Accelerate and Digitally Advance Businesses Through Next Generation OCR

In the digital world, various corporate sectors face the challenge of unstructured data in the form of emails, images, and records. Transforming freeform and scanned records into online, browseable, and computer-friendly records is one of the biggest hurdles experienced by several businesses. According to recent statistics, the total volume of data produced and consumed all over the world was forecasted to reach about 64 zettabytes in 2020. In 2025, aggregate data generation will reach around 180 zettabytes. In the case of financial service providers there is a constant demand to evaluate credit applications, and loan forms which require higher accuracy and meticulousness. Sometimes, staff members review the documents manually to extract sensitive data. Applying the deep learning-backed OCR will transform the modern corporate world.

Artificial Intelligence & Machine Learning-Based OCR

Modern OCR software has artificial intelligence and machine learning technology support. The technologies do not limit the functioning of OCR software because of strict character matching rules. Alternatively, the ML algorithms have the ability to gather data and then perceive several characters. A famous example of modern-day OCR technology is Tesseract supported by Google. The software has the ability to process hundreds of languages due to the effort of multiple brightest minds. It can even process Arabic and Hebrew text, right to left directed languages. Improved quality of final results has minimized costs and ensured widespread availability of technology.

Deep Learning-Driven OCR

Modern-day businesses need something more than the aforementioned characteristics to thrive in the competitive market. Lately, a new generation of developers is modifying OCR technology to integrate deep learning technology with it. Allowing users to go beyond scanning documents and enable extracting digital insights from the information is a massive advantage. For instance, a company can scan thousands of insurance forms with the objective to uncover their climate risk. If they only turn all the papers into electronic forms, it would be a waste of time.

Implementing deep learning technology, a type of AI & ML technology, will use human brain-like neural networks to infer meaning from the given data. Deep learning supported OCR will facilitate organizations in not only making electronic forms of the data but also extracting insights from the information. The advantage is that it is not only time-saving but also worth millions of dollars.

Support from deep learning technology will elevate OCR software from mere detection and matching to deriving data insights. Companies adopting the technology will have a powerful competitive edge for data extraction and the best quality data insights. By solving the issue of diverse record types, outlines, and protocols, businesses will be able to move forward as a consequence of vertical-specific competencies.

Companies using outdated OCR software must reexamine their licenses and payment protocols. If freely available options fulfil their business needs, they can opt for those alternatives. Users in the AI and Robotic Process Automation (RPA) spaces will also benefit from the deep learning-backed OCR software because they contributed to the growth of the industry.

Best OCR APIs (Application Programming Interface)

Filestack OCR

Filestack OCR tool was designed by developers to scale the content using only one API because of the photo intelligence functionality feature. Requiring only two liners for coding, users of file stack API can significantly enhance the effectiveness of the file uploading process. By providing a user-friendly Interface (UI) anyone can improve their workflow conveniently.

Filestack API is used by top-notch industries due to its state-of-the-art features such as elevated security levels. Other than object identification, file stack also detects copyrights and specific content for the consumers. Content Ingestion Network (CIN) in filestack adapts well to fluctuating network conditions. Making uploads 3 times faster and saving time makes the file stack API a reliable option for the users.

ABBYY Finereader OCR Software

ABBYY Finereader is an OCR program that allows editing PDF documents. AI-backed OCR software enables it to recognize data in around 200 languages. It is a powerful application that transforms conveniently transforms PDFs for users across the globe. It also provides other features to facilitate the users such as transforming password-protected PDFs. ABBYY Finereader easily integrates with Windows, Android, and iOS.

The AI-backed ABBYY technology ensures the accuracy and safety of wireframes for convenient editing. Other key characteristics of ABBYY Finereader are below:

  • Enhanced collaboration and PDF approval system
  • Advanced editing options & record comparison features
  • Powerful and adaptable OCR modifications

The Final Verdict

Various businesses around the world will have better accuracy, and data handling to ensure a positive experience for their clients. Healthcare industry will be able to effectively handle patient documents that must be analyzed for medical diagnosis and research trials. In case of the public sector, organizations will be able to sort data within their resources. Business owners should adopt the change to add value and stay relevant in the market.

According to Brian Solis, the future of organizations depend upon the relevance and understanding the impact of technology on decision-making and actions. To be competitive in the market, business owners must recognize opportunities and adopt them timely.

--

--

Researcher, Fraud Preventer, Traveller, Reader, Writer, Thinker :)

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Candice Spencer

Researcher, Fraud Preventer, Traveller, Reader, Writer, Thinker :)