New: Plus AI OCR
Daily work with documents is a time-consuming and challenging process for many companies. Manually transcribing data from invoices, contracts or purchase orders not only consumes resources, but is also a source of potential errors that can affect downstream business processes.
Costs resulting from poor quality of entered data are a significant burden for businesses around the world. According to Gartner estimates, the problem costs organizations an average of $12.9 million annually. In turn, a study by MIT Sloan Management Review indicates that as much as 15-25% of companies’ revenue is lost due to errors and imperfections in data.
Statistics leave no doubt – companies, wishing to avoid financial and operational losses, must pay more attention to the quality of the information they process. Their vulnerability to errors not only generates costs, but also influences unfavorable business decisions, which can ultimately threaten the competitiveness of the company.
company’s revenues can cost erroneously entered data.
leaders in the financial industry do not have full confidence in the data used in decision-making processes.
Efficient data processing with AI OCR
OCR – Optical Character Recognition, is a technology that allows converting text from physical documents, images or PDF files into a digital format that can be edited and analyzed. This eliminates the need to manually transcribe data, significantly speeding up business processes and minimizing the risk of errors.
Combining classic OCR with AI expands its functionality to include the ability to process a variety of document layouts, languages and handwriting styles, making it an indispensable tool for automating work with large amounts of data.
Standard OCR vs. AI OCR – what are the differences?
Plus AI OCR
The latest module from Suncode, Plus AI OCR, is a breakthrough solution that significantly improves document processing in enterprises. Thanks to the use of advanced artificial intelligence algorithms, the module enables fast and accurate text recognition, regardless of the format or layout of documents.
Key benefits of implementing Plus AI OCR include:
- High accuracy – the technology achieves a reading efficiency of 99%, minimizing errors typical of manual transcription
- Process automation – the application eliminates the need for manual verification and data entry, saving up to 80% of time
- Support for diverse formats – the software copes with documents in more than 40 languages, processes tables, charts and handwriting
- Integration with ERP systems – Plus AI OCR allows information to be sent directly to databases or other workflow systems
- Flexibility and scalability – the module can be customized to meet the specific needs of a company, allowing it to be deployed in different industries and scale as the company grows
How does Plus AI OCR work?
Our tool quickly and effectively analyzes the delivered documents, automatically extracting the information contained in them, and then sends the acquired data to the Plus Workflow system, where they are available in an editable form. This process takes only a few seconds, which significantly speeds up the implementation of daily operations in businesses.
Who is Plus AI OCR for?
The solution is suitable for companies of all sizes and industries, from finance to manufacturing and administration, that want to automate document processing and increase productivity.
The module processes documents such as:
- Invoices
- Receipts
- Contracts
- Reports and statements
- Identity documents
- Bank documents
- Credit cards
- Forms and applications
- Orders and specifications
- Technical documentation
- Handwritten documents
- Other
Plus AI OCR to support your business
In today’s dynamic business environment, data accuracy is becoming a key factor in an organization’s success. Many companies are struggling with data errors, which often only become apparent after a long period of time, such as when generating reports or analyzing financial results. Such inaccuracies can lead to serious consequences, such as loss of trust from customers, as well as threats to brand reputation. In such a context, investing in data quality becomes not only a necessity, but also a strategic decision that can significantly improve an organization’s performance, including operational efficiency and regulatory compliance.
Companies that rely on modern technologies, such as process automation and AI OCR systems, can effectively minimize the risk of errors while increasing competitiveness in the market. These technologies not only allow for faster but, most importantly, more accurate data processing, which translates into better information management, greater reliability and increased customer confidence.
To learn more about the Plus AI OCR module, click here.
Sources:
Whitepaper, 2022. The hidden cost of bad data whitepaper. How much is bad data costing your firm? dci-whitepaper-the_hidden_cost_of_bad_data.pdf