OCR is a widely used term but many who are familiar with the term may not be familiar with what O.C.R. actually stands for. Optical Character Recognition is a technology used to extract information from an electronic document image, whether originally in electronic format or a scanned paper document.
Though many may think optical character recognition software is synonymous with all data extraction capabilities, it is actually only a piece of any data capture solution. OCR is technology solely used for extracting machine-printed text while data can be extracted from a document in many formats – whether it’s handwritten text, check boxes and radio buttons or barcodes – there are actually many other formats that hold critical information. Moreover, data capture solutions are powered by smarts built into each solution to help the solution understand where to extract information as well as validate the pulled information.
Though data capture solutions can be used with both electronic and paper documents, some of the biggest ROI from these OCR systems comes from eliminating paper along with the reduction of manual data entry from those documents into other systems.
According to an AIIM study conducted last year, only 17% of respondents could describe their offices as “paper-free” and 31% admit their office is piled high with paper documents and paper processes. Moreover, 20% report that their consumption of paper is increasing.
Organizations can find immediate improvements in their processes simply by adding a data capture solution – helping take paper and manual labor out of these processes. Data capture solutions provide the following benefits:
OnBase combines OCR, ICR, OMR and barcode recognition technologies with intelligence built into each solution to provide flexible and accurate data capture solutions. But OnBase provides additional benefits than simply automated data capture capabilities:
By managing content throughout its lifecycle and integrating with other systems in your information management strategy, OnBase gives your employees immediate access to the critical information that fuels your business, from whatever technology platform they prefer. They also gain access to related content directly within OnBase, automatically indexed with the information pulled by the OCR software.
Embracing OCR software and data capture solutions increases efficiency and accelerates processes across your organization. OnBase data capture is flexible and scalable to meet your business needs, with potential to be applied across a wide variety of business processes. Wherever manual document sorting and data entry is occurring in your organization, free up employees devoted to those tasks and improve your processes by taking advantage of OCR.