Technological advancement has facilitated businesses in several ways. Industries can deal with their regular paperwork in effective ways that boost their productivity levels. In earlier days, when companies relied on manual procedures to complete their tasks. The traditional approach took a lot of time and resulted in error-prone results. The advent of digital solutions introduced an ICR reader that could extract text from images of documents. Users must know that an ICR reader is an updated version of OCR technology.
It has strong recognition power due to the integration of AI & ML algorithms. Due to AI neural networks, an ICR reader can process huge volumes of data and sort it for in-depth analyses.
AI-backed ICR Reader: What is the OCR ICR Software?
The latest ICR software is an advanced form of Optical Character recognition technology. The software has the latest features that can accommodate various writing styles and fonts on clients’ documents. The combination of Artificial intelligence & Machine Learning algorithms (AI & ML) boosts the experience of the software with time. It can easily make sense of the free-form writing style. But in rare cases, the software can make a mistake that can be easily corrected.
The Power of Artificial Neural Networks (ANNs)
The latest ICR reader can cater to different kinds of hand-crafted text because of artificial neural networks (ANNs). Such AI-backed networks increase the productivity of the ICR software manifold. Finally, the regular entry of documents enhances its data organization and prediction ability for freeform writing styles.
Intelligent Word Recognition: How is It Different From an ICR Reader?
An intelligent Word Recognition (IWR) software has different features than an ICR reader. An IWR software can extract data from printed or handwritten text easily. It quickly recognizes full phrases and words and works well with unstructured data. An IWR solution is more detail-oriented than an ICR.
However, The strengths of an Intelligent Word Recognition software must not mislead the users into thinking that it can replace an ICR reader or Optical Character Recognition (OCR) technology. The Intelligent Word Recognition (IWR) digital solution can automate the information extraction feature without compromising the quality of output.
ICR Reader: What is the Working Mechanism behind the ICR Algorithm?
A massive advantage of an ICR reader is that it can integrate well with already existing technologies in the companies. It means that companies do not have to spend extra capital to upgrade. The technology extracts data and also organizes it into cloud storage in the correct categories. The data in the storage can be easily used in predictive models to gain insights for business optimization. Every company can adopt an ICR according to the need but the general working model of the solution is the following.
- The technology instructs the clients to show their government-issued ID cards in front of the camera. An ICR can easily capture data from records and organizes them in the company’s database
- Sometimes, the software instructs the user to upload a handwritten note for real-time consent verification
- After this, the reader will cross-check the data and display verification results to the clients
ICR Reader: Various Applications of an ICR handwriting Recognition Technology in the Business World
An inventor named Joseph Corcoran introduced intelligent character recognition (ICR) to help organizations in automating their repetitive tasks. With time, the technology got upgraded and companies started using it in various ways. Previously, the output of freeform documents had multiple errors which were highly unproductive for businesses. The use of machine learning algorithms enhanced the ability to process huge volumes of data. The uses of ICR software have supported all kinds of modern-day companies such as:
- The robotics industry applied the ICR technology to feed written training data into their robots (RPA)
- An ICR works well with an OMR (Optical Mark Recognition)
- The ICR technology can transform data into customer-friendly forms for later use
- The ICR solution can help banks and the healthcare sector in verifying the identities of their clients
In a nutshell, the application of an ICR reader supports the healthcare sector in organizing patient data. The AI-backed software is efficient in performing analyses.
However, The combination of AI reduces mistakes and enhances the experience of technology with each new experience. In some cases, a business might not need an ICR for its work operations because it is out of budget or the business is small-scale. But large-scale enterprises can benefit from the strengths of both technologies. The combination of artificial intelligence makes it a pragmatic approach for companies across the globe. Consequently, an ICR reader can extract information from free-form and well-organized documents.