How Your Company Can Track Data with AI and OCR Technologies

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As businesses are continuously looking for new ways to stand out from their competitors and attract customers in new and engaging experiences, AI And OCR technologies are becoming essential to how they are doing this. In fact, according to the Harvard Business Review, companies that use AI technology for sales were able to increase their leads by more than 50% while reducing the amount of time they spent on their phones by 60-70%. 

The first step before you implement these technologies in your business is to understand how they work and how they can track data. In this article, we'll explore everything you need to know about tracking data with AI and OCR technologies.

 

What Are AI and OCR technologies?

AI stands for "artificial intelligence," and OCR stands for "optical character recognition." OCR is a data-reading technology that recognizes the characters in any given input. OCR technologies use this capability to create searchable text from image-based content such as handwritten notes, screenshots, or faxed documents. 

To do this, OCR uses machine learning algorithms to teach machines how to read different fonts, symbols, and handwriting. As a result, these types of technologies can be used to make data gathering faster, more accurate, and less expensive. OCR is designed to work with existing data sources, but it can also turn data into actionable information.

 

Evolution of OCR Technology

OCR technology can be traced back to the First World War when it was used in telegraphy. This machine was able to read characters and create them into code. These machines were eventually transformed to perform other tasks such as extracting records from film and retrieving electronic documents. However, these early versions had issues recognizing more than one font, which made it difficult for OCR technologies to be implemented into businesses.

The OCR technology used today was developed in the early 2000s when it was used as a cloud-based service that could work on both mobile applications and desktops to retrieve the information necessary from documents. Today, many platforms offer this technology at a high-functioning level to help businesses stand apart from their competition.

 

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How OCR Technology Can Track Your Company's Data

OCR technology provides businesses with the tools they need to quickly process large amounts of data as well as put that data into actionable insights that can improve their business. This eliminates hours of wasted company time spent on crawling through tons of information on certain dates or pertaining to specific keywords. 

OCR technology makes data gathering more efficient by scanning documents, receipts, or invoices, turning them into searchable data that can be used to improve your business. OCR also works to eliminate the risk of human error when it's used to collect data from surveys and questionnaires.

Benefits of tracking Data with OCR Technology

If you are still unsure of how OCR technology can impact your business, here are some key advantages of using OCR in your company.

 

Reduces Dependency On Human Effort 

OCR technology can help your employees spend less time sorting through data they don't know how to process and more time on tasks requiring their unique skillset. OCR technology will also enable them to spend more of their energy focusing on important decisions for the growth of your company, rather than spending all their time doing repetitive tasks.

 

Lowers Probability Of Error 

OCR technology makes data gathering more accurate, eliminating human error from the equation. When OCR technology is implemented and used correctly, businesses can enjoy high-quality data that makes decision-making more straightforward and effective instead of relying on data that may contain errors due to human input.

 

Improves Efficiency And Productivity 

OCR technology gives your employees access to information that will help them make better business decisions, ultimately helping you save money and produce higher-quality work. OCR can be used to gather data in real-time, which expedites the decision-making process and helps businesses run more smoothly. 

When your business has this information at their fingertips, they can easily search through numbers, customer information, or even sort based on keywords to find just what they're looking for. OCR technology is especially useful for businesses that are launched online because it will enable them to track customer activity, better understand their marketing efforts, and collect data that can be used to improve the company's image.

 

Savings on the cost of labor, printing materials, and physical storage space

Having physical documents lying around can become expensive, especially because that means your business needs to have physical storage space and someone to organize this paperwork. OCR technology enables companies to save money because it can be used to quickly scan physical documents into digital format, extracting out the important information from these documents. This eliminates the need for employees to spend time sorting through stacks of papers or filing away information that was once on paper. 

OCR technology can free up valuable space in your office by converting all hard copies into an electronic database, allowing you to save as many documents as you like without taking up any physical space.

 

Capture Important Data With A Scanning And OCR feature

When it comes to the ultimate data capturing software, you'll want to choose the Jenji platform. Jenji's innovative and powerful technology will spot any overlooked expenses, waste, or fraud in real-time, so you don't have to waste time manually searching through your paperwork. When you need intelligent OCR technology to track data and make your business process even easier, make sure to reach out to Jenji today for a demo.

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