Customers are dealing with cyber-attacks and risks brought on by freely accessible cyberspace technologies. This is why they are demanding more advanced security measures in the age of cutting-edge technology. According to University of Maryland research, a cyberattack occurs somewhere in the world in 39 seconds. Due to loopholes in technical progress, fraudsters have easily accessed the online world.
Enterprises must act quickly to hire ICR professionals before the economy as a whole suffers a severe penalty. The introduction of ICR technology can reduce fraudulent activities like unlawful cash transfers, chargebacks, and terrorist financing.
ICR Technology at a Glance
ICR, or Intelligent Character Recognition, is a subset of OCR, or Optical Character Recognition. Using intelligent character recognition, a firm can retrieve written material on paper, authenticate it, and transform it into machine-readable content. ICR services are required because processing data from physical copies is challenging and prone to human errors. Deep learning and advanced algorithms such as artificial intelligence techniques are what the ICR reader uses to transform paper-based documents into files that are machine-readable. The vast majority of businesses are using this cutting-edge technology to tackle potential fraud and scams due to its enormous benefits.
Is ICR Technology Better than OCR Services?
Whatever the repercussions, technology will continue to develop over time. Given the modifications, it’s critical to comprehend how the features of ICR services, as well as OCR, differ from one another.
Despite the fact that the ICR reader is a subset of OCR, there are significant distinctions between the two. For a better understanding of why ICR is superior to OCR, let’s examine some of the points.
- ICR systems can scan handwritten and printed documents without making any mistakes, in contrast to OCR which can only interpret printed material
- In contrast to ICR technology, which uses AI text recognition to interpret various fonts and various languages, OCR is not yet intelligent enough to detect complex handwritten texts and fonts
- While the ICR method detects detailed attributes of the document via artificial intelligence, the OCR system cannot scan in-depth papers and detailed qualities
4 Ways to Improve ICR Software Recognition
- ICR recognition software can recognize the content more easily when the text is well-written and clear.
- Users should refrain from using cursive writing.
- Encourage people to utilize block letters while writing.
- Inform the customers that ICR technology is what helps them to process the form.
Applications of ICR Technology
ICR services can be employed in a wide range of documents and across numerous sectors.
- Bill of lading
- For logistics like outbound and inbound transportation
- Freight bills for any shipment
- FHA applications
- Real estate
- Home loan forms
- Borrower forms
- Academic documents
- Medical reports
- Rent agreements or any contractor agreement
- Medical documents
Types of Documents ICR Technology Can Read
- Travel documents
- User surveys
- Bank documents
- Employee onboarding forms
- Educational documents like exam sheets
Advantages of ICR Technology
Even though ICR services offer incredible advantages, data retrieval using deep learning as well as machine learning techniques further increases the advantages and produces accurate and effective extracted data.
- Enhanced compliance: The use of digital documents simplifies auditing, which facilitates the maintenance of sensitive information.
- Edits any documents: Unlike paper files, OCR solutions can process digital documents and convert them into machine-readable form.
- Enhances user experience: By transforming printed text into a machine-readable format, artificial intelligence text recognition technology preserves and improves user experience. The client care staff may quickly access data at the user’s order due to this software.
- Advanced security: Paper-based records may be misplaced or altered, or the ink may fade over time. OCR avoids such incidents by converting files into digital versions. To minimize any data breaches, businesses should also invest in such security solutions.
- Hassle-free: The usage of the ICR algorithm allows businesses to quickly transform all paper-based information into a digital format without the need to store stacks of paper in a special room with enhanced protection.
- Enhances efficiency rate: It saves time and reduces human error by converting paper-based files to digital ones and extracting data.
- Reduces workforce: While recording or accessing information, humans are prone to making mistakes. Intelligent document identification guarantees a decrease in human mistakes and lowers the cost of hiring people for streamlined operations.
There are many excellent ICR services available today, so organizations shouldn’t hesitate to integrate them into their infrastructure. ICR technology has been shown to reduce phishing attacks and combat counterfeits. The system improves client data extraction while also operating successfully and effectively. ICR readers have also been shown to be crucial in lowering errors and helping organizations easily input huge amounts of information into their systems.