduce Operational Costs?
Data is considered as a fuel for business operations.
AI-enabled OCR Technology facilitates businesses to onboard their customers by extracting data from any type of document to save time. Document scanner can fetch any data in any language as it supports multilingual documents. It can extract data easily from paper-based invoices, handwritten documents, etc, and can be modified later to store data in any format. OCR scanner app also helps businesses to confirm the identity of their clients for a seamless customer onboarding experience.
Let’s review the use cases of OCR technology:
Banking Industry
Financial institutions widely use OCR applications for their regular administrative tasks due to the excessive paperwork.
OCR facilitates daily operational tasks for banks to a great extent easing the banking procedures. The ATMs are one of the applications that serve billions of people daily by extracting the data on the ATM card. It also helps bank officers to scan handwritten cheques and manage the data digitally.
Healthcare Industry
Hospitals and other healthcare providers have to deal with heaps of paperwork like patient test reports, insurance forms and many more. It is not easy for them to maintain bulk records.
OCR technology helps the healthcare sector to digitize large volumes of data including patient profiles, treatment history, health insurance details, etc. to reduce manual work and keep the patients’ data safe from fraudsters. Digitizing patient’s data with the help of an OCR scanner helps physicians to diagnose patients by reviewing their previous medical records for better treatment.
OCR technology also provides cloud storage to keep the data of the patients safe to prevent medical identity thefts.
Cloud Security
Cloud storage prevents any company documents from being stolen, lost or accessed from any unauthorized entity.
Cloud storage makes it easier for companies to secure data efficiently while providing control over the access and protecting it from any breaches. OCR technology helps to extract data and store it on the cloud.
Cloud-storage facilitates accessing data from any place and from any type of smart device. This way, all users can access, read and edit the data easily.
Automation
Online businesses scan the hard copies of invoices upon importing them into their system. Such extracted data can be validated automatically for its credibility and accuracy where the entire system is automated after analyzing the content and migrating it into the relevant set.
Benefits of OCR technology
The following are some benefits that OCR technology brings to businesses:
Reduced Manual Identification
OCR screening proves to be a helping hand for businesses to know their customer compliance.
Whenever a customer needs to confirm his identity, he has to send a valid ID document comprising his details. The character reader fetches the required information that is sufficient to match the customer’s details and sends it to the automated system. The automated system verifies the details of the customer and forwards the results to the back office with proof of verification.
Automated data entry operations
Business operations including the collection of customer information can employ OCR technology to feed the identity document to the system and extract all the customer information from the very same document in seconds.
Reduced Error-rate
Businesses can reduce errors which appear due to manual data entry. AI-powered OCR systems can extract the user information while rectifying such errors.
Reduced Time and Cost
AI-powered OCR solutions accurately extract data from structured documents that follow a standard template such as government-issued documents like passports, licenses, etc. It can also extract data from unstructured documents that do not follow any standard format such as images, PDF formats, handwritten documents, etc. to facilitate the administrative tasks for companies.
The ability of OCR scanners to fetch data from various documents helps businesses to save time and cost by reducing manual labor.
Improved Workflow and Productivity
Automated data collection and processing enables companies to accelerate their process and finally, boost the business revenue. Not only that, such a robust data collection process also improves business productivity as the resources which were earlier used to perform operations manually, can now be utilized in some other useful tasks and operations.
Wrapping It Up
The rising ID thefts put pressure on businesses to employ efficient solutions to ensure the data of their clients. OCR technology facilitates businesses in identity verification services to fetch the necessary data from the ID documents.
It proves to be a helping hand for various industries such as banking, healthcare, insurance, etc to maintain their record management systems efficiently.