Last Updated on January 12, 2024 by Umer Malik
Optical Character Recognition provides business verification solutions by extracting data from handwritten and printed text to digitally scanned documents. To utilize the extracted text for further processing, it is first converted into a machine-friendly format for analysis and feature extraction. Most of the business operations nowadays rely on OCR technology for data extraction from documents and serve as the go-to source for a wide range of business operations.
They not only cut on overall operating times but also automates manual data entry procedures which take over days.
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Origins of OCR
Reading characters by means of optical technology dates back to the early 1990s when historic newspapers were first publicly digitized. With the evolution in intricate feature extraction and pre-processing mechanics, modern OCRs can now quickly extract data in a matter of minutes from lengthy documents and legal statements. With the significant advances in technology over the years, OCR technology has seen a remarkable rise in accuracy rates up to 90% ultimately improving the experience in terms of both speed and accuracy.
OCR Use Cases for Online Businesses
For online businesses to survive, adapting to rapidly evolving technology trends is a necessity. Not doing so will allow contentious rivals to wipe them out of the highly competitive digital services market. Before OCR came into the effect, the traditional business needed to retype the text to save them on an offline database which was quite labor-intensive. With improved OCR technology, accessing data from distributed sites with remarkable turnaround times is now possible. Below are uses cases of OCR technology which are beneficial for online businesses:
Customer Data Retrieval
One of the most essential benefits of using a comprehensive OCR solution is fast and easy access to information at any time and any place. A searchable PDF format makes online optical character recognition more demanding and customer-oriented. Since the data is present on digital databases, it can be easily retrieved through a search operation. The complex procedure of traversing through a large hierarchy of data branches is only the machine’s problem now.
Moreover, data retrieval operations are not only limited to file names but individual keywords, names, and any sort of minor data elements within multiple files could also be targeted and clustered out depending upon the type of request. Online OCR solutions are therefore the need of the hour for digital businesses to achieve high market standards of customer satisfaction.
Improved Security Prospects
Paper-based documents are difficult to safeguard from potential criminals and are at the risk of being stolen. The fact that they can be so easily misplaced and damaged makes them vulnerable and unsafe. Digital record-keeping using online OCR solutions totally revamps how enterprises perform their daily business operations. The data extracted from OCR is stored in online cloud databases. The utility of cloud computing makes it easier for the end-user as well as the company to access data over distributed networks, and through a safe and secure channel.
Automated Identity Verification
Verifying customer identity is significant for businesses to maintain a good service and sound customer experience. With modern online OCRs, knowing your customers is smooth and easy with automated verification systems. This also helps in preventing money laundering activities and other illicit online frauds. Document verification services incorporating OCRs are now sold as a finished product by identity verification service providers. Ensuring user identity within seconds using enhanced verification OCR solutions creates better prospects for delivering an effortless experience.
To sum it up, modern OCR services provide business verification solutions through faster data retrieval, better security measures, and automated identity verification.
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