How Intelligent Character Recognition Operates:
Since the invention of paper, paper-based documents have been utilized. Now that we have the option of retaining electronic versions of papers, keeping and maintaining paper-based documents is inconvenient and costly.
Unfortunately, paper-based records are still in use, either as relics of legacy software or for legal reasons. Because these paper-based systems exist, we have the opportunity to create an automated system that pulls data from printed documents or photos.
ICR Using Artificial Intelligence:
Intelligent character recognition (ICR) has been successfully coupled with artificial intelligence (AI): When capturing applications and cases in mailrooms and back offices, companies deal with varied formats (PDFs, scans, faxes, emails) and text structures. Optical character recognition is all that OCR software can do. Intelligent character recognition (ICR) will successfully understand the material and extract thematic data when used in conjunction with our AI solution.
Different Ways Of Using ICR In Your Business:
Recognize the limitations of ICR technology: Although ICR can process a wide range of documents, it must first be trained to recognize them before it can be used in RPA applications.
Determine the appropriate confidence level: The accuracy of ICR systems' transcriptions has a "confidence threshold" below which documents must be manually examined and authorized. Experiment with different thresholds to find the one that is most comfortable for you.
Make use of the proper training data: The more data you have for training, the better. Furthermore, it's ideal to train your ICR system using real data that you've previously used and received from customers.
Perks Of ICR:
Because OCR software has fewer functions than ICR, it is often less expensive. The advanced functionalities of ICR may not be necessary for some businesses. For the vast majority of project-based businesses, however, the expense of ICR is justified because it saves countless hours spent on document management.
ICR can read handwritten notes and almost any typeface, therefore it can be used to manage a lot more documents than OCR alone. Furthermore, the automatic extraction of this necessary data, regardless of handwriting, eliminates human input error, which is a major issue with manual entry.
Electronic document capturing process:
With a sprinkling of AI, intelligent character recognition: It's easy to make mistakes while opening handwritten text from forms. Combine our AI Platform with the appropriate character recognition technology (OCR, ICR) for your application. The case context is recognized by AI, which corrects numerous character problems automatically.
Applications Of ICR:
Processing of Financial Data
Joseph Corcoran created the first ICR program in 1993 with the goal of automating form processing. Payment processing in businesses is an example. Forms (such as invoices) are scanned and then processed to retrieve data in this situation. The information is then kept in a database, such as the financial records of a firm. The payment process can then be started by the organization's finance department.
Most businesses are aware that they must preserve personal records (e.g., employee, financial, and customer information) in order to meet auditing standards (e.g., International Organization for Standardization [ISO], etc.) or Internal Revenue Service (IRS) obligations. It's not easy, though, to preserve seven years' worth of tangible records to meet IRS standards, for example. Furthermore, if a company needed to recover information from years ago, it would be more difficult to do so by sifting through boxes of records than opening an archive.
Validation of Handwriting:
Handwritten documents (e.g., wills, contracts, etc.) are accepted as evidence in many legal inquiries. Even for the most experienced forgers, falsified documents and signatures can be difficult to detect. How many of us have seen films in which forgers get away with their crimes? Or where the bad guys bribed forgery specialists to influence court decisions?
In such circumstances, it may be preferable to use ICR software to verify someone's handwriting and signature authenticity. For starters, the application cannot be bribed into providing false testimony.
To wrap it up. Character recognition that is intelligent ICR technology is a method of extracting data from handwritten or picture forms and converting it to digital form. It is used by many firms to simplify their operations.