The security requirements in digital business platforms need to be at par with the advancements in the automation of financial processes. With online spaces adding to the risks of data breaches and money laundering, regulatory bodies are encouraging firms to incorporate necessary checks.
The previously implemented way of data storage involved stacking up files on office shelves and obviously, that is not the case now. The use of AI in ICR applications has revolutionized the way information is collected and entered into systems in digital form. Organizations process large chunks of data on an hourly basis and require efficient tools for data extraction and data entry processes.
Intelligent Character Recognition
To put it simply, ICR technology is a sub-technology originating from optical character recognition, which indicates that the basic concept behind them is the same. OCR algorithms are capable of differentiating between the characters of different fonts and identifying them within the white spaces.
ICR is even more accurate compared to OCR, as it’s able to extract information from handwritten documents with cursive handwriting. Initially, characters are individually recognized by the ICR application, followed by the detection of grouped characters as words. The use of AI behind this process allows the ICR application to make decisions based on what seems to make more sense. The program running in the backend assigns respective metadata to each detected character, which are then cross-matched with the available words in pre-defined libraries.
When this process is done using OCR, there are chances of some font styles going undetected. However, AI text recognition with ICR application uses extensive data to detect the rarest of handwriting styles and fonts. As machine learning algorithms get better with the data they process, the ICR application is still undergoing development.
How does an ICR Application Work?
ICR originated to fill the gap that OCR created in extracting and processing information from documents. Automation of form processing and recognition of handwritten text is seamlessly done with ICR application to speed up processes in digital business platforms. Here is how the ICR application works:
- When an ID document or utility bill is scanned using the ICR application, the required information like first name and place of birth are extracted.
- Documents with handwritten text are detected by analyzing pre-defined writing styles
- The desired information according to the application is extracted by the ICR engine
Character Recognition Software
Machine learning combined with matrix analysis algorithms that are capable of identifying patterns of fonts, words, and sentences are used in ICR applications to make the data extraction as efficient as possible. Manually carrying out this analysis of various types of fonts is practically impossible, but ICR handwriting recognition makes it a reality.
Real-World Applications of ICR Technology
ICR application finds uses in situations requiring quick extraction and entry of information from hard copies. Since ICR provides an automated solution, the need for officials to perform data entry tasks is eliminated, hence saving the cost as well as saving time. Digital business platforms incorporate ICR technology and it’s proving to be quite fruitful as the documents that were previously processed manually are now converted to digital form within a matter of seconds.
ICR application is also proving worthy in Robotics Process Automation with further applications in automation for OMR (optical mark recognition). As mentioned previously, ICR is of particular interest in data entry and information analysis in many industries. It automates processes like form processing, documentation, and helps improve inter-company communications around the globe. The ICR application makes this easy because it supports various languages.
ICR applications are available for both web platforms and mobile devices, making the scanning of documents as easy as one screen tap. In addition to scanning documents with accuracy, the ICR application is integrated with functionalities to convert them into pdf format for easy sharing. In addition to this, airports and arenas use the ICR applications for scanning identity documents of travelers and also verify ticket details.
Data extracted from handwritten documents is sometimes of grave importance in matters of inheritance, where ICR technology can help digitize such documents and make operations convenient.
The Bottom Line
To wrap it up, the ICR application is used for conveniently extracting data from verification documents while reducing the need for additional employees. The accuracy of ICR applications helps businesses make their operations efficient and add value while ensuring that only authentic information flows through the system.