Originally posted on April 21, 2022 @ 12:21 pm
There are differences between ICR and OCR technology. ICR stands for intelligent character recognition software online whereas OCR stands for Optical character recognition. Clients should know that ICR is an extended version of OCR technology. OCR technology works by scanning printed fonts on any documents. On the other hand, ICR technology recognizes hand-written fonts and styles. With the passage of time, the ICR technology can improve by computer software that boosts its accuracy and quickness.
ICR technology scans handwritten characters from images. ICR technology has a lot of capacity to improve and give better results by improving the capacity and recognition time. As time passes by, technology is upgrading and becoming more reliable.
Is OCR Better Than ICR Algorithm Technology?
In reality, anyone using the OCR or ICR technology can notice that OCR ICR software needs improvement in producing accurate results. In this regard, ICR technology is being upgraded through AI-based technology. It means that if there is more data, it will help in enhancing the efficiency of the software. Hence, ICR and OCR are both required in the market for better functioning.
What Is The Working Mechanism of ICR Technology?
A client wanting to use ICR technology integrates it into their system. The input is given and the technology scans the information from the documents given. How do banks use ICR technology?
- The client displays the document before the webcam and ICR technology captures the required information of the customer. For example, full name, DoB, and address
- If the financial institution requires, a consent form can be signed by the clients. Just like above, the relevant information will be extracted from the consent document.
- After the procedure has been done, the collected information is authenticated and then the information is sent to the organisation.
This kind of automatic technology has several benefits as compared to manual labour. It means that it is fast, accurate, and more effective. Moreover, it is cost-effective by eliminating the need for an employee for data entry. The captured data can also be used in predictive models for increasing efficiency and optimization.
What Are The Use Cases Of ICR Technology In The Industry?
With the passage of time, the technology got popular and organisations started using it for their purposes. In contemporary times, technology is used to fill online forms automatically. Before the advent of ICR technology, it was extremely difficult to make sense of unstructured and complex data. The latest technology has made the process easier and smooth. On an industrial level, the technology is used in the following ways.
- The ICR technology is employed in robotic process automation all over the world
- ICR is used in OMR (Optical Mark Recognition) for optimising the workplace functioning
- ICR can also be used for identity and document verification. The application is mostly done in banks and financial companies.
- If a client wants to verify the handwritten consent form, the ICR technology facilitates it.
- At a corporate level, there is a huge volume of data that cannot be processed and verified manually. In such cases, ICR software will automate the process.
What are the Several Benefits of ICR Technology?
As ICR software is an upgraded version of OCR technology, it has the basic mechanism of scanning documents for information but ICR technology works on handwritten documents and their related fonts and styles. The software uses artificial intelligence to enhance its accuracy with the passage of time. Clients should know that ICR software can capture information from all kinds of documents i.e. structured, unstructured, digital, and cursive writing style records.
If businesses observe the daily functioning of financial institutions and healthcare departments, they will notice that they have a lot of paperwork and forms. ICR technology is a fast and proficient way to organise and process the information on the documents. This also makes the software accurate as compared to manual work.
Even with all the benefits of efficiency, quickness, and reliability, the use of the technology depends upon the needs of the organisation. If customers compare the costs of OCR and ICR software, they will notice that OCR technology is lower in cost. However, the technology has the potential to facilitate companies in processing huge amounts of data quickly. If the company’s budget allows, it can use both technologies (OCR and ICR) and reap their benefits.
Is There anything else Besides OCR, and ICR Software?
Yes, there is Intelligent Word Recognition (IWR). This kind of technology captures printed, handwritten as well as cursive writing. The information extracted by IWR has more detail and the software can recognize unstructured information as well.
ICR technology has its advantages over OCR software. But when it comes to cost, the OCR technology is cheaper than ICR. ICR technology has the potential to reduce manual work, increase customer satisfaction, and boost productivity. Moreover, there is enhanced compliance, better accuracy, and attention to detail.