Wednesday, October 5, 2022
HomeBusinessIntelligent Character Recognition Online: Advantages for Businesses

Intelligent Character Recognition Online: Advantages for Businesses

Intelligent character recognition technology works by capturing handwritten data on documents and even from images. The ICR software is an upgraded version of OCR technology. With the advent of new technologies, ICR software is also gaining more accuracy and efficiency. This is resulting in more reliability and companies can trust the results given by the technology. It means that they can use the data for making in-depth analyses and making predictions for better functioning in the future. 

In reality, when customers do a comparison between the OCR and ICR technology, they will notice some mistakes. It is because ICR technology is still evolving and getting better. The ICR technology gets an upgrade due to AI-based algorithms and machine learning supporting its growth. It means that the more data is processed through artificial intelligence and machine learning, the more experience the ICR software will gain. Hence, the technology will adapt itself and reduce the number of mistakes while capturing and categorizing the data. 

How Does The ICR Handwriting Recognition Technology Evolve On Its Own?

With the AI-based algorithms backing up and helping the technology grow, the software is able to capture different handwriting styles and fonts. As the system is growing and learning on its own, it means that whenever there is a new style of document and handwriting, the technology will incorporate it into the memory. It also positively impacts the predictive power of software regarding handwriting styles. 

How can ICR technology be used?

Whenever any business or a client wants to use the technology for extracting information from the documents, the software should be integrated into the system for better functioning. The following are different steps involved in the working mechanism of the latest technology.

  1. The customer displays their document before a webcam. This is where the Intelligent character recognition software will capture the data. It can be anything like full name, date of birth, and country of origin.
  2. There can be cases where the client can be asked to submit a handwritten consent form. In this case, as well, the written information will be scanned and saved together with the signature of the person.
  3. After completing the whole procedure, the captured data is sent to the respective company. 

The technology is efficient because it saves time and reduces mistakes by cutting ineffective manual labor. In this way, the company also saves its resources (no need to hire a data entry employee). Customers know that the technology is backed up by artificial intelligence and machine learning, so with huge databases, the technology is able to use data in predictive models to become more reliable and efficient in the future. 

Multiple Benefits of ICR Technology

  • When businesses compare the ICR and OCR technology, they will notice that ICR technology is more efficient in interpreting different forms of handwriting styles and fonts (e.g. cursive).
  • The ICR software has AI and machine learning that enable it to widen its experiences. In this way, every new entry enhances and upgrades the working of the technology. 
  • The technology can help different financial companies deal with their massive workload as the technology is quick and proficient.
  • The software upgrades itself with every new entry, which means that the chances of making mistakes also reduce with more experience. 

The Use Cases of ICR Technology In Different Industries

  • When clients observe the daily operations of the banking industry, they will notice that it was traditionally working on a paper (i.e. cheques, records, and financial statements). With the use of technology, the paperwork has been reduced because the client’s cheques can be scanned and organized in real-time and efficiently. In this way, the banking industry has increased its productivity manifold. 
  • There are multiple uses of ICR technology in the healthcare sector. It is because the healthcare industry gets a huge amount of data on daily basis. The personal data from patients is necessary to be stored efficiently so that they can receive proper treatment for their diagnosis. In such cases, the ICR technology facilitates the medical practitioners with one simple click. In this way, they can get past illness records of the patients immediately.

Wrap Up

ICR technology can help businesses by reducing the cost of candidates for data entry. It also depends upon the organizations, if they want to use the latest ICR technology or not. There is also the case that some organizations have a lot of data to process and limited time. In such cases, if they invest in ICR technology, the company will see a massive change in its growth. It will see how quickly their different types of documents get scanned and how fast the information gets organized. As businesses know that ICR and OCR technology both have their pros and cons, firms can make use of both software to increase their efficiency, quickness, and accuracy.

Marco Polo
Marco Polo is the admin of sparebusiness.com. He is dedicated to provide informative news about all kind of business, finance, technology, digital marketing, real estate etc.
RELATED ARTICLES

Most Popular

CATEGORY