Data entry dates back to the early times when typewriters and subsequently humans did this task. Usually, to keep track of that data, a firm required papers and folders. Then advancements and ongoing innovation made life a little simpler; now, computers can hold millions of papers worth of data on a single USB drive. Due to the time and labor savings from eliminating manual data management, the corporate sector underwent a transformation.
However, there remained a challenge with how to digitize the previously typed documents. Since manual data entry takes time—hours, days, even weeks. There was a demand for certain automated and digital technologies that can transform documents into editable formats. Thus, intelligent character recognition proves to be a great bet.
Working of ICR
Numerous mobile applications use intelligent character recognition software. OCR works in the same way, however, it retrieves data in a different way. To further understand how the ICR software works, let’s use the virtual customer induction process as an instance.
- The user has to submit the document to the ICS system as a picture or PDF file. This would analyze the picture and then pull information like a name, phone number, birth date, and address from that too.
- Some companies request handwritten consent that the customer uploads. ICR services will also take information from the consent notice.
- The information that the ICR retrieves firstly needs verification and then it is entered into the database.
IDV sectors are frequently using ICR services, where consumers submit their identity cards, and ICR software then collects the data. ICR software then cross-matches the customer data with the retrieved details, making document verification exclusively possible. Financial organizations are now using handwritten consent validation as a security precaution to combat fraud. The user has to upload an image of the person giving their approval while holding a piece of paper. The consent may take the form of character recognition software that has been around for a while or definitive writing that can be read by average people. Character recognition software then scans and captures the handwritten data as part of the ongoing verification system.
Future evidence may be based on the consent letter. Banks have been able to keep safe customer profiles because of the ongoing verification procedure.
Advantages of using Intelligent Character Recognition
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Recognizes Minute Details
ICR services guarantee accuracy while obtaining data. Data can be extracted from any literary form, including pictures and handwritten papers, as was previously stated. Data can be obtained using ICR technology in a number of languages, and it can also confirm that the textual format and type were correctly extracted. With the use of intelligent character recognition systems, the data entry process is more effective and error-prone.
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Enhances Productivity
A manual data extraction expert may find it difficult and confusing to manage every single bit of data. Because of this, employee creativity falls in favor of decreased production. Additionally, instead of spending money on something more beneficial, the firm ends up wasting resources on mechanical data entry procedures and personnel.
By utilizing a more dependable and quick data input option, companies can enhance their users’ experiences. Higher customer turnover rates are a result of great service quality.
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User Experience
Businesses can save a tonne of time by using ICR software to input data instead of using a manual process. Although managing the data of each customer may take some time, the business can quickly access and organize data with the help of an automated service.
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Time-Saving
When corresponded to the manual data entry process, the same task done with ICR technology can save much time for companies. Handling consumer data is a time-consuming task, but with an intelligent character recognition technique, the firm can obtain and organize all the information in no time.
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Cost-Efficient
The ICR intelligent character recognition method also has the important benefit of being an affordable choice. The manual data entry process places the firm finances under stress. To deal with it, the company must pay a considerable amount of its cash on labor and resources. The company lowers these costs with the aid of ICR reader technology.
Final Thoughts
Companies that frequently need to digitize hard copies can use intelligent character recognition software on a competitive level. While there are many mistakes that can be made while typing by hand, ICR software has the highest rate of accuracy and can be completely trusted by businesses. It does not need additional technology to operate on both unstructured and structured information. It can recognize all languages and operate effectively on colored documents. Furthermore, ICR can comprehend documents written in multiple languages.