Top 6 Worth-Considering Industrial Uses Cases of Online OCR
AI-driven Optical Character Recognition (OCR) can automatically extract data from the given documents’ images containing printed or written content. The technology instantly transforms the information into machine-readable formats, allowing for in-depth processing. The OCR market is expected to increase at a CAGR of 16% between 2022–2030, eventually reaching $39,655 million.
An online OCR procedure is a cutting-edge technology that can streamline business processes and help companies reach their goals. New, innovative methods allow businesses to ignore antiquated methods and save valuable time. As a result, technology facilitates simple access to user data. Moreover, modern OCR technology can gain insights from invoices, legal contracts and identification documents. Thus, users can also do searches in a secure database to access and modify information for their specific purposes.
Top 6 Use Cases of Online OCR Process in the Modern Corporate World
Many businesses perform the task of scanning and converting a document into machine-readable formats. In the past, business experts employed traditional techniques that were time-consuming and vulnerable to mistakes. According to Goldman Sachs, old-fashioned invoice processing costs $2.7 trillion annually, but automation can reduce costs by up to 50% to 80%. In contrast, cutting-edge digital solutions have transformed conventional approaches to support businesses everywhere. Using online OCR, modern search engines can analyse any document, making previously inaccessible materials more readily available. The following section highlights the notable use cases of optical character recognition:
- Insurance Industry
The advantages of optical character recognition for insurance companies extend beyond a more efficient data collection procedure. It can also manage organisations’ massive existing data, including unorganised paper and image files. Moreover, OCR screening is vital for data acquisition and collection in the insurance industry.
Businesses use online OCR to boost revenue, enhance customer satisfaction, reduce expenses, and predict future events. However, unexpected delays negatively affect the customer service experience across all industries, including insurance. Due to the complexity of insurance programs and contracts, manual data entry becomes insufficient.
Businesses in the insurance industry can benefit from OCR-based solutions since they simplify the process of onboarding new customers. Insurance companies rely on technology by allowing customers to upload a copy of their insurance policy through an OCR-powered mobile app. Thus, It creates editable PDFs to facilitate the implementation of insurance contracts between corporations and their clients.
- Health Industry
In the healthcare industry, registration forms are common and include patient data, insurance applications, and other paperwork. To maximise data management, it is crucial to save essential information in an easily accessible electronic database. Thus, the OCR systems quickly record patients’ data by extracting it from hard copies.
The healthcare industry uses several documents, including patient records, insurance applications, and policy declarations. Because of the vast amount of information generated by healthcare facilities, maintaining accurate records is a time-consuming process. Optical character recognition can help with this problem by automating paper-based patient records such as medical histories, insurance policies, and diagnoses. Because of this, physicians may view a patient’s medical record in the electronic health record, ultimately leading to a more precise diagnosis.
The online OCR can extract and save information in a secure cloud service, helping doctors track their patients better. Hence, it saves pharmaceutical companies time and money by storing and retrieving drug information from an internet database with one search.
- Banking Industry
Banks are significant users of OCR technology because it helps them to enhance customer service, data management, security, and risk evaluation. With online OCR technology, many documents may be digitally stored and easily accessible. Moreover, it enables real-time inspection of statements and signatures.
Digital cheque deposits using OCR technologies improve transaction security and lessen the likelihood of fraud. Furthermore, it extracts data from papers quickly and accurately, making banking procedures easier.
Many law enforcement and government sectors use outdated paper-based systems, even in the digital age. Manual data entry error rates are usually between 0.55% and 3.6%, with some cases reaching 26.9%. OCR technology can improve processes from driver’s licence applications to voter ID card printing. Instead of manually checking each user’s details, OCR technology may scan their card and instantly retrieve their data for verification.
OCR technologies also make travelling easy for passengers by fast-tracking passport checking and travel applications for security and data storage. Also, OCR helps reduce manual errors in data verification and faster data processing than humans. Thus, it revolutionises the booking & checking processes and the administration of travel expenses.
OCR can improve sales operations by allowing retail businesses to scan and extract data from documents, including paying bills, packing lists, invoices, and purchase orders. In addition to providing end-to-end data processing, OCR can generate data in a structured manner for simple access.
Businesses can fulfil their requirements and gain a competitive edge by working with a third-party service provider. The state-of-the-art approach provides highly accurate output immediately. Moreover, working with verified service suppliers can easily automate the data extraction processes. Within a few seconds, all industries, such as banking, e-commerce, and digital payments, can extract data with the help of the online OCR process. Thereupon, cutting-edge technology saves time and increases productivity for modern-day organisations.