According to a recent study, paper accounts for 49% of the data capture volume. Most core business processes make extensive use of paper in their daily routine work. It includes new account opening, mortgage origination, order fulfillment, onboarding, handwritten applications, signatures, and comments. Information that would typically be locked on paper can now be digitally captured using systems like ICR software.
The digitalization of information that was previously only available on paper is at the core of digital transformation. It is also the backbone of numerous process-improving and cost-cutting initiatives. In fact, it is quite common to automatically extract printed information from scanned physical pages. This makes it simpler to store and find the newly developed digital version, which decreases paper use and increases access to information. These two goals are fundamental to any intelligent information management technique.
ICR Software – An Overview
Intelligent character recognition or ICR software converts handwritten text into machine-readable characters. An I/O device typically prints out rough documentation of characters.
Next, it performs the analysis and character translation of the captured data on the basis of a photo. The ICR recognition technique is similar to OCR. Both are occasionally combined when there is a need for processing forms.
Data entry operators handled form processing before the advent of these technologies. They read details from paper forms and manually typed them into computerized electronic forms. It followed the same structure as paper forms. Data extracted from paper forms included computer-generated fonts, checkboxes, handwritten characters, bar codes, bubbles, and signatures. The majority of form processing done today uses scanners, OCR, and ICR services. New form processing technologies automate this process and save time with almost 98% accuracy.
How Does an ICR Recognition System Operate?
Businesses can extract documents using the ICR software. The following describes its work:
- The ICR scanner takes uploaded documents
- APIs read and scan the image details. Using an existing database, the system automatically translates any handwritten text and fonts
- For identity verification, the ICR system asks the customer to upload handwritten signatures
- Essential details are extracted automatically from documents and organized by utilizing key-value pairs
- Following editing and spell-checking, the ICR software identifies any anomalies and sends the files back to the customer for review.
- Otherwise, the accounts payable systems have automatically entered the fields’ data to maintain a record.
Who Can Use ICR Software?
Automating the data entry process can provide a significant return on investment for any company that regularly collects data through paper-based forms. They can use character recognition software for this.
To justify the cost, they do need a sizable number of forms. Like a minimum of 100 forms per month, and possibly more based on the quantity of information gathered. ICR software is not a good candidate for automation if data entry can be completed in less than 100 man-hours.
Organizations with numerous distinct departments that gather information on forms can split the cost of the form processing system by repurposing it for other tasks. Despite the fact that the current project is too small to warrant the expense, it would if it were combined with one or two other projects.
Integration of ICR Software with Modern Technologies
The ability of OCR ICR software to recognize both structured and unstructured forms of alphanumeric and cursive handwriting allows it to continuously advance. As a result, the ICR system has been quickly adopted on numerous platforms and cutting-edge technologies like RPA and OMR for streamlining business operations. It complements electronic archiving and document management software’s work design, making it a great consolidation for both.
ICR is basically a modern version of the OCR solutions, and it is also known as Intelligent Word Recognition or IWR. In contrast to standard ICR software, which reads text from printed characters to hand-written text, it can recognize whole words or phrases. IWR scans and interprets the free-form handwritten content. Organizations can use OCR and ICR to automate and speed up the digitization and transcription of a wide range of forms and documents.
Benefits of ICR Software
The advantages of automating data entry with the best intelligent character recognition software go far beyond just saving time on typing. It can:
- Reduce data entry costs and time by 90%
- Utilize validation rules to lower error rates.
- Allow remote data entry.
- Excellent ergonomics for data entry
- Enhanced data privacy and security
- Sync data collection from web, tablet, and paper forms
Intelligent character recognition technology is improving in accuracy and precision due to ongoing technological developments. The need for better information governance is driving the need for organizations to utilize advanced ICR software. Otherwise, they run the risk of increasing expenses and missing out on opportunities to improve the firm’s performance. Handwritten data & free-format fields are crucial for organizations to fully utilize their big data. To maximize handwriting recognition, look for suppliers and partners who have the ideal balance of knowledge, ability, and vision.