Achieving Day 1 Accuracy™ with AI-Based OCR

June 1, 2023
3 mins read
Achieving Day 1 Accuracy™ with AI-Based OCR

    Day 1 Accuracy™ delivers time to value – unleash the full power of fast, accurate, and secure OCR for your business

    An Ever-Changing OCR Landscape

    In the rapidly evolving digital landscape, businesses and enterprises are seeking data extraction solutions that deliver high-performance results. Specifically, Day 1 Accuracy™ is the gold standard for companies considering OCR software to streamline their workflows, reduce manual data entry processes, and speed up document processing with high OCR accuracy. In this article, we’ll delve into what Day 1 Accuracy™ means, its importance in OCR technology, the approaches that contribute to increased accuracy, and how to evaluate OCR software for Day 1 Accuracy™.

    Veryfi provides industry-leading Day 1 Accuracy™ and customers can achieve >98% accuracy depending on a range of factors including data fields, types of documents, language, quality of the images, etc.

    What is Day 1 Accuracy™?

    Day 1 Accuracy™ refers to how accurately an Optical Character Recognition (OCR) system processes and interprets textual data within documents starting from day one, achieving accurate data extraction results without time-consuming system training. It eliminates the need for long implementation projects, humans in the loop, and template development, ensuring high data extraction accuracy and seamless integration into businesses’ existing workflows.

    Why is Day 1 Accuracy™ important?

    Companies dealing with vast amounts of data need reliable and automated systems to handle data extraction and processing with optimal data extraction accuracy. Day 1 Accuracy™ offers streamlined implementation and rapid system adoption of OCR technology, ultimately delivering faster time to value by saving time, effort, and resources. With immediate accuracy, businesses can experience cost savings, gain time to market, and delight users.

    OCR Approaches Contributing to Increased Day 1 Accuracy™

    While various approaches to OCR exist, accurate data extraction starting from day one relies on advanced AI-based algorithms. Specifically, AI technology such as Convolutional Neural Networks (CNNs) and Large Language Models (LLMs) (similar to ChatGPT) have revolutionized the field in terms of accuracy and performance. These methods enable OCR systems to achieve far greater OCR accuracy from day one, compared to template-based OCR.

    Evaluating OCR Software for Day 1 Accuracy™

    When choosing the right OCR software, prioritizing Day 1 Accuracy™ and overall OCR accuracy should be a primary factor. Accordingly, to ensure this businesses should consider the following evaluation criteria:

    1. Free trials or demos: OCR software vendors should offer a free demo or trial. This allows companies to test the system’s accuracy, efficiency, and compatibility with their individual requirements.
    2. No templates or training required: The OCR solution should not need manual training or template creation. It should function accurately from day one, achieving accurate data extraction results across diverse document layouts and content.
    3. Global OCR Accuracy for international documents: AI-based OCR should come pre-trained on hundreds of millions of documents. It should support over 110 data fields for languages and currencies used around the world.

    Increase Accuracy and Elevate Productivity

    In the fast-paced digital era, efficient data extraction solutions are paramount for business success. Day 1 Accuracy™ in AI-powered OCR technology is crucial for instant, reliable data extraction. Further, it avoids the hassle of manual training and template development, ensuring high OCR accuracy and data extraction accuracy.

    Experience Day 1 Accuracy™ for yourself with our free web demo below. Sign up for a free account to explore further and see how our OCR API Platform and Veryfi Lens accelerate time to value. Unlock the full potential of OCR technology with Veryfi and elevate your company’s productivity today!

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