A recent study found that paper is still used for 49% of data collection. Documents are a significant part of the majority of crucial business processes’ daily workflow. This includes opening a new account, creating a mortgage, fulfilling orders, logins, handwritten requests, signatures, and comments. Businesses that store information normally on paper can now extract it digitally through systems such as ICR software.
Introducing modern technology to an industry that was previously dependent on paper is the cornerstone of digital transformation. Moreover, it is the basis of many initiatives aimed at improving processes and reducing costs. In fact, it is quite common for printed information to be retrieved automatically from scanned physical pages. This newly created digital version facilitates storage and retrieval, reduces paper consumption, and improves access to information. An intelligent information management technique must accomplish both of these goals.
ICR Software – An Overview
ICR software transforms handwritten text into characters that are machine-readable. The typical output of an I/O device is rough character documentation. The OCR and ICR recognition methods are comparable. These two are sometimes combined when processing forms are necessary.
Previously data entry operators managed the complete process, before introducing the character recognition technology. They manually typed information into computerized electronic forms after reading information from paper forms. The format was identical to that of paper forms. It is most common to use scanners, OCR, and ICR services for the purpose of processing forms. The process is automatic and time-saving with high accuracy thanks to new form processing technologies.
ICR Recognition System Workflow
For document extraction, businesses can use ICR software. As an example of what it does, consider:
- Uploading documents to the ICR scanner.
- The system automatically translates any handwritten text and fonts using an existing database after reading and scanning the image details using APIs.
- The ICR system requests that the user upload handwritten signatures in order to verify their identity.
- Companies use key-value pairs to automatically extract and organize the most important information from documents.
- The ICR software edits and spell-checks the documents, checks for errors, and then send them back to the customer for review.
- If not, the data from the fields have already been automatically entered into the systems for accounts payable to keep a record.
Who Can Use ICR Software?
Those companies that regularly collect data with paper forms can benefit greatly from automating their data entry process. They may employ character recognition software for this purpose.
They do require a large number of forms to make the cost justifiable. ICR software should not be automatic if data entry can complete in less than 100 man-hours.
Businesses with numerous departments that collect data via forms can share the cost of the form processing system by utilizing it for tasks other than just processing forms. It is too small to justify the expense alone, but combining it with another one or two would make sense.
Integration of ICR Software with Modern Technologies
The ability of OCR ICR software to recognize structured and unstructured alphanumeric handwriting allows for continuous improvement. As a result, the ICR system was rapidly deployed across multiple platforms and sophisticated technologies such as RPA and OMR to streamline business operations. It completes the design of electronic documents and document management, making it a perfect integration of the two.
Intelligent Word Recognition is another name for ICR, which is essentially a modern version of OCR software. Unlike standard ICR software, which reads printed characters into handwritten text, it can recognize entire words or sentences. IWR scans and interprets handwritten content. OCR and ICR are tools that organizations can use to automate and expedite the transcription and digitization of a variety of forms and documents.
Pros of ICR Software
The benefits of using the best intelligent character recognition software to automate data entry go well beyond simply saving time on typing. It can:
- 90% less time and money spent on data entry.
- Reduce error rates by applying validation rules.
- Don’t prevent remote data entry.
- outstanding ergonomics for data entry.
- an improvement in data security and privacy.
- Web, tablet, and paper form data collection in sync.
Thanks to modern technological development, intelligent face recognition technology is becoming more and more accurate. The need for better information management has led organizations to use modern ICR software. Otherwise, they increase costs and lose opportunities to improve the company’s performance. A company’s ability to utilize big data effectively depends on handwritten data and open fields. Look for vendors and partners with the best balance of knowledge, skills, and understanding to maximize signature detection.