The best OCR software for intelligent process digitization

Document management in your software or your company's processes or those of your customers takes too much time and effort and you are looking for the best OCR software to improve the workflow?

Scanning and processing invoices, receipts, images and other documents in the manual process creates many errors and delays. 

OCR software saves you time and resources while revolutionizing your document management.

OCR software definition in front of opened laptop on desk

OCR Software: Definition

The term OCR stands for "Optical Character Recognition" or "optical character recognition". "Text Recognition"

OCR software extracts data from PDFs or scanned documents and converts the text into editable formats such as Word, Excel or a plain text file.

With OCR software, you can automate your document processing workflow and work more efficiently and conserve resources.

You can perform the following actions specifically with OCR software, for example:

  • Retrieval of text information from image files, further processing and electronic search function 
  • Recognition of relevant features (e.g. postal code, contract number) for mechanical (e.g. postal street) or electronic (e.g. workflow management system) sorting of a document
  • Advanced full-text search in databases or DMS to search PDFs and images
  • Recognition of features for registration and, if necessary, tracking of objects (e.g., vehicle license plates)
  • Layout recognition using a formatted document that corresponds as closely as possible to the template in terms of text, image and table arrangement

You can then convert the scanned documents, PDFs or image types to JSON, XML, Excel or csv files.

OCR Software Cloud Icon And Skyscraper Company With Gear

Text recognition software in the cloud or on-premises?

You have different options to use the OCR software in your company. Both the cloud and on-premises solutions are popular.

The cloud solution is cheaper and does not burden the performance of your technology. The implementation of the software is also quick and uncomplicated.

With an on-premises solution, on the other hand, you have full control over both the data and the security measures that protect it. However, implementation takes significantly longer and is more cost-intensive.

Practical examples: OCR in the application

OCR software can be applied in many cases. These are just a few examples:

  • Indexing documents, web pages and information for search engines
  • Driver's license and license plate recognition for identification
  • Store label recognition
  • Support for the visually impaired through text-to-speech services
  • Processing of insurance claims, so-called claims management
  • Reading traffic lights for self-driving vehicles
  • Reading of consumption meters for automatic billing
  • Social media monitoring
  • Customer onboarding or optimization of usability for new customers in banks
  • Multilingual translation services
  • Loyalty programs to retain customers

Advantages of text recognition software

With the OCR software you optimize your document management. This brings the following advantages:

  • Quickly browse PDFs
  • Easy copying of text passages 
  • Uncomplicated editing of the texts
  • Automation of many work steps 

Use text recognition software in your documents and you will save resources such as time and money while improving internal workflow, which can lead to better performance of your business.

How to find the right provider

In your search for the right OCR software, you should proceed as follows:

  1. Determine actual state:

    In which area do you need special support?

  2. Recognize target state:

    What features does the tool need to have to help you?

  3. Make a selection:

    Which vendors will make the shortlist?

  4. Make decision:

    Which software suits you best?

Standard tool or customized software?

The decision-making process will quickly reveal whether a standard tool or specialized software is right for you.

A standard tool is especially suitable for you if you want to optimize only parts of your current document processing.

Is your drive complete optimization and automation of your document processing? 

Then you should consider a provider that specializes in your industry and also gives you the option to customize the software to your personal requirements.

OCR Use Case Konfuzio Logo

Use Case: OCR Software with AI from Konfuzio

Konfuzio's AI-based OCR software allows you to do just that:

  • Optimized document management through extensive interfaces
  • Easily configurable and integrable AI software
  • Individual customization and training options of the AI
  • Many integrations for seamless work
  • Partner ecosystem to support the implementation of AI solutions (in the cloud or on-premise)

Facts

Konfuzio uses cloud- and on premises-based AI software that goes beyond just text recognition.

The centerpiece is the optical-semantic AI (Hybrid AI), which you can easily customize via the Konfuzio user interface. It combines OCR (optical character recognition), NLP (natural language processing) and CV (deep learning for computer vision).

Document types that are frequently automated with Konfuzio include. Invoices, Insurance policies, Vehicle documents or more Forms

Target group are primarily system houses, consultancies and large companies from various industries. The many integrations and intuitive functions ensure a smooth start.

Features

The various functions fit seamlessly into your workflow and optimize more than just document management:

  • Intelligent Document Processing for automated document processing
  • Input Management: Processing of your mail and incoming e-mail with automatic extraction of data from PDF, image, Word, PowerPoint and Excel documents such as invoices, waybills, contracts and system reports
  • Automatically categorized filing thanks to document classification
  • Emails with attachments: Extraction of email data such as orders, lead notifications, system alerts, and trip confirmations
  • API & SDK Development: Extensive access for developers to the web interface and the document AI. With the AI and UI module, own document workflows can be implemented particularly individually.
  • Preparation for DMS/ECM and Document archive: Automatic preparation and correction through categorization, assignment and filing in the document archive. Secured and qualitative recording of index values and search filters.
  • Sophisticated indexing and search functions for easy automatic storage, processing and retrieval of documents
  • Particularly accessible software documentation

Integration

When selecting the right provider, the range of integration options is also important. This ensures that the tool fits productively into your existing software landscape.

Konfuzio provides the following interfaces, for example:

  • Google Docs
  • Microsoft Teams
  • Microsoft Excel Power Query
  • Airtable
  • Numerous other RPA, ERP or CRM systems

Powerful OCR software with room for individuality

Konfuzio combines efficient document management with individuality and flexibility. In concrete terms, this is demonstrated in practice by the following:

  • No hardcoded rules
  • Customizable AI
  • No rigid layouts
  • Scalable
  • Scanning of documents & images possible

The prices of the software vary depending on the scope of use and installation environment. You can find the prices in the current Price list.

Example Text, 3 Arrows, Scanner Mobile, Invoice, PDF

3 other use cases of OCR software

You can also choose a provider with standard software depending on your use case.

Pure scan software

Scan software is used to scan, digitize and archive documents. The following document types are possible, for example:

  • Folder
  • Documents
  • Files
  • Plans
  • Drawings
  • Invoices
  • receipts
  • Photos
  • Images

One provider for such scan software is Scan Profi. With this you can choose between digital or electronic archiving as well as a local archive or document destruction.

OCR text recognition enhances digitized data and lets you search entire archives in seconds. 

Invoice program with OCR

If the focus of your document management is primarily on invoices, a provider such as iFlow for digital invoice verification, which has optimized invoice processing through OCR.

These are the advantages:

  • No more typing of invoice data
  • Simple invoice verification instead of complex workflows
  • Invoice approval in seconds

PDF Software Solution

If you want to use OCR software primarily to process PDF documents, a PDF software solution provider such as Soda is suitable for you.

The following functions go hand in hand with the provider:

  • Create and convert PDFs
  • Edit PDF text and images
  • Annotate and review PDFs
  • Protect and sign PDFs

With OCR software, you can avoid unnecessary typing and effortlessly convert scanned documents and images into searchable PDF files. 

Conclusion: Comprehensive OCR software for effective document management

As you can see, there are many ways to use OCR software in practice. Whether you choose a standard solution or a comprehensive software depends on your requirements for the tool.

What are the advantages of OCR software?

OCR software saves you money, optimizes data processing and its accuracy, and ensures overall efficiency.

Which industries benefit from OCR software?

Companies from all industries can use the OCR software, e.g. healthcare, public administration, insurance, banking and many more. 

Where can you use the OCR software specifically?

Concrete examples for the use of OCR software are document management of large companies, incoming invoices or the processing of insurance claims.

An OCR software supports you in daily, time-consuming tasks. If you want more than just digitizing and archiving documents, you should look for a provider of AI-based OCR software, such as Konfuzio. 

This makes it possible for other areas of work to benefit from the OCR software in addition to document management.

What do you think about OCR software? Do you already use it and if so, what does the tool help you with? Feel free to write me your opinion on this topic in the comments!

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