OCR Services – Automating Data Extraction in Modern-Day Companies

Instantaneous data extraction and simplifying corporate procedures are only two examples of how rapid digitization has aided enterprises.  In this light, corporations want to use innovative digital solutions to capture data from government-issued records. The application of smart services saves not only time but also the capital of the enterprise. This attracts business owners to apply OCR services that can capture data from user records and store them in well-encrypted repositories. 

OCR Services – A Quick Insight into the System

OCR technology can extract data from user records and transform text in images into electronic forms. It can easily process multilingual documents to ensure global coverage. Moreover, modern OCR services can capture data from both structured & unstructured documentation. 

The innovative OCR solution is a GDPR-compliant service that ensures a positive experience for users and facilitates compliance with KYC & AML regulations. This way, organizations can have a competitive advantage and strengthen their market credibility.

According to Straits research, ocr technology market size will reach around $39.6 billion by 2030, displaying a CAGR of 16% for the forecast period of 2020-2030. The statistics show remarkable growth for the industry in the coming years. Hence, OCR character recognition technology is an interesting research subject in computer vision, artificial intelligence, machine learning, and pattern recognition. This provides an effective way to digitize all the records and protect data from hacking. 

Popular 5 Use Cases of OCR Services for Modern-day Industries

Converting printed text into machine-readable forms is the function of OCR technology. Historically, businesses had to rewrite all the data, which was a challenging & time-consuming task. With the advent of OCR, professionals can reduce time wastage and achieve their goals for business growth. This technology also improves access to use data through search engines. Moreover, it can perform number plate recognition instantly. The following sections highlight notable optical character recognition services applications in present-day corporations. 

  • Facilitating Data Retrieval

Offering a searchable PDF approach is an important perk of the OCR data extraction technique. The business software that uses the innovative digital solution transforms image-only PDF files and paper-based records into searchable formats. This means such records differ from normal PDF files because new documents have an added invisible layer with searchable text. In this context, ocr is an advanced digital system that can search keywords, phrases, and other important details from given files.

  • Enhancing Security with Cloud Storage

It is difficult to safeguard paper-based documents from unaccredited access or external threats. Criminals can steal, misplace, or damage files easily. With the help of cloud storage, corporations can easily store data effectively while having controlled access to protect it from external attacks. This way, OCR services can capture and store data in the cloud.

Enterprises of all sizes, such as small, medium, and big, can forgo physical storage spaces prone to damage. With cloud storage, users can access data with their electronic devices from all over the world. Hence, OCR services facilitate companies to access, read and view data conveniently. 

  • Minimizing Expenditures

Using advanced ocr services can help modern-day corporations reduce the cost of hiring an employee for data entry. The latest technology can easily integrate with the company’s infrastructure and extract data. This replaces manual data entries with an automated system. 

For instance, to submit utility bills online, the client can easily submit previous bills, and the latest technology will automatically capture data from it. This way, OCR services can replace data entry professionals. The expenditures of shipping, copying, and printing reduce with OCR technology. Hence, company experts can manage important information digitally instead of traditional approaches. 

  • Optimising Time Use

Utilizing OCR services can streamline business operations and save time in data extraction procedures. With high accuracy rates, ocr can reduce output errors and turnaround time. Hence, this provides a method that increases productivity and facilitates revenue generation. 

  • Streamlining Digital Identity Authentication

In the modern world, online businesses must perform ID authentication according to KYC & AML compliance protocols. Performing digital record verification by using government-issued documentation can discourage bad actors. OCR services can streamline document verification and easily capture data from ID cards, passports, and driving licenses. This authenticates the identity of the new client in real time. Innovative digital solutions can capture data automatically and validate it within seconds. 

Concluding Thoughts

Using OCR services can help businesses streamline their daily operations and increase productivity. This way, experts can receive results with unbeatable accuracy & in real time. This happens because ocr can automate data extraction and processing. The banking, e-commerce, and payment service operators can easily extract data from clients’ records which can be of any type. In this light, OCR services help discourage external attacks, optimize time for operations, and streamline IDV services for corporations.

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