Most companies overlook the important feature of data capture that is found in handwriting and it means paper. According to AIIM, 49% of data captured usually consists of paper. Although the world has gone digital, most businesses still rely on paper. They utilize paper in activities such as account opening, onboarding, mortgage, insurance papers, etc. All of these application types ask for unique handwritten inputs that include comments and signatures.
Data capturing systems like ICR Software and OCR are used to digitize information. The solutions can scan and extract relevant information locked inside the paper. Digitizing the paper-based information can serve various organizations to save costs and improve processes by ICR services. However, it’s easy to scan physical documents and automatically extract information to easily store it inside the database.
Companies should be especially concerned as acquiring an error-free and cost-effective solution could save millions in revenue. On the other hand, advancements in technology are also growing challenges for various organizations. Fraudsters are also utilizing the technology to prepare sophisticated methods for attempting online frauds. However, ICR backed with the power of artificial intelligence would most likely take organizations to unimagined heights and unexpected results.
ICR and OCR Technology
Intelligent Character Recognition software is an extension of Optical Character Recognition. OCR is mostly used by industries today that helps in scanning and extracting hand-printed characters. While on the other hand, the ICR system learns different writing styles and fonts that improve the accuracy of an AI algorithm.
Intelligent Character Recognition (ICR) can also extract handwriting from different image files. ICR software is continuously evolving as it captures more and more data. With time, the changes and adjustments in the field will make this technology more reliable.
Moreover, Intelligent Character Recognition is highly adaptable to new writing styles and fonts that enhance its AI-powered neural network. It helps the software to upgrade its database that increases its accuracy and recognition speed.
How does intelligent character recognition (ICR) Software work?
ICR systems usually incorporate machine learning techniques that enhance their ability to learn continuously. The neural network takes in a lot of different handwritten texts that help it to train on various styles and formats. Further, it compares each character or font with its updated database to find the most accurate match.
With Artificial intelligence coupled with machine learning, ICR is now able to identify sloppy most handwritten texts that even most humans would find difficult to understand.
How ICR Works in Different Organizations?
Some organizations are eager to test RPA (Robotic Process Automation) to automate different processes. Although most of these companies can’t utilize RPA to scan, extract and store large amounts of handwritten documents. Several paper-based forms are filled-out by consumers by hand, such as loan applications and tax certificates. Companies invest a lot of their time and effort to update handwritten texts to systems and software.
However, doing it manually could expose the business to errors and slow down the entire process. With the introduction of ICR solutions, organizations have significantly improved the speed while simplifying scanning and extracting handwritten texts.
How To Use ICR System in Your Business
- Try to understand the limits of ICR and its intended useability in your organization. However, ICR can process various types of documents. The intelligent character recognition online needs to be properly trained to use for recognizing various projects.
- ICR systems have a certain threshold while below these documents are checked and approved manually.
- Utilize more data to train the algorithm of ICR because feeding more data will generate better results. Although, it’s best to train ICR solutions on data that has been used and received from customers in the past.
What is Intelligent Word Recognition (IWR)?
Intelligent Word Recognition (IWR) easily detects and extracts handwritten texts that include cursive handwriting. Intelligent Character Recognition ICR Software performs identification on a character level that involves words and entire phrases. It’s even more detailed than ICR software and works seamlessly on unstructured data.
However, IWR can’t replace OCR ICR software, as it’s able to recognize documents with a free form. Further, it gets hard to recognize data fields that cannot be identified with a usual Intelligent Character Recognition ICR Software.
The usability of Intelligent Character Recognition ICR Software depends upon each organization. But OCR Technology comparatively costs less than the ICR software. However, if your company deals with large volumes of structured and unstructured data almost daily, ICR along with an OCR solution can deliver higher accuracy.
