How AI-Based Intelligent Character Recognition (ICR) is helping big organizations

WHAT IS INTELLIGENT CHARACTER RECOGNITION?

ICR or intelligent character recognition is AI-Based technology that is specifically designed for handwritten text to be recognized and then converted by a computer into a more readable form. Basically, it is the advancement of OCR technology where data is interpreted in forms and physical documents after verifying different writing styles and fonts. ICR Services improves the performance of OCR technologies is a great way by converting various handwriting styles in order to take out the data from organized and unorganized texts.

HOW DOES ICR WORK:

Intelligent Character Recognition interprets various handwriting styles and fonts with the assist of artificial neural networks that enables the system to recognize the text more accurately. ICR technology is used for the purpose of scanning and extracting information from paper-based documents and then stores the data digitally afterward. The working of ICR consists of the following steps:

Documents are fed into the ICR scanner.

APIs that have been pre-trained read the image and scan it. Handwritten Texts and fonts of any style are automatically interpreted by the computer. The technology uses a pre-existing database to analyze any handwritten text and fonts.

The signature of the user can also be asked by the software for verification documents purposes.

Data is extracted from documents and is automatically structured.
After checking grammatical mistakes and proofreading, if any error or mistake is found, the ICR software identifies them and sends documents to the users for evaluation.
If that’s not the case, then the documents are processed and the data from fields are placed automatically for the keeping of records.

ICR Applications:

Intelligent character recognition is the best software for catching the information from physical documents and then smartly and intelligently converts into readable form. There are some applications of ICR:

BANKING:

All financial institutions like banks, NBFC store huge amounts of data of their customers. It must be a complex situation for these institutions, but no more complex now. With the invention of ICR, the whole procedure is no more complex now. ICR is able to read the information from loan applications, forms, and checks to process them online.

Educational Institutes:

Educational institutes like schools, colleges, and universities are now using ICR software to recognize handwritten notes and place them into the computer systems for grading purposes. This is how ICR assists educational institutions.

E-COMMERCE:

ICR is being used in online business and e-commerce stores for the purpose of collecting electronic signatures and then logging in it for KYC documentation. More online firms and e-commerce organizations are using ICR to improve their customer satisfaction.

Insurance Companies:

Insurance companies are required by law to make the document digitize and these companies are using ICR for this purpose. In this process, the data will be online and get verified quite easily and it makes it easy for the customers to review the policies and file complaints.

ICR AND ITS BENEFITS:

ICR is an artificial intelligence-based technology designed for extracting handwritten text from images. It is the latest technology being used for scanning documents in printed form. Some of the benefits of ICR are:

Often handwritten documents can contain personal information of the person like name, license numbers. If your software doesn’t have ICR, Your firm or business may circulate documents unknowingly with your personal information on them.ICR software can prevent us from all these penalties.
Another benefit of ICR is that it plays a key role in increasing customer satisfaction. Businesses are using ICR and integrating with different types of documents.
With ICR services the time spent on manual data entry eliminates and it provides vigorous data verification. This results in an increase in employee productivity and efficiency.
The ICR technology ensures accuracy. ICR is able to verify the handwriting of humans. The accuracy depends on how clear the writing is, but ICR ensures that accuracy rates are higher.

CONCLUSION:

ICR technology is the artificial intelligence-based latest technology used almost in every sector. We can say that this technology keeps on improving, it provides a high rate of accuracy. The user is also satisfied with this software as they have more data to present since the software is up to date and performs better. ICR software gets better at predicting new writing styles whenever it reads handwritten fonts.