The reason is that the possible range of semantic meanings from business cards is so much more limited than other types of business documentation.īecause of the easy time saving provided by OCR business card recognition, apps that support it are becoming increasingly common. This challenge is much easier to overcome in the case of business cards, though.
Optical character recognition software often struggles with assigning semantic meaning to data–especially when the data originates in previously unseen 3rd party documents. Business Card RecognitionĪnyone who has ever attended a conference or trade show knows the pain of entering all those new contacts into a CRM or contact management system.Ī capable OCR business card recognition app can eliminate this pain point, while helping to make you the first to follow up with all those new contacts. OCR increases the ease and depth with which audits can be conducted, allowing auditors to easily search expense documents for particular transaction details. Second, auditing expense reports is a critical step in detecting and preventing fraud. Adding this layer of transparency can dissuade potential fraud attempts. First, mobile-device based OCR client software can allow for policies that require real-time capture of receipts and other expense documentation. There are an endless number of possibilities here.Īn OCR based expense management reporting system can help defeat this type of expense management fraud in a couple of key ways.
Ocr software for business cards drivers#
…Getting the cab drivers to give them blank receipts, asking for double receipts at hotels and restaurants, masking one transaction as another, using cash to buy something and getting a blank receipt and putting in for more than the transaction it was. Yikes.Ī CNN article cataloged a number of the expense reporting fraud schemes that employees can use: The people who study this sort of thing (the financial advisory firm, Stout Risius Ross, in this case) say that fraudulent expense reimbursement costs business over $1B annually. If these conditions apply, and OCR makes sense for your business, you likely have an opportunity to realize significant labor-based cost savings through a more automated and efficient accounts payable process. Second, if your accounts payable module doesn’t natively support OCR document management, you’ll need to use your AP system’s API to import data from the OCR application. First, there needs to be a significant volume of invoices from repeated vendors or suppliers, as the invoice processing software needs to be configured to interpret specific invoice formats. A successful OCR-enabled invoice processing system requires a couple key conditions. OCR can help streamlines the processing of invoices for payables record creation. But if you are closer to double digits in terms of invoice processing, that amount of data entry is creating a significant overhead labor expense that’s unnecessarily cutting into your profitability. If you are only creating payable records for one or two invoices a day, it’s probably not taking too much time. Manually entering data from electronic or paper invoices into accounts payable records is one of those repetitive tasks that’s ripe for an efficiency improvement. It’s always hard to justify paying an employee for something that can be done just as well automatically. Optical character recognition (OCR) software provides the ability to convert scanned documents and images into editable and searchable documents in a variety of output formats.Ĭonsider five different examples of how your business can begin using optical character recognition to create efficiencies and cut overhead expenses: 1. For these outliers, optical recognition software provides a solution.
It’s also made records archival, searchable, sortable, and transferable–and businesses considerably more intelligent and nimble in the process.īut some types of documents and communication have remained stubbornly resistant to digitization. The digitization of records of all kinds has done a lot more than save paper, though. These days we’re all a lot closer to the summit than we might have ever expected. Once upon a time, the idea of attaining a paperless office seemed a bit like the business management version of scaling Mt.
0 kommentar(er)
