Why Is Intelligent Data Capture Much Bigger Than Ocr? - OCR Data Solutions

By
Lakshmi T
Product Writer

Optical Character Recognition (OCR) tools have come a long way since their introduction in the early 1990s. The ability of OCR software to convert different types of documents such as PDFs, files or images into editable and easy-to-store format has made corporate tasks effortless. Not only this, it’s ability to decipher a variety of languages and symbols gives Infrrd OCR Scanner an edge over ordinary scanners.

However, building a technology like this isn’t a cakewalk. It requires an understanding of machine learning and computer vision algorithms. The main challenge one can face is identifying each character and word. So in order to tackle this problem we’re listing some of the steps through which building an OCR scanner will become much more clearer. Here we go:

START WITH OPTICAL SCANNING:

Let’s get simple things out of the way first.

IDC stands for Intelligent Data Capture, while OCR stands for well… Optical Character Recognition.

As the name suggests, OCR mostly deals with image pre-processing, identifying characters and putting together words, blocks, and sentences. The field of OCR revolves around digitizing what’s on paper or a scan or a photograph from a physical document. Online OCR plays a critical role in scenarios with a large number of scanned documents and images which need to be converted to text.

Intelligent Data Capture technology, on the other hand, is broader and more general field of information collection and analytics. It provides meaning to text extracted from many forms of digital assets such as documents, emails, text files and scanned images.

It’s a method above and beyond OCR software. In IDC, words and sentences get business meaning and become much more relevant. Let’s walk through an example;

An OCR system scanning dates may output ’12-May-2018’. A 100% accurate result but eventually it is just a sequence of characters and pixels appearing together on a picture. On the other hand, with the help of Intelligent Data Capture solutions, this sequence of characters will take one of the following meaning:

‘PAYMENT DUE DATE’ for credit card statements,
‘CHECK-IN DATE’ or a ‘CHECK-OUT date’ for hotel invoices
‘RENEWAL DATE’ on a contract
Or some other such business interpretation is driven from the context of the document.

WHERE IS THE INTELLIGENT DATA CAPTURE SYSTEM APPLICABLE?

Any place where meaningful snippets of information are hidden deep inside digital documents and images. This can be most common in industries such as Finance, Legal, Insurance, Auditing etc.

These industries generate millions of documents every month as a byproduct of their business processes. The challenge originates when these documents flow through the business workflow and reach the consumers of the document. In most cases, they are far removed from the document producers. They will have no access to digital data embedded in these documents.

In short, the far removed downstream stakeholders and consumers of these documents will have to force themselves to rely on manual labor for information extraction. Examples of such information are dates from contracts, ticker symbols from stock market reports or name and address of the fund manager from a fund prospectus.

HOW DO ENTERPRISE AI AND MACHINE LEARNING ALGORITHMS HELP?

Technology has reached the state where it is possible today for computer programs to read and understand digital documents as humans do. We can train Intelligent algorithms to look for specific entities such as dates, contract numbers, purchase order numbers in different documents. These trained systems regularly produce accuracy levels of more than 90%. Hence, one can efficiently analyze 100s and 1000s of documents per minute.

Although one of the most obvious advantages of these systems is the reduction of humans in the loop. But, the REAL WIN is the capability of automation and efficient integration of otherwise manual workflow with other business workflows. This characteristic of the IDC system makes it one of the most essential building blocks for your robotic process automation (RPA) program and architecture. More on this later.

INFRRD AND IDC?

We are investing heavily in building a scalable universal trained model capable of extracting common entities from common business documents such as trade notes, shipping labels, contracts, invoices, receipts etc.

Want to understand how we can customize for your needs? Chat with us at www.infrrd.ai to schedule a meeting to discuss further.

FAQs ABOUT INTELLIGENT DATA CAPTURE

What is Intelligent data capture?

What is OCR data capture?

What is OCR and how does it work?

REFERENCE:

https://www.linkedin.com/pulse/intelligent-data-capture-how-ocr-boosting-operational-taniya-arya/

Frequently asked questions

What technology is better than OCR?

OCR, short for "optical character recognition," gives information in a one-way manner. But the more advanced version is IDP, which stands for "Intelligent Document Processing," and does more than the latter by recognizing characters. It can break down the whole content and the context of the document in several ways. Modern AI techniques like machine learning and natural language processing are used together to produce more meaningful results. As a result, IDP can extract the content and determine the organization and meaning of each item in the document more like humans.

 What is the market for intelligent document processing?

Several industries use IDP. Here are some intelligent document processing uses that IDP provides: time-saving, better accuracy in accounting, documentation of loan applications, and other data processing processes. IDP is a trusted solution for automated data processing in numerous industries, including finance, legal, insurance, and logistics. Since it enables the sector to produce excellent results by concentrating more on the essential operations of the business system, even in human resource departments of industries, employee surveys, other HR data, employee screening, and resume processing are all possible with IDP.

What are the key innovation drivers supported by IDP?

IDP supports tremendous innovations in data-driven decision-making, deriving value from business documents and agile development.

To know more, book a 15-min session with an IDP expert

How can IDP help organizations eliminate operational inefficiencies?

Businesses can improve operational efficiencies using IDP by automating repetitive tasks, reducing errors, and increasing the processing volume.

To know more, book a 15-min session with an IDP expert

How can a business benefit from intelligent document processing systems in the context of accounting?

Intelligent Document Processing, or IDP, is perfect for accounting. It uses machine learning and mighty AI tools to handle data swiftly and accurately. Organizations find IDP useful because machines, unlike humans, don't tire or get sidetracked. What's more, they don't make expensive mistakes during paperwork management. This reliability improves operations with fewer mishaps. It significantly boosts the organization's overall work quality and productivity.

What are the potential challenges or considerations when implementing IDP?

One of the major challenges while implementing IDP is the normalization of the new workflows. Personnel training, process enhancements, and full assimilation require time to get fully absorbed by an organization.

To know more, book a 15-min session with an IDP expert

How does your solution handle corrections?

Did you know no system is 100% accurate all the time?  When extraction errors occur you want to correct them.  We provide a simple UI that your business analyst will use to make corrections.

To know more, book a 15-min session with an IDP expert

Does your solution work with handwriting?

Our solution excels at data extraction from handwriting.  We've got proprietary methods and techniques that do the trick.  It's pretty cool.  See for yourself.

To know more, book a 15-min session with an IDP expert