While manual data entry remains an essential process for businesses across various industries, optical character recognition (OCR) offers a wide range of benefits. Ready? Let’s have a closer look.
Improved Data Accuracy
OCR technology extracts text and numerical characters from physical files or objects and converts them into a machine-readable format. This automation of data collection eliminates the need for manual data entry, significantly improving the accuracy of the collected data. Accurate data is particularly important for industries where data analysis is critical for monitoring and improving the quality of goods or services.
For example, in the online casino industry, when players try their hand at live roulette online (such as Quantum Roulette or Lightning Roulette), they interact with the game through a live stream of a host operating a physical roulette wheel. OCR, then, can be used to identify the results of each spin. The results can then be displayed on the live feed for players who missed the result, but the data can also be collected for use by the platform. With this in mind, online casinos can efficiently keep track of results to ensure the gameplay remains fair, immersive, and entirely based on luck.
Reduced Expenses
According to data collated by Forbes, businesses spend almost £6 billion a year managing paper, which averages out to nearly £15 per document. Moreover, the average filing cabinet costs businesses £1,118 – £1,567 yearly in maintenance, and employees typically waste 30-40% of their working day searching for documents. OCR can help businesses move toward a digitised solution, dramatically reducing overhead costs.
This is particularly advantageous in industries like shipping and logistics. OCR can automatically extract data from physical order forms or invoices and integrate it into an online database, where it can be used to generate shipping labels. In warehouses and sorting offices, OCR optimises processes by enabling seamless tracking for both businesses and consumers, without the need for large filing systems of paper records.
Disaster-Proofed Processes
Whilst it is not something that anyone wants to think about, it is critical for every business to have a recovery plan in case of a disaster. Ensuring that a business can recover quickly and with minimal stress after an unforeseen event is crucial – especially when physical files and data are vital to operations.
OCR plays a crucial role in disaster-proofing processes. When OCR extracts the data, it is stored in a digital format, which can be backed up on the cloud. This provides businesses with many options for better security of their data storage and maintenance, as well as enhanced distribution systems. Digitised data is far less susceptible to loss or corruption, allowing businesses to continue operations with minimal disruption and ensuring the ongoing protection of sensitive information.
As you can see, OCR data entry can improve the efficiency and quality of operations, reduce the risk of human error, reduce overhead costs, and provide a backup in case of an emergency. Overall, this can contribute towards total digitisation and boost revenue.
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