Today, online businesses are adopting innovative solutions to meet the constantly evolving customers’ needs. One of these advances is Optical Character Recognition OCR which is working wonders in the online business market. The origins of OCR software traces back to the 1920s when Emanuel Goldberg manufactured an automated machine to retrieve textual data on paper-based documents. Traditional Optical Character Recognition OCR Technology emerged over the years and can now instantly create digital documents with remarkable accuracy.
Research by PriceWaterCoopers (PwC) shows it costs businesses around $20 on average to create a file record for a single customer. While the price to open an account is still manageable, retrieving a misplaced document takes up to $120. While $220 to reproduce a document that was lost or stolen. But the scenario is different nowadays since efficient OCR software allows enterprises to breeze through the process of user document creation and provides reliable and smart data storage options.
Significance of OCR Solutions for Businesses
It hasn’t been long when businesses needed manual data entry methods to create user accounts during customer onboarding. The long and tedious procedures took a toll on business operations resulting in delayed customer service. And a drop in brand reputation. Thanks to state-of-the-art OCR software, now businesses can focus on revenue-building rather than investing time and resources in minor and less productive tasks.
The whole idea of OCR revolves around automating data acquisition and streamlining the user enrollment procedure. Scanning identity documents of customers to check identity theft and transforming them into digitized records allows businesses to bank on technology trends while cutting on their overhead expenses. These days, intelligent OCR solutions are also able to read cursive handwriting on documents with a decent amount of recognition accuracy. The customer’s data is uploaded to cloud storage where it can be accessed anytime regardless of where the user is located.
Elevating Customer Service and Satisfaction
With efficient and reliable OCR software, businesses can offer customers a quick and streamlined experience. When it comes to account openings, all the customer needs to do is provide a photo of their ID documents. Through which identity information can be extracted to verify the user.
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Quicker Turnaround Times
Extracting unstructured data from documents is one big concern for online businesses these days. This can directly affect the service a customer receives since they have to wait for the data acquisition process to complete. The lack of quick data extraction tools can leave the customer in quite a struggle that has a direct impact on service delivery. OCR software addresses all these problems arising due to poorly managed data and manual data entry procedures. OCR technology allows businesses to increase their productivity and speed up their customer onboarding process.
Customer satisfaction is the cornerstone of any business’s success and market reputation. When it comes to delivering a purposeful experience to the end-user, reliable and error-free data could speed up onboarding procedures and delayed service delivery. One example is the e-commerce industry where incomplete and inaccurate data entered by the user can lead to misplaced deliveries. This is not any favorable sign for a business looking to create a loyal customer base and improve its service quality. Intelligent OCRs have the ability to autocorrect and understand what’s behind those hasty typos, ultimately ensuring a better customer experience.
With the help of OCR software, online businesses can bank on customer interests and provide them with personalized products and services that best fit their interests. This is possible since user data can be structured into an organized form which recommender systems can use to analyze and predict customer behavior. Apart from that, OCR allows businesses to efficiently extract essential data from user documents that can help in the identity verification of the customer.
To sum it up, OCR software can bring convenience and efficiency in business operations. That help elevate the customer experience through better data management.
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