The Use of Best OCR Software in Different Industrial Sectors 

The best OCR software is an electronic conversion tool that converts typed, handwritten, or printed images into machine-encoded text. Using OCR software, innumerable paper-based documents across different languages and formats are digitized into machine-readable text that makes storage and inaccessible data available to anyone at a click. Think about the amount of archive boxes full of paper that reside in a city or a government basement. The images and documents are scanned as a document or scene photo.

 

The Use Cases of Best OCR Software

The OCR software has been developed to be used in various industrial sectors. Here are the following use cases of the best OCR software.

  • Data entry for business documents – checks, passports, bank statements, invoices, and receipts.
  • Automatic identification of the license plate.
  • In airports for passport recognition and information extraction.
  • Extracting business card information into a contact list.
  • Creating numeric versions of printed documents like book scanning.
  • Making electronic images of printed documents searchable, e.g., Google Books.
  • Converting the handwriting in real-time for controlling a computer (pen computing)

 

OCR Use Case by Industry

 

1. Banking

The banking sector is one of the significant consumers of the best OCR software, along with other economic sectors like insurance and securities. The most common use of OCR software is to properly manage cheques.

  • The handwritten cheques are scanned
  • The details are transformed into digital text
  • Signature is validated
  • The cheque is cleared in real-time.

All of this is done without human involvement. Even though printing cheques have 100% accuracy, full autonomy for the handwritten controls remains a long way to go. However, with deep learning AI methods applied to the OCR handwriting, it is not as unsolvable as it might seem. The reduced cheque clearance processing time is a major financial advantage for everyone, from the payer to the bank to the payee.

 

2. Legal

Very few industries generate as much paperwork as the legal sector. Therefore, the best OCR software has multiple applications in this sector. Digitalization, storage, database management, and searching with simple OCR readers are possible in all printed documents like judgments, affidavits, filings, wills, statements, and more. The OCR software is also crucial for reading legal documents in other languages. Fast access to legal documents from millions of past cases is advantageous for an industry that relies heavily on the past.

 

3. Healthcare

This is another industry where OCR software applications are crucial. Using the best OCR software, the entire medical history can be scanned and stored on PCs. These include X-rays, details on previous diseases, diagnostics or treatments, tests, hospital records, insurance payments, and more! All of these records are made accessible and searchable in a single place. The best thing is that the complete hospital record can be digitally stored. This offers a significant advantage for epidemiology and logistics (to maintain appropriate drug stores, equipment, and other consumer products).

 

4. Supply Chain

In the food, drinking, pharmaceutical, and cosmetics industries, it is crucial to opt for quality control through every stage of the process. This is done to comply with the laws of safety and anti-counterfeiting. It should be easy to locate the items in the supply chain at any moment. With clear information on the origin and location, it is easy to locate the items in the supply chain.

While product tracking is considered as the barcoding application, the best OCR software can read a lot of codes, like the batch codes, expiry dates, and other serial numbers, to track a product at all stages of the packing cycle – from the package labeling to the board packaging to palletizing operation. You can program the OCR application to compare the current text with the expected strong, as defined in the database, and flag anything missing or out of the sequence serial numbers. Barcodes and OCR are used together to enhance information collection accuracy.

 

In Conclusion

The best OCR software has numerous benefits as a move towards digitalization. In business, a high volume of data and documents are involved, whether on contracts, government forms, licenses, certificates, catalogs, tariff sheets, and more! Once they are digitized, you can compare them with different other digital documents. Therefore, you will get the best prices, services, terms & conditions by comparing documents. Also, when you digitize documents, you make them accessible for advanced analysis.