5 Advantages of ICR Software in Businesses | 2022

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Today, data entry and extraction are the two most critical tasks of any organization. It allows a company to retain a more detailed record of its operations. A company can determine the cause of all of its problems and begin to fix them with properly managed data. Data collection and analysis that is exact and effective is what drives business growth. On the other hand, data entry and extraction when done manually is more of a hindrance than a benefit, and this is where ICR software can assist your company streamline its data processing.

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What is OCR Technology?

OCR is a data entry method for extracting printed text from pictures and scanned documents in order to search and edit the content. Some examples of documents that can be scanned for data extraction using optical character readers are:

  1. ID Documents
  2. Bank statements
  3. Business cards
  4. Passports
  5. Invoices
  6. Any printed document

Limitations of OCR

  1. Optical text recognition can only recognize printed documents.
  2. The technology is highly font sensitive and that means that it doesn’t work accurately when there is any handwritten text.
  3. Its performance can be impacted if the image quality is not good.

Considering all the above-mentioned constraints, ICR software has come to the rescue when the company has to deal with handwritten papers.

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What Does ICR Technology Mean?

Intelligent Character Recognition, abbreviated as ICR, is a sort of OCR that focuses on recognizing handwritten text. It is an artificial intelligence (AI) text recognition program that helps computers to evaluate and interpret various fonts and handwriting styles in order to enhance accuracy.

Which Sectors Can Benefit from ICR

ICR technology is frequently used by companies that deal with a variety of papers, forms, letters, and other documents. Government agencies, banks, law firms, and the healthcare business all employ ICR software to speed up their data entry processes. Any organization can use ICR services to enter and extract data from invoices. Many companies expect 100 percent accuracy in data entry since they deal with a massive amount of consumer data. They can’t afford to make mistakes because erroneous data could result in their clients losing money, which could result in a lawsuit from the affected client.

Advantages of ICR

Here is how a character recognition app is a great bet for different businesses.

  • Time-Saving

With the ICR mobile app, the data input procedure becomes fast as compared to the manual data entry, thus it helps the company save time. Managing every client’s data takes a lot of time but using an automated system, the company can extract and manage the data in no time.

  • Cost-Efficient

Another great benefit of ICR that can not be neglected is that the software is cost-effective. The traditional manual data entry puts the company under monetary strain as they have to spend money on resources and hiring professionals while ICR helps the businesses reduce such costs.

  • Recognition of Minute Details
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Mobile ICR software assures attention to detail while extracting the data. As discussed above, it extracts the data from any textual format whether it is an image or a handwritten document. The software has the capability to retrieve data in different languages and validate that the text type and format are easily extracted. ICR process besides recognizing minute details also makes the data entry process efficient and it has less potential for any errors.

  • Great Customer Experience

Customers are the assets of any company. So, a reliable and smooth data input solution provides a great customer experience. With greater client experience, the turnover rate would be increased. As a result, the company will generate more profits and reach great heights.

  • Enhanced Productivity

Extracting the data and then managing all the retrieved information manually is a mind-boggling and tedious process and impacts the employee’s productivity. Instead of being creative, they are to spend much time on data entry processes. With ICR, the employees can focus on the tasks that are important and need their attention. This, as a result, brings great revenue to the company.

Final Thoughts

The use of ICR software totally depends on the business’s requirements. Undoubtedly, OCR technology is cost-effective when compared to ICR. But if the business has to deal with a huge volume of data whether structured or unstructured, the ICR along with OCR is a great choice. The reason is that it not only helps the businesses reduce labor costs but delivers results with high accuracy.

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