OCR is Here
to Stay
Optical Character Recognition (OCR) technology as we know it has been around as a concept for about as long as computers and has taken on many looks and feels from hardware to software and cloud services. For years the focus was on zonal identification, of being able to say “the date will always be at 50 pixels by 75” and so on. Then more recently came the rise of machine learning and neural networks, which have taken the flexibility and usability of modern OCR to new heights, allowing for less template creation and more iterative ‘learning by correction’. As innovation persists, we are bound to see AI-driven OCR reach the mass market in time.
So, here we are in the early days of 2021 off the heels of a year that presented us with unprecedented challenges. How can we both decentralize and maintain efficiency? How can I grow my business proactively while the climate seems completely reactive? How can I maximize the potential of my team? These questions came up in our discussions with companies investigating OCR technology over and over again and looking forward, OCR will continue to play a major role in how companies automate their business processes.
According to a recent Market Analysis Report by Grand View Research (published February 2021) the global OCR market size was valued at $7.46 billion in 2020 and will expand at a compound yearly rate of 16.7% for the next seven years. Organizations currently utilizing OCR range from logistics/transportation, government, banking, retail, healthcare, manufacturing, construction, and more with BFSI organizations taking the lead. How is OCR being used by these industries? Countless ways, but below are a few ideas from my own experience as an OCR provider:
GOVERNMENT
A small city manages high volumes of legal documents that need to be searchable by any term within the document and need to be secured based on a specific number that appears in the header. These are currently mostly paper with some PDF’s. The city can use OCR to automatically extract the number in the header AND create a full text rendition for further searchability. Using a workflow tool, the city can automate securing the documents after capture so that only users with access based on the extracted number can view.
MANUFACTURING
A manufacturing company processes thousands of order forms with a fixed structure. Some of the data can be automatically extracted, but the quantities are often marked by hand using checkboxes on the form. Also, a signature must always be present on the form. The company can use OCR to automatically extract the important printed text values, check whether any boxes were checked, and check that a signature is present. By utilizing a workflow product, the orders can automatically be routed to queues based on what was captured such as “Signature Not Present”, “Incomplete Order Information”, “No Boxes Checked”, etc. These queues can trigger automatic email notifications to the proper personnel to resolve.
CONSTRUCTION
A general contractor receives millions of invoices varying in format and length from hundreds of different vendors. The GC can utilize OCR to automatically split the invoices at capture, extract header and line item data, and transform the data to go directly into their ERP of choice via API or flat file reducing data entry by 90%.
TRANSPORTATION
A trucking company utilizes many subcontractors that use their own trucking tickets. These tickets are received very sporadically and are currently manually reconciled against a statement. They can use OCR to automatically extract the line items on the statement as well as the ticket numbers on the individual tickets. By utilizing a workflow product they can automate the association of the tickets back to the statement no matter what order they arrive.
ACCOUNTS RECEIVABLE
An account receivable department receives high volumes of personal checks. They can utilize OCR to automatically read the MICR information as well as any printed headers. By further implementing ICR even handwriting can be captured.
HUMAN RESOURCES
An HR department receives hundreds of employment applications per day in a variety of formats. There are at least a dozen different types of documents involved in the process. By utilizing full text OCR the HR users can search any term across these many types of documents to find the proper candidates for the job. For example, if they need to hire an IT admin with experience in Hyland’s OnBase platform, they can search for “OnBase” and all documents that mention that term will be retrieved with the term dynamically highlighted where present.
The burgeoning growth in the OCR market is being driven by increased adoption within organizations like those mentioned above and as a result we see increased investment in OCR startups and OCR initiatives by providers like ourselves at REQUORDIT. OCR is not going away and if your company has not taken a close look at leveraging it you may be left behind! Reach out to us at sales@requordit.com and we can help you navigate the multitude of options in the space.
Jack Shales
Sales Engineer at REQUORDIT. Jack has spent the last 5 years at REQUORDIT starting in Support before migrating to Sales and assisting with Pre-Sales Business Development with particular focus on and passion for business process automation and OCR technology. Through countless demos, engagements, and proofs of concept he has successfully guided many companies through their software purchasing decision in the Pre-Sales space.
Webinar
CloudOCR +Insight
This solution allows Viewpoint Vista users to directly input invoice data from CloudOCR into their Viewpoint Vista ERP, it is specifically an OCR product designed for Viewpoint users. REQUORDIT Insight creates a simple Viewpoint OCR experience that will enable your organization to process invoices quickly and accurately, resulting in faster payments to your vendors with no errors.
Webinar
OCR to enhance your VIewpoint AP Workflow
During this webinar, the REQUORDIT team will explore how we can help you automate invoice and data extraction, validate to your existing Viewpoint database, and upload your invoice image metadata all at once using your CloudOCR, Insight for Vista, and ancora.
Solutions
CloudOCR
is an easy and affordable OCR Software for business – automate manual data capture and validation through an our cloud OCR solution. Be processing documents in minutes!
OCR is here
to Stay
Optical Character Recognition (OCR) technology as we know it has been around as a concept for about as long as computers and has taken on many looks and feels from the hardware to software and cloud services. For years the focus was on zonal identification, of being able to say “the date will always be at 50 pixels by 75” and so on. Then more recently came the rise of machine learning and neural networks, which have taken the flexibility and usability of modern OCR to new heights, allowing for less template creation and more iterative ‘learning by correction’. As innovation persists, we are bound to see AI-driven OCR reach the mass market in time.
As innovation persists, we are bound to see AI-driven OCR reach the mass market in time.
So, here we are in the early days of 2021 off the heels of a year that presented us with unprecedented challenges. How can we both decentralize and maintain efficiency? How can I grow my business proactively while the climate seems completely reactive? How can I maximize the potential of my team? These questions came up in our discussions with companies investigating OCR technology over and over again and looking forward, OCR will continue to play a major role in how companies automate their business processes.
According to a recent Market Analysis Report by Grand View Research (published February 2021) the global OCR market size was valued at $7.46 billion in 2020 and will expand at a compound yearly rate of 16.7% for the next seven years. Organizations currently utilizing OCR range from logistics/transportation, government, banking, retail, healthcare, manufacturing, construction, and more with BFSI organizations taking the lead. How is OCR being used by these industries? Countless ways, but below are a few ideas from my own experience as an OCR provider:
GOVERNMENT
A small city manages high volumes of legal documents that need to be searchable by any term within the document and need to be secured based on a specific number that appears in the header. These are currently mostly paper with some PDF’s. The city can use OCR to automatically extract the number in the header AND create a full text rendition for further searchability. Using a workflow tool, the city can automate securing the documents after capture so that only users with access based on the extracted number can view.
MANUFACTURING
A manufacturing company processes thousands of order forms with a fixed structure. Some of the data can be automatically extracted, but the quantities are often marked by hand using checkboxes on the form. Also, a signature must always be present on the form. The company can use OCR to automatically extract the important printed text values, check whether any boxes were checked, and check that a signature is present. By utilizing a workflow product, the orders can automatically be routed to queues based on what was captured such as “Signature Not Present”, “Incomplete Order Information”, “No Boxes Checked”, etc. These queues can trigger automatic email notifications to the proper personnel to resolve.
CONSTRUCTION
A general contractor receives millions of invoices varying in format and length from hundreds of different vendors. The GC can utilize OCR to automatically split the invoices at capture, extract header and line item data, and transform the data to go directly into their ERP of choice via API or flat file reducing data entry by 90%.
TRANSPORTATION
A trucking company utilizes many subcontractors that use their own trucking tickets. These tickets are received very sporadically and are currently manually reconciled against a statement. They can use OCR to automatically extract the line items on the statement as well as the ticket numbers on the individual tickets. By utilizing a workflow product they can automate the association of the tickets back to the statement no matter what order they arrive.
ACCOUNTS RECEIVABLE
An account receivable department receives high volumes of personal checks. They can utilize OCR to automatically read the MICR information as well as any printed headers. By further implementing ICR even handwriting can be captured.
HUMAN RESOURCES
An HR department receives hundreds of employment applications per day in a variety of formats. There are at least a dozen different types of documents involved in the process. By utilizing full text OCR the HR users can search any term across these many types of documents to find the proper candidates for the job. For example, if they need to hire an IT admin with experience in Hyland’s OnBase platform, they can search for “OnBase” and all documents that mention that term will be retrieved with the term dynamically highlighted where present.
The global OCR market size was valued at $7.46 billion in 2020 and will expand at a compound yearly rate of 16.7% for the next seven years.
Jack Shales
Sales Engineer at REQUORDIT. Jack has spent the last 5 years at REQUORDIT starting in Support before migrating to Sales and assisting with Pre-Sales Business Development with particular focus on and passion for business process automation and OCR technology. Through countless demos, engagements, and proofs of concept he has successfully guided many companies through their software purchasing decision in the Pre-Sales space.
Webinar
CloudOCR +Insight
This solution allows Viewpoint Vista users to directly input invoice data from CloudOCR into their Viewpoint Vista ERP, it is specifically an OCR product designed for Viewpoint users. REQUORDIT Insight creates a simple Viewpoint OCR experience that will enable your organization to process invoices quickly and accurately, resulting in faster payments to your vendors with no errors.
Webinar
OCR to enhance your VIewpoint AP Workflow
During this webinar, the REQUORDIT team will explore how we can help you automate invoice and data extraction, validate to your existing Viewpoint database, and upload your invoice image metadata all at once using your CloudOCR, Insight for Vista, and ancora.
Solutions
CloudOCR
is an easy and affordable OCR Software for business – automate manual data capture and validation through an our cloud OCR solution. Be processing documents in minutes!