In the age of digitization, it is extremely difficult to deal with paperwork from clients on a regular basis. The manual procedure is time-consuming and unproductive. Moreover, the human effort consumes a lot of resources which can slow down the productivity of the organization. Intelligent Character Recognition Technology can capture text from the images. ICR reader is an advanced form of OCR software.
The Intelligent Character Recognition technology is still improving to enhance its accuracy as well as recognition power. The ICR reader is backed up by artificial intelligence and machine learning algorithms. The multiple neural networks enable the ICR reader to effectively process the records and organize the data for future analyses.
The Advanced ICR Reader – Explain the OCR ICR Software
The ICR reader technology is the extension of the best OCR software. It has a new feature that allows it to easily extract information from diverse styles and fonts on the document. It can enhance its experience to improve the recognition power with each new document entry.
The latest ICR Reader and (Artificial Neural Networks) ANNs
The advanced ICR software has the capability to interpret multiple types of handwritten text through the backing of AI-based artificial neural networks. Such kinds of networks surely enhance the productivity of the ICR technology. The daily entry of documents in the system upgrades the database for better data organization and prediction of handwriting styles.
Intelligent Word Recognition (IWR) – A Software for the AI Text Recognition-based ICR Reader
IWR reader has some more advanced features than ICR technology. The IWR technology can capture information from printed, handwritten as well as cursive writing styles. The IWR software has the capability to recognize full phrases and words rather than single characters. It can easily capture unstructured data with more detail than ICR technology.
It should be noted that the IWR technology does not replace ICR and OCR technology because the technology was designed to process diverse types of documents that have a free form. This is the advantage of IWR over ICR software. The IWR reader automates the data extraction and entry procedure with sufficient accuracy levels.
How Does an ICR Reader Work?
An ICR reader can easily integrate with the pre-existing technologies of the organization. It can readily capture the information and organize it in the database. The technology is automatic so it reduces the time and resource consumption drastically. The sorted data in the database can be used in predictive models to draw insights from the data for higher efficiency and optimization. The technology works differently in different organizations but a model is in the following for comprehension purposes.
- The software asks the user to display their government-issued ID card in front of the webcam. The ICR software will extract the desired information from the documents and arrange it in the database
- There can be special cases where the ICR technology can request the client to submit a hand-crafted consent note for a comprehensive verification
- The system will cross-check the information and show the verification results to the end-users
The ICR Reader – the Use Cases of ICR algorithm in the Corporate World
Joseph Corcoran was the inventor of the ICR software. So, the main objective behind the invention was to facilitate organizations with automatic processing. With the passage of time, people were able to implement the technology in numerous innovative ways. Before the advent of ICR technology, the processing of unstructured data was a tedious task. The applications of the ICR software in the modern-day industries are the following:
- The RPA industry (Robotic Process Automation) adopted the ICR technology to automate their repetitive business operations
- An ICR software can easily automate the applications of OMR (Optical Mark Recognition)
- Moreover, an ICR software can provide data in electronic form which can be used in diverse ways
- In the banking and financial sector, an ICR reader can facilitate electronic document authentication
- At an industrial level, an ICR reader can automate multiple repetitive processes
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