6 Ways OCR technology can increase business growth. Learn what is OCR technology and how will help your business go paperless.
Optical character recognition or optical character reader OCR is an electronic software that converts images and text into machine-encoded text, either from print, or scanned documents.
There are many physical documents such as scanned copies and handwritten notes that are important in the day-to-day business operations. Such documents need proper storage for future reference.
Using OCR technology is crucial for the storage of papers and moving the workplace to paperless operations. Both small and medium-sized companies benefit in many ways by using this technology.
This research from Blomberg, reveals that OCR technology will be worth $13,38 Billions by 2025.
Who uses OCR software?
Paperless is definitely the future; therefore, corporates, small businesses, students, and individuals are embracing optical character recognition for daily use and it won’t be long until this technology will be made mandatory.
OCR can help a business to achieve its operational objectives with excellent services to its customers and maintain proper functional workflow. It’s a crucial step that will make the business’ documents easy to sort, searchable, and safe. It is an excellent tool for the marketing strategies of the business. Here is how a company will enjoy using OCR technology.
1. Processing Automation Invoices
OCR technology helps in better management of invoices. The invoices can be imported from the physical form when the technology detects the text and changes it into a digital form.
The information is stored in one place, which makes it easier to access when needed. There is no worry about losing crucial documents, and the technology also helps in searching for the keyword of the invoices when required.
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The business can save time during payment verification. It is easier to retrieve payment data and verify client information, transactions, and purchase dates. The technology also helps to minimize invoice errors since there is no data entry by hand typing.
2. Increases Speed
When processing documents, it gets more accessible at high speed. It’s a way to increase the productivity of the business. It is easy to search for data that allows the company to maximize the work hours and complete each day’s transactions with speed.
It makes stored documents to be retrieved from PDF form and backfilled with speed without sacrificing quality. OCR technology recognizes the extracted text with speed and significantly improves workflow.
Using the C# QR code generator also makes work flexible by easy and quick modification of the stored data, which doesn’t require generating and printing them again. The generator helps in saving resources by supporting the businesses to have a smooth workflow with speed and efficiency.
3. Makes Google Drive User Friendly
Google Drive has become familiar with supporting workflows, especially when a business wants to go paperless. OCR technology helps to save Gmail emails directly to Google Drive, which needs no printing.
When in need of doing only basic OCR tasks, Google Drive offers direct information. The technology has a feature that helps in turning PDFs and photos into text in Google Docs.
The Google Docs text becomes easily editable without using any unique program.
4. Easy Retrieval of Information
Retrieving information using OCR technology is one of the best ways to increase business growth. PDF documents become easy to search and be converted into searchable files.
Searchable PDF files have invisible searchable text. The OCR technology helps to locate information from the data with the use of names and phrases.
5. Smooth Mailroom Automation
Large businesses use OCR technology for mailroom automation. The technology works by analyzing incoming documents, sorting them, and sending out the data to a team.
The primary data from the records are extracted and listed in the index which helps to populate the business’ systems and provides easy access to all needed information. The business can incorporate the documents directly into the company’s central system which is easy to access by the staff.
6. Text Accessibility
OCR technology has software that helps the business to organize documents for easy access when needed. The technology sorts and stores the data correctly, making the process smooth and reducing the chances of loss and misplacement of data. Relevant documents have easy access within a short period.
7. OCR Minimizes Manual Work
OCR technology for business helps in the steady growth of businesses by reducing manual processes. Overall, it saves time and eliminates mistakes.
About the Author
Patrick Watt is a content writer, writing in several areas, primarily in business growth, value creation, M&A, and finance. Other interests also include content marketing and self-development. Say hi to Patrick on Twitter @patrickwattpat