The increasing demand for digital marketing and fintech businesses has evolved all the sectors with the advancing technology. New and existing businesses have resorted to social media and online marketing as the first priority for advertising their products and services.
Along with the evolving technology, various administrative tasks like receipt management, etc. have also been digitized. Even if you have a full-proof digital marketing strategy for your fintech business, without a smooth cashless mode of receipts you cannot scale your business.
That’s why OCR receipt scanning technology has become a major influencer in both these sectors. This way you can improve your processing efficiency while reducing the issues with the physical receipts management process. The technology allows digitization by transforming existing printed information or receipts into a computer-readable electronic format.
What is OCR Technology?
Technically, OCR or Optical Character Recognition, allows users to read text from images and convert them into textual information for digital content administration for different sectors. It is primarily used as a data input system, along with information collection, receipt scanning, verification, and many other important administrative tasks.
It provides a commercial solution which extracts data from a digitally scanned image or document containing the written or printed text. Once the system scans the required information, it translates that into a machine-readable format. The information extracted helps in data gathering, expense receipts processing and expense reports analysis.
Let’s understand why OCR has become the choice for businesses.
Why is OCR The Need Of The Hour?
The requirement of OCR technology for receipt scanning can be understood by presuming the scenario before the OCR technology.
Businesses used to deploy human resources for manual extraction and input of data from the physical receipts and invoices. This affected productivity due to higher consumption of money and time resources. This led to hiring more human resources to tackle the workload increasing due to the scaling of the businesses. And this led to the accumulation of human errors in the reporting and audit processes.
To tackle these challenges, OCR was developed. It allowed us to save precious human and time resources, along with improving the accuracy of the information. Eventually, it leads to smooth and faster accomplishment of expense management works in an efficient manner.
The advanced version of OCR technology allows users to access the information from the receipt scanning process by extracting data from texts, including contracts, invoices, financial statements, receipts, documents, papers and much more. The digital files created can be retrieved from the repository, which can be examined, edited, and reused for further communication to the required systems. It acts as a user-friendly option with a wide range of applications for sustainable expense management, along with multi-language support access.
How OCR Receipt Scanning Is Transforming Digital Marketing and Fintech Business?