3 applications of OCR for efficient business operations
There are many business entrepreneurs who overlook the rise of newer technologies because they are not aware of the scope it avails. An undisclosed source estimates that nearly 10 percent of the global invoice service which amounts to nearly 500 billion is paperless. It means that the huge 90 percent still have not adapted to OCR technologies. But many argue that it is not ignorance but lack of necessity in shifting towards process automation. Accuracy is important but not that cost effective when such automations are sought. But think again about the huge return value that such processes can bring. Optical Character Recognition when paired with other applications can deliver astounding results. Few examples which are provided below illuminates the immensely beneficial applications of OCR technology.
Audit areas require comparisons and the same can be initiated when OCR application is made use of. Processes in which mismatches occur can be rechecked, stopped or corrected during the process. This audit documents include tariffs, tax tables, utility rates, pricing tables and other documents. The same comparison can be made to check if your company is billed the proper freight cost. You can scan the paper-freight invoices and archive them to recheck during a later point of time. All this adds to the usability of OCR.
Exceptions can happen anytime and are not cent percent negotiable. It is your duty to find them as soon as possible and email back to the sender. Numeric parameters can be verified at a later point because you have a scanned backup. You can also check the contract values to verify if they stay within the limits. Invoices which are paid and which were rejected can all easily be archived now.
The usage of process automation happens in the field of analytics also. Paper documents which count to any thousands can be easily dealt with. The advent of technology has made it easier for analytic experts to trace patterns and establish them with respect to delivery point and/ or customer.
Document scanning and OCR services are now provided by most of the leading data analytic organizations. Technical advancement can surely pave way for better lives. However when it comes to OCR conversion services be sure to hire the best people so as to get the best results.