Today’s business environment is rapidly adopting AI techniques to ease operations. Firms are massively employing digital technologies to automate and streamline routine tasks like account payable and purchasing. These kinds of techniques, like character recognition, are crucial to automation and digitization. A firm needs software that can read the numbers or words from receipts.
At first, the technology of image capturing was only utilized for taking pictures of documents. After that, new innovations in image indexing and character recognition took this to another level by scanning the data from different papers. Optical character recognition (OCR) creates an editable and searchable document rather than a still image. This method significantly assisted the processing and digitization of official papers. OCR eased many operations related to paperwork, but it was not very useful for reading handwritten data. In this scenario, intelligent character recognition, or ICR Software, comes to the rescue. The further blog will shed light on different aspects of this robust invention.
ICR Technology – A Short Overview
ICR is a modern technology that can extract data from handwritten documents as well as from pictures. It is regarded as an improved form of OCR technology that makes use of numerous machine learning and artificial intelligence techniques. This technique can intelligently interpret data from electronic and physical documents by recognizing various handwriting styles and fonts.
ICR technology can scan documents, fetch information, and store it digitally in a database program. Firms use this data for analytical insights and incorporate it into business processes. Companies mainly use intelligent character recognition software online to get rid of papers and manage random data.
OCR ICR Software – What’s the Difference?
For a number of reasons, some companies favor ICR software over OCR. The most effective tactic combines both, with the following significant differences:
- OCR method uses templates instead of neural networks or AI to extract information as compared to the ICR reader.
- The OCR system employs a specific format for data entry operations. On the other hand, ICR technology learns to apply multiple formats.
- OCR is best for firms with a small selection of document formats. The ICR scanner is flexible and ready to handle invoices that change frequently.
- ICR technology is fully automated, whereas OCR software requires staff to operate.
- OCR-driven systems need human intervention, while ICR only notifies users to anomalies and requests to investigate them as necessary.
- OCR technology only creates PDFs of documents once, making it challenging for users to search through them in company databases. ICR scanners can save read data, making it easy to retrieve it again.
ICR Technology – 5 Main Use Cases in Different Industries
A large number of businesses are using ICR services. Firms were not able to manage unstructured files before the development of this cutting-edge technology. However, modern technology has simplified the process so that it is now possible to store any type of data and retrieve it from documents of all kinds. This includes those with unstructured, structured, and cursive handwriting. The following are some use cases of ICR technology for different businesses:
- Financial institutions such as banks are using the intelligent character recognition technique to verify the identity of customers.
- The corporate sector utilizes ICR software to store and retrieve data from any file, font, or style.
- Robotic process automation uses ICR technology all over the world.
- Different big organizations implement different intelligent character recognition techniques to store consent documents.
- Optical mark recognition using ICR technology is used for digitizing workplace tasks.
ICR Technology – 4 Major Benefits
The ICR reader employs algorithms of AI and ML to automatically learn and fetch information from handwritten files. Every time it recognizes a new handwriting style or font, it adapts, learns, and gets better at converting the data into digital databases. ICR services benefit organizations in the following ways:
- ICR technique is scalable and works best for organizing handwritten documents and electronic record archives.
- Organizations are combining ICR with transcription services and using it with various types of documents.
- The use of ICR technology eliminates the need for manual data entry while offering robust data verification. This facility can help employees work more effectively and productively.
- ICR solutions help firms safely protect their data from illegal access while enabling data uploading to cloud storage.
Due to ongoing technological advancements, ICR technology is improving in accuracy and precision. It employs AI and neural network algorithms that constantly adapt to various handwriting types. An intelligent character recognition system can update and operate more efficiently when users give it more data.
ICR software continually develops its understanding of handwritten fonts by reading them. This enhances the system’s capacity to recognize new writing styles and automatically update its database. Before entering data, it is essential to review fields because incorrectly written fields can sometimes make ICR models challenging to understand manually.