Optical character recognition (OCR) technology helps extract data from documents. It essentially allows computers to ‘’read’’ images. This makes searching, editing, and processing much easier. Experts valued this market at $12.56 billion in 2023, and it is projected to grow steadily.
However, like many other technological advancements, several businesses have been slow to adapt to OCR technology. Are you one of these businesses, and how are your processes holding you back? Read on to find out the four signs your business needs OCR technology to streamline operations:
- You’re Still Manually Entering Data from Documents
Is your team spending hours entering data from paper forms, receipts, or invoices into your digital systems? This is a clear sign that an update is overdue. Manual data entry is tedious and time-consuming, which can demotivate your employees and lower morale. Additionally, it makes your processes vulnerable to human error. Small mistakes can lead to incorrect payments or operation delays.
With OCR, you can eliminate the need for repetitive typing. The technology will allow you to extract text from pictures or handwritten documents automatically. Advanced OCR engines, such as those offered by OCR Studio, can handle different fonts and multiple languages, making them much more effective than manual data entry.
- Paperwork is Piling Up
If you have your key documents trapped in physical form, they will clutter your office space. Finding, sharing, or verifying information will be an inconvenience and considerably slow you down. Similarly, you will waste hours struggling to retrieve old documents. This can complicate all approval, onboarding, and customer service processes. Stacks of paper are also a visual nuisance and might make the entire workspace look unappealing and depressing.
OCR offers a clever, immediate solution to this issue. All you have to do is scan the documents, and it will digitize them into easily readable formats. You can then store them in the cloud to be quickly retrieved when necessary. This will result in faster turnaround times and a boost to productivity.
- Compliance or Auditing is a Nightmare
Keeping accessible, accurate documents ready is essential in today’s heavily regulated business landscape. You must produce documents quickly and reliably for all internal and external audits and legal protection. However, this will be impossible if you have stored your files in disorganized folders and messy cabinets. Audits will become much more stressful and time-consuming in such circumstances.
OCR transforms paper records into structured and indexed documents. It can turn low-quality scans into searchable documents, ensuring that all your documents are audit-ready. As a result, compliance will become easier across all boards.
- Your Processes are Not Scaling With You
What worked for you as a small team might end up becoming a bottleneck as you expand operations. Take the logistics industry as an example. As a small business, you can manually input data and fill out forms conveniently. However, data volume increases considerably with growth. This makes speed critical for success. You cannot be stuck filling thousands of forms by hand.
The solution is simple: create a more agile and responsive operation by integrating OCR into your software. The system will automate several document-related tasks to ensure that your workflow grows with you. This way, you can handle increased demand without burning out your team and compromising accuracy.
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Endnote
OCR technology is much more than a tech upgrade; it is a productivity transformation. It empowers your team to work faster and focus on important tasks. If you have noticed any of the signs above in your business, you must take measures to rectify them immediately. Invest in OCR technology today, and do not let outdated processes hold you back.
