How can companies, throughout industries, achieve better potential? With the OCR technology enterprises can increase their operational efficiency by converting unstructured data into a searchable and readable output.
OCR as key factor in the banking industry
Digital document processing is without a doubt a key success factor for corporate functions in all industries. Still OCR relevance and level of maturity can vary significantly depending on the industry and region. In the banking industry their need and readiness for change is at its peak point.
Why is OCR so relevant? Firstly, strict compliance regulations force the banking industry to make it necessary to process documents with sensitive data properly. OCR is able to optimise the high-volume data by creating the readable image of every type of document. Hence, banking and financial services companies can better ensure this regulatory compliance.
What is the main benefit of OCR? Scanned documents are mostly digital images of original paper formats where the extraction of its information would mean time and cost consuming manual retrieval. The OCR technology can convert these digital images into machine-readable PDF files and automate process to integrate the data. The process would look like this:
- Upload the scanned or imported documents into the Server.
- The Server processes and creates the searchable OCR file.
- The extracted data is now searchable and accessible.
- The converted document can be exported accordingly to their ERP system.
Simplifying and automating processes
Even though not every industry is on the same level of maturity to adopting the OCR Server, it is still a matter of time. The added value behind this solution is enormous because it isn’t a complete change to corporate functions but rather an improvement to already-existing processes. Simplifying information retrieval and processing the data accurately was never so easy.
See for yourself and check out our new OCR Engine here: