Data security comes first – We'll never sell or share your data. For more details, here’s our Privacy Policy
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Ever wonder how the iPhone detects text from images? It is made possible via OCR. OCR stands for Optical Character Recognition. It is a technology that converts an image of text into a machine-readable text format. OCR systems combine hardware and software to convert physical, printed documents into machine-readable text.
OCR software extracts data from scanned documents, images, and PDFs. OCR software works by identifying letters on the image, putting them into words, and then putting the words into sentences, thus enabling accessing and editing the original content. It also eliminates the need for manual data entry.
OCR can transform and streamline business operations across sectors and industries by effortlessly extracting data from scanned documents.
Banks are synonymous with paperwork. However, storing and retrieving information on paper is a cumbersome task. That’s where OCR technology can help. Banks can effectively digitize large amounts of paperwork with minimal effort. OCR can be instrumental in increasing the efficiency of common banking procedures such as KYC verification, loan approval, balance sheet preparation, audits, detecting identity fraud, and more.
Many legal industries still use paper trail methods for information processing. Whether registering a license or voting ID cards, the technology streamlines the workflow. Rather than verifying users’ data manually, OCR technology checks the registered users’ data by scanning their cards and accessing details seamlessly.
The financial sector can tremendously benefit from OCR technology by enabling professionals and accountants to focus on high-priority tasks. Nanonets’ OCR can automate common but often neglected financial operations such as accounts payable, reconciliation, record-to-report, and purchase order matching while maintaining high speed and accuracy.
Organizations in the medical field manage a large volume of paper medical records, health insurance forms, and medical declarations. Hence, issues like higher turnaround times, erroneous claims processing, and high customer dissatisfaction are the norm. Nanonets OCR provides a solution by converting all forms of data–patient data, treatment history, insurance payments, or diagnosis information, into digitally accessible formats, enhancing process efficiency in healthcare.
We are impressed with the intelligence in the product when it comes to data extraction. This opens up for many new areas where we can help our customers, like detection of fraud. We have been having a tight and transparent dialogue with Nanonets. Our customers are very pleased with the product as well as the technical support we together with Nanonets have been able to provide.
Per Defalva
Founder, DigitalEngine (Sweden), ex-CIO PwC Sweden
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Data security always comes first – we'll never sell or share your data. For more details, here’s our Privacy Policy.
Nanonets Online OCR is completely free-to-use. Nanonets offers a range of capabilities to automate data capture from invoices, receipts, and other common document workflows. Check out https://nanonets.com/ for more.