In today’s fast-paced business world, automation is essential for any organisation that wants to stay
FinanSys Apps OCR is intelligent enough to automate document processing without any input from the user. This allows you to extract data from your documents at a scale like never before!
FinanSys Apps OCR software takes the hassle out of any document handling processes, freeing up your time for more important tasks.
FinanSys Apps OCR utilises powerful machine learning (ML) services to enable applications to harness AI power to swiftly extract text, handwriting, and data from scanned documents such as PDFs.
It can work quickly and accurately on thousands of different documents in multiple layouts and formats, returning confidence scores for all identified items so that you can have total control over the results.
With FinanSys Apps OCR you can easily get meaningful data out of any scanned document much faster than traditional OCR or any kind of manual process
Whether it’s contracts, receipts, invoices, or another type of document, they come in all types of formats and processing them manually can take up a lot of precious time. Some documents have labels, some labels might be inconsistent, and some documents have no labels at all!
Additionally, important information like customer or account ID’s might be labeled differently from document to document, making processing your documents at scale difficult.
You or your team are likely wasting a lot of time manually entering data which is prone to human error and can slow down your document processes. With traditional OCR software you also waste time with building templates for each supplier invoice format.
With FinanSys Apps OCR, you can drastically reduce the time these processes take, while ensuring greater levels of accuracy.
Here’s a non-exhaustive list of use cases for FinanSys Apps OCR:
FinanSys Apps OCR can automatically extract relevant data such as contact information, items purchased, and vendor name from those documents, including the line-item details, not just the header amounts.
FinanSys Apps OCR uses machine learning (ML) to understand the context of invoices and receipts, and automatically extracts specific information like vendor name, price, and payment terms.
FinanSys Apps OCR identifies vendor names that are essential for your workflows but may not be explicitly labeled. For example, it can find the vendor name on a receipt even if it’s only indicated within a logo at the top of the page without an explicit key-value pair combination.
FinanSys Apps OCR makes it easy to consolidate input from any type of receipt or invoice. It’s common for your documents from various vendors to use different words for the same concept, which might be a challenge for some OCR systems. But not for FinanSys Apps OCR!
For example, FinanSys Apps OCR maps relationships between field names in different documents such as customer no., customer number, and account ID, and outputs standard taxonomy (in this case, INVOICE_RECEIPT_ID), thereby representing data consistently across document types.
Using FinanSys Apps OCR for receipts and invoices is just one of many document use cases.
Not all OCR software is created equal.
A simple optical character recognition software works by storing multiple font and text image patterns as templates. This type of OCR engine uses pattern-matching algorithms to compare text images, character by character, to its internal database.
Traditional OCR has limitations because there are virtually unlimited font and handwriting styles, and every single type cannot be captured and stored in the database.
FinanSys Apps OCR uses intelligent character recognition (ICR) technology to read the text in the same way humans do.
The machine learning software within FinanSys Apps OCR trains the machine to interpret text like a human.
In simple terms, the machine learning element looks for different image attributes and combines these to output a result in seconds.
FinanSys Apps OCR uses machine learning (ML) to understand the context of your documents and automatically extracts specific information, as you require.
Using optical mark recognition, FinanSys Apps can identify logos, watermarks, and other text symbols in a document.
FinanSys Apps OCR goes beyond simple optical character recognition (OCR) by extracting relationships, structure, and text from documents.
FinanSys Apps OCR is built-in and ready to be used in your apps or the free pre-installed foundation apps.
You can set up app automations to send your documents to any app form in FinanSys Apps, removing the need for re-keying data, or it can be set up to send the information into your Accounting or ERP system.
Optical Character Recognition (OCR) technology converts an image of text into a machine-readable text format. For example, if you scan a document, your computer saves the scan as an image file.
As you likely know, you cannot use a text editor to edit, search for words, or count the words in the image file.
However, you can use OCR to convert the image into a text document with its contents stored as text data.