Optical Character Recognition (OCR) helps businesses to effectively ‘read’ documents or invoices and process them quickly and efficiently. For those who don’t know what OCR is and does, it can be defined as: a piece of software that converts scanned images of printed or handwritten text into a form that can be recognized and easily processed.
OCR is able to identify incoming documents such as invoices, and immediately extract information like purchase order number, invoice data, line item data and much more. OCR technology has made a huge impact on the way information is captured, stored, shared and edited. Prior to OCR, if a paper document needed to be turned into an electronic file, then each page would need to have been manually typed into the finance system; which is very time consuming and costly.
By implementing OCR as part of your wider Invoice Management Solution (IMS) can give your business benefits such as:
- Reduced data entry costs
- Increased speed of data extraction
- Fewer errors in data, increasing data integrity
- Reduced processing times
- Easy and inexpensive to store and locate document
- Multiple people can access the same document at the same time
Another benefit of OCR is having the choice to use free form or template based reader to read documents. So what is the difference between free form and template, and what would be better for your business?
Document Scaning with WeScanFiles.com includes OCR capabilites