Intelligent Character Recognition (ICR) also known as Intelligent OCR is technology used for extracting handwritten text from image files. It is an advanced version of OCR technology where Machine Learning algorithms and AI intelligently interpret data in forms and physical documents through the recognition of various handwritten styles and fonts.
ICR technology is used to scan and extract information from these paper-based documents and store data digitally in a software database. The data is integrated with business workflows and used for analytical reporting. Businesses use ICR technology to organize unstructured data and get real-time insights from these reports.
ICR allows users to quickly read handwritten information on paper and convert it into a digital format. ICR engines work with OCR to automate data capture from forms and eliminates the need for keystrokes for entering data. It features a high level of accuracy and is a reliable way to save time in processing a variety of documents.
Businesses receive a ton of documents via email such as PDFs, JPEGs, spreadsheets and other file types. The variety of formats is what makes it difficult to process this information and OCR technology is being used for smart automation. Cognitive data capture solutions make it convenient to add human interpretation to data and organize unstructured fields.
The debate between OCR and cognitive data capture solutions is not at a standstill and there are various reasons why some businesses choose ICR over OCR and vice versa.
The best approach involves using both and here are the key differences between them:
· OCR files are not easily searchable in enterprise database since they turn documents into PDFs just once. ICR scanners store read information which makes data retrieval convenient
Robotic process automation is a technology used for configuring ICR software and executes error-free tasks. Computer vision, pattern recognition, AI, and speech recognition are features deployed with robotic process automation and ICR to extend the capabilities of modern ERP suites. The reports generated are accurate and ICR lets humans gain insights from sophisticated analytics which assists with making key business decisions.
Here is how ICR works when it comes to document extraction for enterprises:
Next time the user wants to upload more documents, the APIs automatically create new models for reading and interpreting information when new document types are introduced. Or else, it uses old models to scan and read data if the same types of documents are uploaded.
Capturing information from physical documents and converting it intelligently into electronic formats is what intelligent character recognition excels at. ICR is being used by the following industries:
ICR is a self-learning technology which means every time it gets exposure to new handwriting styles and fonts, it learns, adapts, and transcribes information to digital databases better.
It brings the following benefits to organizations:
ICR software is powered using intelligent neural networks which are constantly learning and adapting to various handwriting styles. We can say that as the technology keeps improving, it increases in accuracy and precision when it comes to intelligent character recognition. Users enjoy an advantage when they have more data to present ICR models since the software is able to update and perform better.
Whenever ICR software reads handwritten fonts, it gets better at predicting new writing styles and automatically upgrades its database. Fields which have not been written clearly are sometimes hard to interpret by ICR models and it is important to manually review them prior to entry.
In today’s dynamic business world, filing and archiving official documents in the digital form makes it handy, and works wonders in the future or in unforeseen circumstances.
With an automated data extraction solution, loan documents can automatically be processed end-to-end without any human errors and delays. Automation in loan document processing prevents downtimes, eliminates data redundancy, and allows companies to respond faster to client queries. By combining machine learning with deep learning and OCR, companies can eliminate huge costs, derive actionable insights, and streamline loan processing and approvals through efficient data extraction and analysis.
Mortgage lenders receive multiple identity and income verification documents along with different forms from loan applicants in a variety of formats and styles. Traditional OCR solutions fail to extract data from these semi-structured documents and that’s why more and more lenders are adopting intelligent document processing solutions. IDP solutions not only extract data correctly, they are able to validate extracted data against predefined rules in order to improve accuracy.
Intelligent Document Processing is an automation technology that captures information from a myriad of documents and data sources, extract data, and organizes it for further processing. IDP solutions enable businesses to seamlessly integrate with core processes, eliminate manual labour, address challenges faced in reading different document layouts, and meeting legal & compliance requirements. Accurate data is the foundation of every organization, and IDP assists businesses in dealing with the complexity of processing huge volumes of documents, helping them automate manual data entry processes, and move away from traditional semi-automated OCR workflows.