4 Industries Where OCR Technology Can Work Wonders

Healthcare Sector

Hospitals and other organisations working in the medical sector have to work with a lot of paper-based patient records, health insurance forms, and medical policy statements. Keeping track of the large volume of data often becomes an uphill task for healthcare institutions. Optical Character Recognition provides a solution to this problem by converting data like patient profile, treatment history, insurance payments, and diagnostics into digitally accessible information. Once the information is changed to electronic form it can now be accessed anytime with ease. This gives healthcare providers the utility to better diagnose a patient by viewing their medical history through their electronic health record. 

Apart from this, information extracted from the OCR engine is stored to cloud storage where it is kept secure and confidential. This helps medical service providers in the efficient management of patient records. Moreover, in the pharmaceutical sector, information related to a wide range of drugs could be digitally stored and retrieved from online databases with a single search operation, optimising time management. 

Read more: Fully embracing digital transformation with AI OCR

Finance Industry

The Finance sector can greatly benefit from OCR solutions providing finance experts and accountants with the opportunity to focus on high priority tasks rather than processing information using old-school methods. Rather than focusing on manual data handling and processing, they can use OCR technology to automate operations which take longer turnaround times. This way financial organisations can bring better productivity and accuracy in their mechanical operations. 

According to a report, digital businesses invest more than a billion dollars in preventing fraudulent activities. Blank and double receipts, transactions from non-banking entities, and adding more value to the actual expenses are ways and means through which cyber criminals deceive financial systems and forms. OCR helps mitigate these possible instances of financial frauds by integrating OCR management systems in mobile applications or web platforms which are used to perform financial activities.

With Optical Character Recognition, in-depth audits can be conducted with a faster turnover, allowing auditors to easily access budget reports and expense documents. Rather than reporting and collating every single detail, finance experts can spend more time on analysing details related to transactions. 

Apart from this, OCR allows accountants to work remotely due to the level of accessibility they provide. By reducing the possibility of human error in reading invoices and financial statements of different formats, automated OCR solutions prove to be a good deal in the finance industry. 

Insurance Industry

Unexpected delays can affect the customer experience of any organisation, and insurance firms are no exception. Manual entry of data becomes impossible when it comes to the length and volume of insurance policies and agreements. There is no solution except to go digital. Insurance companies can use OCR-based solutions to make their client onboarding process smooth and effective. By allowing customers to upload a copy of their insurance policy using a mobile application powered by OCR, insurance firms are banking on the right use of technology. Insurers can now sign contracts with customers by easily retrieving their information through searchable PDFs generated by OCR. 

Shufti’s OCR for Business

Data extraction and processing is the need of the hour for enterprises around the globe. Processing customer data in huge volumes can often become a challenge for online businesses in the finance, banking, insurance and healthcare sector. 

Shufti’s OCR for Business combines artificial intelligence to perform instant image to text conversion of paper-based documents into digital PDFs. The solution extracts information from a wide array of documents including handwritten, business records, official letters, and invoices etc. Shufti’s OCR has multilingual support of over 150 languages with global coverage. With a remarkable accuracy of more than 90%, online businesses can efficiently optimise their customer data.

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