OCR and its remarkable impact on the global business market

01/16/2019

The global business market is met with a rush of IT revolution which is bringing along a flood of newer technologies every day. As new ideas, services, or products are showing up in large scale, their wider market reach depends on their ability to stand the test of time. In that sense, a typical would-be disruptive technology should be comprised of three major characteristics:

1. Its universal appeal – it should address issues that are universal

2. Strong potential to inject innovations even into an organization’s existing infrastructure

3. The unique expertise in helping businesses grow for longer than expected

Optical Character Recognition (OCR) is one such technology that comes highly closer to possess those triune attributes of universal applicability, potential to renovate enterprises and a promising prospect. How come? It answers a single most question that had never been answered before in workplaces – where to find a solution for exhausting paperwork?

And the answer? By the mere analysis of a scanned image, it efficiently digitizes an organization’s dull and unproductive paperwork and seeks to create a seamless and paperless environment. How it is done? It detects and extracts the information into a machine-encoded streams of text, and thus effectively simplifying paper-driven processes. By its very purpose, by eliminating the reliance on manual paperwork, it’s evident that OCR will firmly increase business velocity.

 To get into real-life, whatever the business you are in, designing a neat and productive workflow have always been hindered by volumes of paperwork. If it is a law firm, you’re faced with voluminous property deeds, if it’s a bank, a huge chunk of payment vouchers, in hospitals, hefty prescriptions, visiting a government office, you’ll find large archives and memoranda. As varied and diversified as these business fields are, they are still beset by one common hitch: large size of their paperwork.

Now Optical Character Recognition comes up to provide a solution exactly for this core issue. That’s why it retains its glowing universal appeal.    

Transparency Market Research estimates that OCR is slated to witness a solid 14.8% CAGR rise during the time span of 2017-2025.1 It’s with good reasons! By devoting lesser time on non-essential manual data entry, companies can fixate more on truly productive business tasks. For even if a single document could save a few seconds by reducing manual tasks, it would add up to substantial time and workforce.

And what the future holds for digital data capture? As long as there are paper documents, as long as there is a need for image recognition, data capture will flourish. The future global enterprises will be more inclined toward customer experience, as Forbes reports that 89% of global companies compete on the basis of customer experience.2 Many companies, especially organizations that deal directly with the end users, are more than ever concerned with providing a commendable customer experience. The future market is for those who are customer-centric and digital data capture will have a remarkable share of support.

First of all, considering a paperless transition is of utmost importance to quickly collect the relevant insights. What if it takes hours for a retail outlet to extract a few customer invoices? What to make of the drastic human typing errors in a medical record? How do you expect a senior citizen to wait longer in the queue in a government office while the officer search manually through his pension records? Customer experience is the sole victim in all these cases. Digital data capture software is impressive as it is quick to convert static images into the lively actionable insights. In a matter of minutes, you revive the papers and render them effortlessly accessible resources – a crucial factor for the best customer experience.

OCR’s universal necessity coupled with its futuristic appeal is the underlying catalyst behind Kaptiche data capture software. It comes packed with salient features to process and extract high-volume of paperwork – features that can cement automated data capture’s place as a frontrunner of the global business market and innovate enterprises thereby.

1. https://www.transparencymarketresearch.com/optical-character-recognition...

2. https://www.forbes.com/sites/shephyken/2018/07/15/customer-experience-is...