OCR Software: Find the Best for Your Business

May 30, 2023
3 mins read
OCR Software: Find the Best for Your Business

    A comprehensive OCR software comparison guide for your business needs

    Why Your Business Needs OCR Software

    Optical Character Recognition (OCR) software has significantly evolved since its beginnings in the early 20th century. Up to 90% of all information businesses receive is trapped inside documents, making the need for efficient OCR solutions crucial. This blog post aims to assist you in identifying the best OCR software that suits your business by providing an OCR software comparison, briefly discussing the history of OCR technology, exploring Template-based OCR and AI-based OCR, and highlighting key evaluative criteria such as speed, accuracy, and security.

    A Brief History of OCR and Recent Advancements

    From the initial inventions that converted printed text into telegraph codes to today’s AI-powered OCR tools that recognize text from images and even handwriting, OCR technology has come a long way. Nonetheless, its primary goal remains unchanged – to automate the reading of printed text. Recent advancements in Artificial Intelligence have given rise to more accurate and efficient OCR software, capable of recognizing diverse languages, currencies, and even handwritten text.

    Diagram from the first OCR patent, number 2026329

    Template-based OCR vs. AI-based OCR: Which Type is Best for Your Business?

    Template-based OCR systems use pre-defined templates that specify the location of specific data fields on a document. While these systems offer structure, they lack flexibility and adaptability to new layouts and document types. On the other hand, AI-based OCR utilizes advanced algorithms like Convolutional Neural Networks (CNNs), machine learning, and natural language processing to recognize and extract data from documents without requiring conformity to known templates. This results in greater adaptability and improved accuracy.

    Evaluating OCR Software: Speed, Accuracy, and Security

    Consider the following criteria to make an informed decision:

    1. Speed: Assess the OCR software’s data extraction time. Faster response times lead to increased efficiency and productivity while also indicating that there are no humans in the loop.
    2. Accuracy: Ensure the OCR software maintains high accuracy levels across various document types and layouts. Features like Day 1 Accuracy™ highlight the system’s immediate elevated accuracy rates.
    3. Security: Choose an OCR solution that complies with rigorous security and data privacy standards, like SOC 2 Type 2, GDPR, and CCPA. Opting for AI-based software without third-party humans in the loop safeguards your sensitive data.

    Additional Features to Consider

    In addition to the primary criteria, consider these key features when evaluating OCR software:

    1. Time-to-Value: Seek OCR tools that offer quick deployment and configuration, ideally within days, rather than longer timeframes. Rapid implementation ensures your business can enjoy the software’s benefits sooner, accelerating ROI.
    2. International Support: Verify the OCR solution can extract data from over 110 data fields while supporting multiple languages and currencies. This capability allows your business to efficiently process documents from various global sources.
    3. No Humans in the Loop: Opt for OCR software that is fully AI-based and doesn’t rely on third-party data extraction resources. This approach preserves the privacy and security of sensitive data.

    How to Evaluate OCR Software

    Selecting the best OCR software for your business requires a comprehensive comparison of key criteria such as speed, accuracy, and security. Combining these criteria with additional features like Time-to-Value, International Support, and No Humans in the Loop ensures that you make an informed decision when choosing an OCR solution that aligns with your business needs and objectives. Explore available options by reviewing product comparisons, guides, and customer case studies that can prove beneficial in your decision-making process.

    Take advantage of the ever-evolving advancements in AI-based OCR technology to unlock the full potential of data extraction, eliminate manual data entry, and transform your document processing capabilities. If you’d like to see the results Veryfi AI-based OCR can achieve with your documents, simply give it a try in the free web demo below. And, if you’re ready to explore further, sign up for a free account.

    Process your docs in less time than it takes to read this.

    See for yourself.