What is traditional OCR Software?
Optical Character Recognition (OCR), is the technology used to describe the electronic or mechanical conversion from handwritten, typed, or printed text within scanned documents or images into machine-encoded text. OCR software solutions are most commonly used in turning hardcopy documents into digitally accessible PDFs. The program is able to recognize certain numbers and letters but does not process or organize the information. Traditional OCR uses human programming in order to identify and process information gathered from scanned documents.
Where is OCR used?
OCR extracts and identifies information from various document forms, a common use of OCR is the preservation of historic newspapers or images. Through the use of an OCR software solution, are newspapers made more accessible for online search and retrieval. Easily searchable by keyword or phrase. Another example is OCR software in finance, the ability to identify check accounts and routing numbers.
Advancements in OCR technology have made it possible to identify and recognize not only fonts, most forms of handwriting, but even format elements such as columns or tables within a document. This type of OCR can be classified as a Smart OCR.
Smart OCR Technology
OCR that uses machine learning and AI technology is known as Smart OCR. Smart OCR software solutions can analyze information layout and extract the relevant information without human guidance.
They are widely used in various document-heavy industries. These industries include accounting, logistics, healthcare, etc. Deep Cognition’s PaperEntry can be retrained for any document type across various industries, integrated into data collection/organization software (invoice or not), and can be deployed on-prem or on a private cloud.
Some well-known companies such as Google, Microsoft, and Amazon host Smart OCR software providers’ solutions on their cloud platforms. These Smart OCR solutions use AI-based information extraction services, promoted to be used as document (eg. invoice) extraction services, rather than being for a specific industry. The service is limited in the information that can be extracted and analyzed.
These companies host various providers of Smart OCR on their clouds, for more information on the various providers and their respective cloud, click here for more information on how they compare to Deep Cognition’s PaperEntry.
Benefits of Smart OCR
When businesses grow, the amount of paperwork grows. Implementing Smart OCR capabilities can save businesses both time and resources. Benefits of implementing Smart OCR software solutions include:
- Many Smart OCR services are on a per-page basis and can reduce the amount spent on manual data entry by more than 75%, it increases to 90% when using PaperEntry
Faster data processing and a reduced backlog
- By automating data entry, processing information, and integrating it into systems is faster and more accurate than the traditional manual way.
Less processing errors
- PaperEntry by Deep Cognition has a 99.9% accuracy rate, with many services also offering retrainability when it comes to inaccurately processed documents.
- More time given back to employees and less time spent manually inputting data, PaperEntry is operational within 2 weeks, allowing manual data entry employees more flexibility and freedom.
Smart OCR and Digital Transformation
Stay ahead of the curve by implementing Smart OCR technology, 63% of people believe the pressure to reduce costs will require the use of Artificial Intelligence (AI). As part of the switch to digital transformation, the use of AI-powered Smart OCR software solutions is becoming more common. Smart OCR enables businesses to gather information from digital and non-digital sources for use in organizational or operational systems.
Smart OCR software solutions have proven to be immensely useful in maximizing workflow productivity and minimizing resources and errors. Deep Cognition is one of the leading providers in Smart OCR software solutions for automated data entry.
Request a free demo for more information on the template-free, user-friendly, and quick integration Smart OCR software solution service.
To learn more about data automation and Smart OCR technology, contact us at firstname.lastname@example.org