Do you know that 76% of enterprises prioritize machine learning, artificial intelligence, and cognitive technology in their IT budgets? Not only this, 43% of the enterprises claim that machine learning and artificial intelligence play the most pivotal role in their business progression and operation enhancement more than they thought.
Technological advancements are progressing by leaps and bounds in this modern era and the rate at which cybercriminals are progressing is directly proportional to the rate of progression in cutting-edge technology. Criminals are taking advantage of innovations in artificial intelligence and are using more sophisticated measures to have unauthorized access to the network of financial infrastructure. Last year, identity theft cases cost Americans approximately $56 billion. Unfortunately, 49 million customers fall victim to identity theft.
Considering these evolving identity theft cases and fraudulent activities, 56% of the organizations rank audibility, security, and governance issues as their high priority concerns today. Organizations all across the globe that deal with sensitive customer information and financial transactions must incorporate innovative technology such as real-time identity verification solutions and OCR data extraction technology for the prevention of counterfeits, terrorist financing, money laundering, and other relevant criminal activities.
Optical Character Recognition OCR is a widespread technology that is an effective yet efficient business solution for automated data extraction and image file data extraction. The extracted text is accurately converted into the machine-readable format which is afterward used for information collection, analysis, and processing. Let’s lay our eyes on some important real-life use-cases of OCR scanner apps that prove to be beneficial in every sector to deter fraud.
- Personal Identification
User identification is something that must not be neglected by enterprises that deal with sensitive data and information. It is mandatory for every individual to provide accurate and complete personal information to the partner while registering a bank account or while opening a membership card. Legal documents that include driving license, passport, and government-issued identity card can be scanned quickly with the help of OCR software by police offices, airports, notary offices, and numerous other information and services that require the processing of personal information. OCR technology has the capability to accurately define personal documents for minimizing input errors.
- Arranging Documents in Law Courts and Firms
Legal documents and records are very complicated in each case and it is important to ensure not to miss any crucial detail on the document. For such purposes, those documents must be organized for a long-term search. Thankfully, lawyers can efficiently and effectively digitize documents and arrange them with the help of OCR screening. Lawyers can effortlessly search documents by name, date, filename, etc in a convenient, simple, and scientific way with the help of the OCR process. This means that lawyers do not have to hire numerous assistants for performing manual tasks, but they require at least one person who can keep track and monitor the operations of the firm.
- Processing Invoice and Various Types of Documents
All organizations, as well as agencies, have a wide range of documents and papers, with numerous different formats including handwritten documents, printed documents, PDF, JPG, paper, etc. The processing of that unending volume of paper is a time taking process. Also, the probability of error is quite vast. OCR scanner app is very promising towards removing such error and efficient conversion of and extraction of paper information with a tremendous rate of accuracy and efficiency. OCR technology is becoming more and more famous with the passage of time because of the utilities that it brings both users and organizations alike. OCR technology will be integrated with more advanced technology in the near future for the creation of breakthrough products for numerous human activities.
- Supporting Life of Visually Impaired and Elders
The first Omni font system of the world was created by United States’s Kurzweil Computer Products Inc back in 1970. Only OCR software was capable of recognizing this font. OCR technology is currently spreading its wings and this innovative technology has been integrated into speech synthesis technology for enhancing its capabilities to read and understand the text. Text cannot only be decoded via OCR software but it can also be decoded via a speech synthesis engine. The computerized voice has been incorporated to read text from newspapers, magazines, and books for the visually impaired and elderly to make their lives easier.
- Preservation of Valuable Documents
Historical-cultural centers, museums, or ancient libraries are such places that store a wide range of manuscripts, memoirs. The procedure of storing as well as preservation is not an easy task. They are prone to damage and terminate with the passage of time. Thanks to OCR solutions that assist numerous organizations to solve this issue in the best easy possible. Crucial documents are converted from paper forms into files, making it effortless to preserve and store numerous literary heritages.
Incorporation of OCR solutions and services is mandatory for organizations for data extraction from documents. OCR document scanners are an effective solution to capture any data from any document in a matter of seconds. OCR technology is getting very innovative in that it can extract data from both structured as well as unstructured documents. By talking of unstructured documents, we mean receipts, old business paper-based records, handwritten documents, paper invoices, etc. structured documents include financial statements, payroll information, tax documents, rent agreements, utility bills, passports, legal filings, insurance agreement, driving license, etc.
OCR solutions provide global coverage and provide solutions in more than 150 plus languages i.e. support multilingual documents and support complex scripts such as Arabic, Chinese, Latin, and much more. AI-powered OCR technology plays a promising role in numerous sectors including the educational sector, businesses, financial infrastructures, health sectors, legal, accounting, eCommerce, HR & Admin. It is estimated by researchers and analysts that the global OCR market will reach a figure of $12.6 billion at a CAGR of 13.3% by the year 2025.
Hence, considering the fact that enterprises deal with different types of sensitive data and information each day, it is mandatory for organizations to incorporate effective and versatile OCR solutions for the enhancement of business operations, for risk assessment and to combat chargebacks.