Optical Character Recognition (OCR) is the process by which the software converts a text or an image into a digital format. This reduces the need to manually enter the information and improves the efficiency of digitizing the data. The problem with the traditional setup is that it can be long and tedious.
Artificial Intelligence can play a great role in redefining the traditional OCR process. AI can be used to separate invoices, extract data from the invoices, and complete data from the invoice.
There are millions of templates of invoices that are used across the world. In the traditional process, a person needed to manually separate so many invoices. This process can prove to be time-consuming and prone to errors. With the help of Artificial Intelligence, the OCR software can be used to automate this process by using past data.
The next step for digitizing OCR is extracting the information. Artificial Intelligence can be used to extract information smartly from the fields in the invoice. This process supplements the manual process of typing in lines of data and accurately captures the data.
Artificial Intelligence-powered invoice OCR tool can be also used to automate certain functions that an accountant does such as creating ledgers and maintaining tax invoices.
Thus, Artificial Intelligence changes the existing invoice OCR process by not requiring rules and templates. It promises to make the digitization process efficient, accurate and convenient.
