OCR Data Extraction And Manual Exception Handling
OCR Data Extraction techniques have evolved a lot over a period of last 10 years. Early OCR tools working only on standard forms were able to give a data accuracy of not over 50-60%. So, second reviews were required on a lot of work done by the tool. At the same time, they were very expensive.
In last 10 years, things have changed drastically and now a days, we see some tools in market which offer 99% accuracy on standard as well as non-standard forms along with much economical solutions. Technology has reached such high standards that tools now have capability to learn from mistakes identified and correct themselves in next cycle of Data Extraction immediately.
Most of the OCR Data Extraction tools offer accuracy to a level of 98% to 99%. Remaining 2% of transactions are processed manually by deploying some skilled members who are trained on those types of forms to correct the data as well as improve the learning of the software to ensure that similar mistake is not repeated in next cycle. This activity is called as OCR Exception Handling.
While we see that many companies handle the work of ‘OCR Exception Handling’ in-house, a lot of companies have realized the benefits of outsourcing this activity to companies who are specialized and skilled at doing this. At the end of the day, ‘You are in the business of Software Development and NOT exception handling.’ So, it is advisable to focus on your core area of software development and let these exceptions be handled by third parties.
With an experience of over 20 years in Staff Augmentation, Suma Soft Pvt Ltd offers great amount of leverage to its clients on business expansion and increased revenue realization plans. We have domain knowledge of following industries, and our teams are proficient in handling various standard and non-standard forms associated with these industries.
- US Mortgage Industry – 1003, Appraisal Reports, LE, CD, Tax forms, AUS, Disclosures, Closing Documents, Title Reports, Checks, Bills etc.
- Healthcare Industry – 1450, 1500, ADA Dental forms, NCPDP forms, Statement of Pharmacy Services, Invoices, etc.
- Real Estate Investment Trusts – Purchase Agreements, Purchase Questionnaire, Investor Questionnaire, QI docs, Checks, etc.
- Logistics Industry – Shipment Advice, Invoices, Insurance Claim Forms, Checks, Bills, Dispatch, Bill of Landing, Proof of Delivery, etc.
- E-Commerce – Pick Tickets, Invoices, Shipment Advice, Factor Reports, etc.
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