Intelligent Character Recognition (ICR) is basically an intelligent OCR that retrieves handwritten content from the image documents. Intelligent character recognition is the latest form of optical character recognition software that uses neural networks such as machine learning and artificial intelligence to interpret data of various fonts and styles in a physical document.
ICR software scans and retrieves data from the paper-based files which are then stored in the digital database. The information is integrated with companies’ workflows and is utilized for analytical reporting. Firms use ICR technology to arrange the unstructured content and get insight from such reports in real-time.
The best intelligent character recognition software facilitates users in extracting data from handwritten documents and then converting it into a digital form. ICR software works best with the OCR software to automate the data capturing process and removes the need for keystrokes for data entry. It helps sectors save time in processing huge bundles of documents.
ICR vs OCR:
Companies receive bundles of files in the form of PDFs, spreadsheets, JPEGs, and other document types. Such a huge variety of files make it difficult to process data and OCR is what companies use for smarter automation. The cognitive data capturing technology makes it suitable to add human interpretation to the information and arrange the unorganized files.
The debate on OCR and cognitive data capturing services is still ongoing. It is good if a firm uses ICR and OCR. However, some companies use ICR whereas others OCR due to the following reasons.
- OCR does not use artificial intelligence to extract data unlike ICR
- This OCR is template-based and they utilize a typical format to enter the data while ICR is a cognitive solution that learns to recognize the content of various fonts and styles
- OCR is good for the firms that deal with specific data sets while ICR is ideal for the companies who deal with changing data sets such as invoices
- OCR demands project administration fees while ICR technology is completely automated
- Manual review is required for OCR-based systems while ICR flags abnormalities and only asks users to reverie it when needed
- The templates for ICR need to be created manually while ICR does not require any kind of templates
- OCR APIs aren’t consistent with custom datasets and work with digital content only while ICR works with images, paper documents, handwritten forms of different fonts and styles, etc
- OCR files can not be searched easily because it converts documents into PDFs just once while ICR stores the data which makes it convenient to retrieve data when needed
Applications of ICR Software:
Retrieving content from paper-based files and then converting them all into electronic form is what Intelligent character recognition software online excels at. Here are the firms in which ICR finds its applications.
- NBFCs, financial companies, banks deal with tons of client data. Where ICR is used to retrieve information from checks, loan applications, forms, to process them digitally
- E-commerce and online sectors use ICR software to gather e-signature. And log it into the database to know your customer documentation
- Educational entities utilize ICR technology to read content from handwritten notes and add it to the system for grading purposes
- Logistics and hospitality sectors utilize this technology for scanning invoices, receipts, shipping, address proofs, etc
- Property managers utilize the best intelligent character recognition software to scan land documents for validating their ownership. Landlords use the intelligent software to e-verify the rental agreements
- Many of the insurance forms are required by the legislation to digitize documents. Furthermore, using ICR while filing claims just enhances transparency. The information stays online and validated easily making it convenient for the clients to lodge complaints and renew policies. Document Verification service is also used for this purpose.
Benefits of ICR:
Intelligent character recognition technology is self-learning. Which implies that whenever it gets exposed to new handwritten files with different fonts and styles. It understands, adapts, and converts data into a digital database better.
The best intelligent character recognition software brings the below-mentioned benefits.
- ICR is a great management tool and a scalable solution.
- Cloud storage is more protected when data is uploaded with the best intelligent character recognition software
- The software provides greater verification services and saves the time required for manual data entry. This makes employees more productive
The best intelligent character recognition software is the one that is continuously upgraded as technology advances. It lets firms retrieve information from any kind of paper-based document, whether organized or unorganized, and converts them into digital format. Companies can go paper-free with this sophisticated technology and can automate their business operations efficiently. It cuts down company costs to hire manpower for data processing. Furthermore, ICR technology is a great bet for all sectors as it provides them with greater security services and keeps fraudsters at bay.