Low productivity and inefficient data processing are the challenges that present-day organisations face while achieving their milestones. Business owners want an intelligent solution that can help deal with the above issues instantly while boosting the revenue of the enterprise. The application of ICR software can facilitate experts to streamline data extraction procedures and acquire high-quality output that increases productivity. Previously, data entry specialists had to do all the work which was prone to errors. This was a time-consuming and cumbersome task which did more harm than good to the organisation. According to Allied Market Research, the innovation ICR industry will reach around $7.4 billion by 2031, displaying a CAGR of 21.7% for 2022-2031.
ICR Software: A Quick Insight into the Solution
ICR technology is an advanced version of OCR software which can efficiently process various handwriting styles and fonts. This plays an essential role in its text recognition and accuracy rates.
ICR software can process multiple arrays of handwriting styles with the help of Artificial Neural Networks (ANNs). The support from AI & ML algorithms promotes self-learning with each new data entry. Cutting-edge technology upgrades its database with every new document while increasing the accuracy of results. ANNs also support the software to predict handwriting styles and fonts with the help of previous information.
The data extraction process consists of three phases in which the scanner captures the record’s image to extract text. The ICR engine plays an important role in capturing desired information. Finally, the software processes the output in real time.
IWR Services: A Summary
IWR software has the power to recognise and capture printed information which also includes cursive writing style. IWR technology can process complete phrases and words seamlessly. Moreover, it can extract information from unstructured data conveniently.
Users must be aware that an intelligent word recognition solution is not a replacement for OCR & ICR technologies because specialists designed innovative systems to process real-world documentation with a free-form writing style. IWR software can also automate data entry operations and accurately identify text in user documents.
Complete Working Procedure Behind ICR Software
ICR can easily integrate with pre-existing applications in organisations. This streamlines the process of capturing data from handwritten documents. The state-of-the-art technology can identify & capture data from user records in real time. The following section highlights the working of ICR software in the context of a bank.
- The software instructs the client to show their ID card in front of the web camera. An intelligent character recognition system will screen the records and extract desired information such as full name, and Date of Birth (DoB) of the customer.
- There can be some instances where taking handwritten consent becomes necessary. The customer must follow the instructions so that the software can easily scan and extract data.
- After completing the above steps, the scanner will verify the information and banking service providers will receive final results quickly.
The application of ICR software is highly facilitative for modern-day organisations because it reduces time wastage and boosts overall productivity. Moreover, it helps businesses forgo hiring a professional for data entry tasks. Experts can later use information in predictive analytics and other data models to extract meaningful insights from data sets. This boosts efficiency and optimisation of business procedures.
Top 5 Use Cases of ICR Software
The purpose behind the invention of ICR technology in the early 1990s was to automate document processing. The arrival of ICR software proved to be helpful for multiple corporations because experts could modernise form-filling. Previously, data extraction from unstructured records was a cumbersome task. Nowadays, the application of ICR technology has automated data capturing from all types of user records. The following points highlight the applications of ICR at an industrial level:
- The robotics industry can adopt ICR software with Robotic Process Automation (RPA) to streamline their recurring tasks.
- The education sector can use Optical Mark Recognition (OMR) & ICR technologies to streamline screening of quizzes.
- ICR software can facilitate experts to offer data in electronic forms for future use.
- Intelligent character recognition can modernise IDV services for financial firms to attract genuine clients and discourage bad actors.
- ICR can support handwritten consent verification in a digital environment.
The implementation of ICR software depends upon the business needs of an enterprise. Some corporations can have a budget that facilitates the use of ICR technology, whereas startups might not need it. More importantly, corporations that receive vast volumes of data regularly must opt for ICR software. Undoubtedly, the combination of ICR, IWR & OCR can also fulfil the needs of enterprises because every technology has its perks. Cutting-edge technology can help businesses forgo traditional approaches and opt for innovative digital solutions. Hence, modern-day industries can save time and capital while receiving high-quality results.