Infrrd AI Enabled Intelligent Document Processing for Complex Documents

Old school ways of conducting financial transactions are gradually bidding adieu. Automation, AI, and data analytical tools are taking over to ease the workflow. Everyone in the market wants to move ahead to enhance customer experience, deliver value, and obtain market share. So boarding the train of digital transformation has become the first choice for most companies. Now the question is what does it signify for the present and future of this industry? Adapt and adopt, these are the key terms for most companies who are walking in pace with the technological revolution. Finance being the people first sector is shifting its focus to make their customers’ personal lives better and easier. Businesses are prioritizing greater agility and higher quality for their overall process improvements. Some of the changes they are going through are: Making investments on technology which can support or expand their operating models, thereby making their processes responsive, effective, and digita...

WHAT IS OCR? Data entry can often turn tedious and inaccurate if done manually. But, you can avoid this cumbersome process with an automated optical character recognition software. What OCR does is, it uses machine learning to scan each character on a page individually. It allows the documents to upload as text documents instead of images. We could scan easily and promptly any kind of printed document, be it receipts, invoices, contracts, utility bills and much more with this solution. HOW IS INFRRD’S OCR DIFFERENT FROM TRADITIONAL OCR? Our  OCR solution  is different in two ways: We don’t use templates but NLP for recognizing entities in a document. This helps us identify business names, bank details, amounts, prices etc. irrespective of where they occur in the document. Read more  here  on why templates are a bad idea. We use Machine Learning to fix what traditional OCR’s cannot figure out, by building an automatic context around the...

Data analysis without data preparation it is a myth. Unless we feed the right data in a proper format, Machine Learning algorithms won’t be able to solve our problem. If we give one wrong input then we end up where we started. So it’s very important to understand what data preparation is and how one can do it. Data, in its original form, may have a lot of missing pieces or disarrangement. Through data processing, one can modify this raw information from a specific database to a format which is understandable and learnable by the machine. Mentioned below are the ways that, we at Infrrd , employ in preparing our data. 1. Data selection: It is necessary first to identify the type of data we are going to be working with. One has to keep in mind whether the available data will be able to address an existing problem or not. We keep certain factors in consideration before selecting the data: Data should not be of low quality: Low-quality input= low-quality output. Dataset is not err...

The  OCR  technology has become widely popular today. Existing workflows and business processes have improved a lot after companies started adopting it. Some have even created their own versions of it to achieve better results in terms of productivity. Although, increasing the OCR accuracy isn’t something which can be done overnight but one can definitely try to do so in due course of time. So how can someone fine tune their  Optical Character Recognition  engines gradually? Well, there are different ways to attain this goal. We at Infrrd keep in mind the following tips:    1. Accuracy is achievable at a character level.    2. Accuracy is gainable at a word level. On the character level accuracy, an OCR capability is judged on how often it can recognize a right character, rather than how often it identifies a wrong character. Similarly, word level accuracy means how frequently an OCR identifies a right word. Infrrd   OCR   ha...

When introduced, Optical Character Recognition software was considered to be a boon for businesses. Instead of manually transferring data from records, one could now simply extract data from them. Later they can enter it automatically into in-house systems. We can save hours of manual labor but there remains a caveat. Errors introduced during the extraction process remain in your system. Before we recognize and fix the errors it can stall the work for many hours. ​ OCR scanners are prone to fail when one tries to extract data from old documents. Either the fading of the print or the lack of contrast can lead the software to incorrect recognition of patterns. Additionally, most online OCR software is designed to work with English as a language. But not everybody uses English as their first language. If you travel to Europe, the script remains the same but the language differs. A smart engine OCR should be able to pick up this difference in language and adapt its data extraction algori...

Does your OCR technology make sense of the data that is extracted? Traditional OCR technology provides less accuracy as it does not understand what is being extracted and hence a considerable amount of errors occur. To remove such errors it needs manual fixing which is time-consuming and will require significant resources. The AI-powered Infrrd OCR removes all such difficulties by implementing machine learning algorithms to understand the data that has been extracted and improves the output automatically. Thinking About Switching From Your Current data extraction technology To an intelligent one? Here Are 7 Questions To Consider First: 1. How accurate is your OCR data extraction? When it comes to choosing an OCR app, accuracy is one of the most important criteria. Infrrd OCR is different from other OCR software as it works on significantly improving the accuracy of the extracted data. It achieves this by learning from existing business records and extracting data in cate...