Joseph Corcoran invented ICR in 1993 to automate the verification documents and processing of documents. ICR Software also call “Intelligent Character Recognition” is the extended form of OCR (Optical Character Recognition) technology. OCR focuses on the characters which are hand-print while ICR allows the computer systems to learn different fonts and styles of handwriting, hence improving the text recognition.
IWR (Intelligent Word Recognition) can not replace the ICR and OCR technology. It is an optimize software that processes documents that are not well-written. Documents in which data fields are hard to recognize can’t be identify using Optical Character Recognition. So, IWR automates the data entry tasks and can recognize the text in a more detail form.
How Does ICR Software Work?
The ICR software is first integrated into a system and verification documents that take in the handwritten document as input. It scans the provided information and then extracts the data from it. Here’s a character recognition app that works in the banking sector.
- The end-user is ask to present their ID in the camera. The software, after scanning the details, extracts data from it.
- The end-user can also be asked to provide hand-written consent which would also be scan and extracted.
- The extracted data is verify and the results are sent to the bank.
The automated procedure saves time and also removes the ineffective data processing by businesses. Besides saving precious time, it also saves the cost of hiring professionals for data entry purposes. The data which it extracts can be use in automated data flow systems. This facilitates the businesses in ensuring predictive modeling and that too over the large datasets which actually makes the system optimize as well as efficient.
Applications of ICR Technology
Today all the modern sectors of business are using ICR to automate the form filling process. When there was no ICR, identifying unstructured data was a tough task. So, with the innovation of mobile ICR, the data extraction process has been automate whether it is cursive handwriting, structured or unstructured data. Intelligent Character Recognition software has many applications in the industries which are as under:
- The ICR process is adopt by RPA (Robotic Process Automation) across the globe.
- ICR is being use in OMR (Optical Mark Recognition) to optimize the operations of the workplace.
- ICR is the best choice when the company wants to achieve data in the electronic environment.
- It is use to verify handwritten consent in the digital world.
- Using optical character readers, the industries are automating their manual data entry operations.
- They are also use for electronic document verification. It is verifying individuals’ identities online. Usually, financial institutions and banks use this application.
Benefits of ICR Software
ICR software can interpret different styles as well as fonts and that’s how it makes the OCR (Optical Character Recognition) technology more effective.
Optical text recognition uses neural networks and Artificial Intelligence, which helps the system to learn from their experiments. Whenever any data is given to ICR mobile app, it enhances the system’s learning process via artificial neural networks for extracting data from both the structured as well as unstructured documents with digital or cursive handwriting. The AI-based ICR software automates the company’s data processing operations, eliminating the need for manpower. Furthermore, in automated systems, the data would be processed at a greater speed than it can be done manually.
No matter if it is a healthcare platform or a financial institute, the software is being widely use in all sectors. They are considere as an efficient and quick tool to process the data of a client in all industries. Not only does it extract the data but also checks the errors and if there are any, it reduces them as there is no place for any kind of data errors in the industries. Using IWR and OCR, the companies can simplify as well as accelerate the transcription and digitization of different kinds of forms and verification documents.
Final Thoughts
Now you have an overview of ICR Software, but deploying this software depends on the company’s requirements. Intelligent character Recognition is indeed costly as compared to Optical Character Recognition. But if your company is dealing with huge volumes of data and those are either structure or unstructured, then ICR software with OCR would be the best choice. This would not only reduce manual labor but also process the client’s data more accurately. The happier the clients, the positive the company’s image is in the market.