Whether you realize it or not, your productivity is likely decreasing due to the overwhelming amount of documentation you handle. Statistics reveal that nearly 46% of employees spend their workdays on inefficient paper-related tasks. As a result, nearly every modern business has embraced OCR (Optical Character Recognition) data extraction to streamline operations and simplify document management.
OCR technology that is powered by artificial intelligence and deep learning methods, has revolutionized how businesses handle data. Advances in deep learning have significantly transformed the way data is extracted, processed, and ultimately made more efficient, allowing businesses to work faster and more effectively.
Know More About OCR Data Extraction Technology
Data extraction is the process of obtaining information from various sources, such as documents, files, databases, or websites. This process can be carried out manually or automatically. Specifically, this task involves identifying and extracting specific data points from digital documents.
For instance, consider a scenario where you have a scanned ID card or an invoice, and you need to extract specific information in a digital format. OCR provides the necessary tools to recognize both printed and handwritten text within scanned identity documents. However, before data extraction can take place, it is essential to convert the document into a digital format. OCR helps in this regard by processing the pixels in the ID card scan and converting it into a digital format. Following this, data extraction involves labeling elements such as name or date of birth and retrieving the corresponding information.
At this stage, one might wonder if OCR is always necessary for data extraction. In some cases, OCR may not be required, as certain documents, such as PDFs, are created from digital files that already contain a text layer. In these cases, the textual data is directly accessible and does not need OCR. However, in most cases, intelligent data extraction relies on two key processes in deep learning: OCR and Natural Language Processing (NLP).
Here is How OCR Brings a Big Difference to Your Business
The primary benefit of OCR technology is its ability to simplify the data entry process by making text search, editing, and storage easier. OCR enables businesses and individuals to store files on computers, laptops, and other devices, ensuring constant access to all documentation.
Businesses should adopt OCR technology as it brings numerous benefits, including:
- Faster and more accurate data processing, with automatic results that eliminate human errors.
- Lower operational costs, as faster data processing and more efficient data utilization reduce overall expenses.
- Consistent outcomes across multiple users and projects, ensuring uniformity in results.
- Improved data storage and security, making it easier to organize and protect valuable information.
- Greater scalability, allowing businesses to handle increased workloads and expand operations smoothly.
Verihubs Can Be the Best Option for Your Business
Verihubs provides a comprehensive range of solutions tailored to meet all your business needs. With a variety of features powered by cutting-edge AI technology, Verihubs is positioned to be your business’s ideal partner.
A key feature of Verihubs is its OCR for ID Card, which offers numerous benefits, including the ability to extract data from ID cards, automate data entry, and capture ID photos for verification purposes. Reach out to Verihubs’ customer service today for a detailed explanation of their products and features!
