Put simply, OCR stands for optical character recognition. This technology has the ability to recognize characters in physical settings and transform them into a machine-readable format.
But how exactly does this technology impact day-to-day processes? Which industries can benefit from OCR? And how is OCR technology evolving? Let’s take a look.
Which Industries Benefit From OCR?
This technology can be utilized in a wide range of different industries to digitize, streamline, and automate complex manual processes. OCR is particularly popular in sectors like logistics, finance, HR, and even entertainment.
How does it work？
Take casinos, for example. OCR allows online casinos to take physical table games like roulette into the digital space. Online roulette tables feature a traditional roulette wheel which is spun by a real croupier in a studio. The video can then be streamed to players in real time for an authentic and immersive casino experience.
Here, OCR can be used to automatically read where the ball lands on the roulette wheel. The number is captured by a lens set above the roulette wheel, read by the computer, and then transformed into a digital character. The result can then be logged by the platform and displayed on the live feed to ensure fairness, collect data, and remind players who may have missed the result.
A similar process can be used to digitize certain documents like job applications and invoices, improving the efficiency and speed of processing. OCR can also be used to scan barcodes in logistical settings, automating time-consuming tasks and minimizing the risk of human error.
Developments in OCR Technology
The OCR market has seen rapid growth over the last few years, amounting to $11 billion in 2022. By 2032, it is expected to reach $34.16 billion. With a compound annual growth rate of 12%, it is no surprise that there are numerous innovations all the time that are disrupting the OCR market – and here are just a few.
1. Advanced Screenshot Tools
Microsoft Edge’s integrated screenshot tool has inbuilt OCR capabilities. This allows users to capture an image of their screen, and extract all the text in a computer-readable format.
It is thought that the tool will soon be compatible with Copilot. With this in mind, users could simply take a screenshot, extract the text, and quickly search for relevant things online using the AI assistant.
2. AI Label Reading
Prime Vision’s Text Vision software combines the capabilities of both OCR and AI technology to read labels on letters and parcels. The software can be used in complex warehouses and distribution centers.
With similar software, there is a risk of damaged labels not being able to be read. This software uses deep learning to enhance captured images in the pre-processing stage. Due to this, AI can reconstruct damaged sections so that they can be read.
3. Semi-Automated Tracking
Prolistic’s PRO-CAP solution semi-automates data recording for postal, logistics, and shipping industries. The OCR software can read both typed and handwritten text, processing addresses, barcodes, tracking numbers, and so on, simultaneously.
It is said that the system can process up to 650 letters and parcels in just one hour. This mix of hardware and software can bolster the relationship between e-commerce and distribution organizations.
Final Thoughts
The OCR technology can improve business processes by streamlining tasks, ensuring compliance, automating data entry, and minimizing the risk of human error. No matter what industry, OCR has huge potential to continue revolutionizing the way we work.
