ICR Technology – Streamlining the Corporate Sector’s Workflow

ICR technology is an advanced form of optical character recognition that helps to cover all the inadequacies in the traditional OCR solutions to handle multiple types of problems for interpreting textual data.

Moreover, AI-driven intelligent character recognition is a famous DMS technology that identifies and deciphers handwriting. OCR focuses on hand-printed characters as compared to ICR, which handles multiple styles and handwriting fonts to be learned by systems to enhance text recognition and precision. Thus, it is a time-saving technique helping companies forgo old methods.

ICR Use with Modern Technology

IncorporatiingAI and ML help ICR technology to optimize continually for the recognition of both structured and unstructured handwriting styles.

This system is readily adopted in several platforms and modern technologies such as RPA and OMR (Robotic Process Automation & Optimising Workplace Processes).

Additionally, the ICR solution is a robust consolidation of e-archiving and DMS, complementing their work structure. With IWR and OCR, companies can incorporate their advancements to boost and streamline the digitization and transcription of several forms of documentation.

How Does Intelligent Character Recognition Work? 

ICR is incorporated into a system that carries the information of handwritten documentation. It scans the details from it and extracts the details from the source. Let’s comprehend the working of intelligent character recognition solutions in the digital document validation use case of banks.

  1. The clients need to display their IDs in front of the camera. The ICR system scans the record and pulls the details from the ID, like date of birth, address, etc.
  2. The customer can also be asked to provide a handwritten authorization, which will be examined and extracted. 
  3. The extracted data gets verified and sent to the banking sector.

The automated data extraction technique removes the overhead of time-consuming and ineffective data entry procedures by corporations. Moreover, it saves time and the cost of hiring a workforce for data entry. The extracted information can further help companies to ensure predictive modeling over giant datasets and boosts system efficacy and optimization.

Application of ICR Technology 

Joseph Corcoran invented ICR technology in 1993 to have automated processing of forms. This technique involves three steps in which image-based documents get processed with the help of software. Afterward, the information was extracted through the ICR engine, and in the last step, outcomes were processed to verify the outcomes automatically.

With time, this invention proved to be helpful for various business applications. Now, new companies’ systems use intelligent character recognition solutions for automated form filling. Before the ICR reader, the verification of undeveloped information was a tricky process. However, now creative technologies have the power to automate the fact extraction procedure, no matter if it is structured or unstructured. Here are some industrial-level applications of ICR software: 

  • ICRs are globally adopted by Robotic Process Automation (RPA)
  • To optimize business tasks, ICR helps in the applications of OMR
  • It is also used for attaining information in a digital environment 
  • E-document validation to confirm the originality of customers online. This system is commonly employed in banking and financial institutes
  • Validation of handwritten support in an online setting 
  • ICR services help to digitize the classic data entry procedures at an industrial grade

Benefits of Using the ICR System

ICR learns things with the help of AI and ML, which means every time it scans a new handwriting style and character, it adapts and transcribes details to digital databases.

It brings the following perks to firms       

  • Superb for sustaining electronic documentation, ICR can be employed for record handling and is a scalable solution   
  • Companies are incorporating ICR with transcription facilities and implementation with several forms of documentation    
  • ICR solutions offer class-leading data validation and remove time consumed on manual data entry. This helps the workforce be more creative and efficient
  • Cloud storage is extra protected when uploading information or details using ICR solutions and companies can safely secure details from authorized access

The Bottom Line

The incorporation of ICR technology depends on the needs of a business. Corporations can use the latest digital solution to increase productivity and strengthen their client relationships. The top-notch technology can also process large data sets without compromising output quality. ICR, OCR, and IWR have various strengths, business owners can use one software or a combination to satisfy their needs. The progressive approach not only saves time but also eliminates manual labor from industries. Hence, ICR can increase business productivity and reduce errors in final results.

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