ICR is an intelligent OCR system that also takes handwritten text out of picture documents. In this most recent iteration of OCR, diverse writing styles and typefaces are recognized by AI and machine learning algorithms, which interpret the content of documents.
The information from paper-based documents is filtered by intelligent character recognition, which then enters the retrieved data into a database. Swiftly collecting data from paper documents and storing it in a digital format supports industries in organizing complex data. ICR software performs effectively with OCR to streamline data capture procedures and eliminate the need for shots while inputting the data. ICR software works best with OCR to automate data capture processes and remove the need for shortcuts while entering the data.
How Does ICR Software Differ from OCR?
Companies receive a massive number of files, and they come in various formats, including spreadsheets, PDFs, and others. It is extremely difficult for businesses to process because there are so many different formats, but OCR technology can help automate this process. By incorporating human interpretation into the data, such cognitive data capture software organizes the unstructured fields.
OCR solutions have been in the spotlight for some time, but handwriting recognition software (ICR Software) has many advantages over optical character recognition.
Both types of character recognition software are the best course of action, and they differ.
- In contrast to OCR, the ICR application does not rely on templates and extracts data using artificial intelligence.
- Software that uses cognitive data capture can recognize a variety of formats, whereas software that uses templates can only recognize one type of data entry.
- OCR is the best option for businesses with fixed-document structures, whereas ICR is best for the invoices’ ongoing changes.
- OCR-based systems need human intervention, whereas ICR simply flags anomalies and only asks the user to check them when necessary.
ICR Software Work Process
The handwritten document is first input into a system that integrates the ICR software. It scans the supplied data before extracting the data from it. Here is a character recognition application that is useful for the banking industry.
- Users need to present their documents to the expert. The software extracts data from the details after scanning them.
- Additionally, the end user may be asked to sign a handwritten consent form that will be scanned and extracted.
- This notified of the findings after verification of the extracted data.
The automatic process eliminates time-consuming and inefficient data processing by businesses. It saves valuable time and the expense of paying workers to enter data. This makes it easier for businesses to implement predictive modeling, even on datasets, which improves the system’s efficiency.
Use Cases of ICR Software Technology
All modern industries now use the process of automating form-filling. The invention of mobile ICR makes the data extraction process automatic. There are numerous uses for intelligent character recognition software in the following sectors:
- RPA (Robotic Process Automation) is using the ICR process worldwide.
- Businesses use ICR with OMR (Optical Mark Recognition) to streamline workplace operations.
- When a business wants to acquire data in an electronic setting, ICR is the best option.
- The industries are automating their manual data entry processes using optical character readers.
- The verification of electronic documents is another use for them. It is verifying individuals’ identities online. Usually, financial institutions and banks use this application.
The Advantages of Having ICR Software in a Business Environment
ICR software enhances the efficiency of OCR (Optical Character Recognition) technology by deciphering various styles and fonts.
It improves the system’s capacity to understand and retrieve data from structured and unstructured documents with digital or cursive handwriting using artificial neural networks. AI-based ICR software automates the company’s data processing processes, reducing staffing needs. Additionally, data processing in automatic systems would proceed more quickly than it could in manual systems.
Whether in banking institutions or healthcare platforms, almost every sector uses this program extensively. There is no space for any data mistakes in the sectors, so it not only extracts the data but checks for faults and them. Businesses may streamline and expedite the transcription and digitalization of various forms and documents using IWR and OCR.
Users now understand ICR Software better, but the implementation will depend on the company’s needs. The cost is higher when comparing Intelligent Character Recognition (ICR) to Optical Character Recognition (OCR). However, ICR software with OCR would be the best option if your business deals with large volumes of data that are either simple or complex. This would improve the accuracy with which the client’s data was processed while reducing manual labor. The happier the clients, the more profitable the company’s image is in the market.