Top 5 Industries benefiting from OCR in 2023

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Technology has come a long way. It has changed the way we live and work. Gone are the days when people had to write things down and dedicate a room or two for storage space. We live in a time when data is at our fingertips. It is expected to lead the next industrial revolution. One of the latest technological developments that you need to know about is OCR. It has proven to be a game-changer.

Most companies store archived paper-based documents for many years. It is quite common to get frustrated with a traditional piece of paper instead of an editable file since it is not easy to work with. On the other hand, you would have an easier time digitizing a simple PDF or magazine article.

Although you can scan paper and view it on your laptop, you will be unable to edit it. This means that you have difficulty trying to make changes to the document. However, there is no need to worry, as rules-based OCR software technology can make your life a whole lot easier. It not only digitizes documents but enhances file security as well as improves data accessibility. If you are interested in technology, we have created the ultimate post just for you. It takes a close look at some of the industries that can leverage OCR to optimize performance. So, what are you waiting for? Let's dive right in. 

What Is OCR?

OCR stands for Optical Character Recognition and is an innovative solution that digitizes text. It is widely used by a number of industries. The technology can transform any device into a scanner that is capable of converting paper documents into scanned documents. In fact, it even has the ability to make images captured by a camera into editable and searchable data. It does not get better than this. Today, it is considered to be the method for digitizing information and ensuring that anyone can view it electronically. Therefore, businesses can rely on it to make their operations more efficient. If you are new to OCR technology and are wondering whether it can be used in your industry or not, you have come to the right place. This post takes a close look at the top industries that can benefit from the software.

How Does OCR Technology Even Work?

The fundamental principles that enable humans to recognize text are adaptability, purposefulness, and integrity. OCR technology uses similar principles to recognize text. It analyzes the structure of each image and splits pages into elements to identify words and produce characters. The software compares scanned characters with a set of rule-based pattern images. Then, different variants are analyzed in the line breakage to form words. In addition to this, probabilities are processed to ensure that the recognized text is accurate. The software uses two algorithms or approaches to recognizing printed data, as mentioned below. 

  • Pattern Recognition: Also called matrix matching or pattern matching, the algorithm enables tech devices to identify a variety of printed text and compares them to a library of characters that are stored in the system. Once the shape of the text is determined, it starts to recognize the information and provides an editable file that has minimal mistakes. However, it has to use a more advanced algorithm for detecting handwritten text.
  • Feature Detection: It is the most advanced algorithm used by OCR technology to recognize text. What makes it stand out is the fact that it does not limit the fonts available. On top of this, it can be programmed to identify handwritten text as well. A set of rules are used for feature detection. This helps with the detection of individual component features like crossed or angled lines which are commonly found in characters. Therefore, it is a much more accurate algorithm. 

Why Should Businesses Use OCR Technology?

Now that you have a basic understanding of OCR technology, especially software that is rules-based, you must be wondering how companies can benefit from it.

If you work in an industry that requires assistance with data inaccuracy, usability, and loss, OCR technology can prove extremely useful. It has helped a number of industries by revolutionizing the digitization of files and data processes in order to prevent errors. There is nothing more important to businesses than to store information. By using the technology, you can handle all sorts of issues and improve operational efficiency by making data that is unstructured searchable.

What Are The Top 5 Industries That Can Benefit From OCR in 2023?

Here are some of the industries that are expected to utilize OCR technology in 2023 and beyond.

5. Healthcare Industry

The last industry on our list of top 5 industries benefitting from OCR technology in 2023 is healthcare. It is leveraging OCR software technology to make great strides in the field. Medical providers can rely on it to gain access to the medical histories of their patients with just a tap or click. All the information is saved in the software, and anyone who has permission should be able to access data, including past hospital records, treatments, and illnesses. Also, the technology allows medical providers to stay updated with consumables and manage logistics efficiently. 

The healthcare industry is undergoing massive development, and OCR technology is helping guide it. The technology eliminates menial tasks and allows healthcare professionals such as doctors, nurses, and other healthcare practitioners to access information, make recommendations, and provide a prescription. There are endless opportunities in the healthcare industry. Hence, this is just the beginning, and it is only a matter of time before medical providers can perform even more tasks with the help of OCR technology. The future seems bright for the industry. Besides, patients have no issues using software for most of the tasks. 

4. Food Industry

The food industry is also using OCR technology to change the way they get things done. It is helping the sector in many ways, such as speeding up response times and improving productivity, as well as simplifying products. Therefore, companies in the food industry can expect to benefit from an increase in customer satisfaction. Not only are companies benefitting but users as well. 

For instance, Wine Glass turns users into seasoned wine connoisseurs by providing them with all the information they need about the wine available at a bar. The moment users capture a picture of the wine list; it provides an interactive wine menu. The entire menu would be digitized within seconds with the help of OCR image processing algorithms. 

Another app that reveals the power of OCR technology is Recipe IQ. It is a popular nutrition calculator app that offers a database of over 7,300 ingredients. All you have to do is take a picture of a recipe and upload it. Then, you will be provided with nutritional information. This means that you can rely on it to determine the combined nutritional value of meals. It allows you to stay in the know about your health. It reveals just how much the technology can do for you, especially when paired with RPA.

3. Travel Industry

Another industry that will benefit immensely from OCR in 2023 is the travel industry. RPA features are transforming how people manage their travelers. You might have not even realized the changes that have already been introduced.

Most airports and hotels rely on OCR for security purposes. From checking your passport to saving all your personal information, the technology enhances efficiency and ensures that people spend less time when dealing with authorities at an airport or the hotel staff. What makes it stand out is that it eliminates human error. The fact is that it is a lot more accurate than a human. There are countless traveling apps that have emerged over the years. They take care of everything, including the check-in process, bookings, and travel expense management. Thus, the travel and tourism industry is in a better position to deal with a surge in travelers after the coronavirus pandemic. 

Users just need to download the apps to handle just about everything. OCR technology ensures that they no longer have to perform mundane tasks. It minimizes effort and streamlines everything. Regardless of how you might be related to the traveling industry, you can harness the full potential of RPA to make necessary changes.

2. Legal Industry

The legal and government industries are also benefitting from OCR technology, especially RPA (Robotic Process Automation). It has changed how legal documents are viewed and stored. Since the legal and government industries are responsible for dealing with documents involving millions of individuals, there has been a need for such technology. OCR technology is paving the way for easier information searches, registrations, and voting.

For instance, Register 2 Vote is an OCR software application that is leading the way. It uses cross-platform mobile development to ensure that users are able to register when voting for national and local elections in the United States using just their smartphone devices. The entire process for registering users is quite straightforward when you use the app. All you have to do is upload a picture of your driver's license in order to verify your identity. You can use either a smartphone or any type of digital camera to take a picture. The entire process is smooth as it fully utilizes OCR technology. In fact, the app has managed to increase the number of participants in elections. Therefore, Optical Character Recognition technology simplifies the entire registration process. It provides a much better alternative to regular paperwork. 

Forget about having to fill in all your information, such as your full name, address, and date of birth, thanks to OCR technology. It takes care of everything and more. Not only can you use RPA (Robotic Process Automation) to fill in basic information but even complicated details like your gender. The technology is making it possible to simplify archaic processes. It truly works wonders and will only continue to bring about change in the legal and government industries. In fact, paralegals and government officers would no longer need to fill out most of the information as the software would handle all the work. Therefore, they would be able to focus on other tasks.

1. Banking Industry

One of the industries that rely heavily on data is banking. This is why it can truly benefit from OCR technology. Banking and related industries such as insurance and securities work need to ditch manual tasks in order to lead the future. They are always on the lookout for new technologies to eliminate repetitive tasks and digitize themselves. Traditionally, the banking sector has relied on traditional paper-based documents. It has somewhat lagged behind when it comes to the race towards ditching paper.

The fact is that it was not very long ago that most documents, such as monthly statements, checks, and customer records, were stored in their physical form. However, OCR technology is bringing about change. In fact, it has made it possible to verify checks and signatures in real-time with the help of apps that leverage OCR technology. Thus, banks and other financial institutions can rely on it to prevent fraud and improve accuracy. In addition to this, the technology allows for easier data management, enhances security, and improves the overall customer experience. 

Conclusion

After you have finished reading our post, you will know about the main industries that will take advantage of OCR in 2023. As new technological advancements are made, you can expect to make many improvements in the way you work, especially if you work in the industries that have been mentioned above. Overall, the technology aims to make everyone’s lives easier. It does this by streamlining processes and integrating tasks. If you are interested in integrating custom OCR into your existing application, you can turn to Thoughtful to help you. We can help create the perfect platform for you so that you can take your company to the next level. Our goal is to provide endless possibilities.

Author

Alex Zekoff

Alex is the co-founder and CEO of Thoughtful. He’s spent his career working with Fortune 50 clients developing streamlined processes, enterprise applications, and digital workers. Now, he wants to bring this revolutionary technology to everyone with Thoughtful's pioneering model: automation-as-a-service.

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