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Our team used optical character recognition (OCR) to extract information from scanned invoices using Artificial Intelligence.
Optical Character Recognition/Reader is a methodology to transform handwritten or printed text into a digital format.
OCR involves deep research in Artificial Intelligence, Pattern Recognition and Computer Vision. It takes images of text as input and converts it into machine readable text.
AI has transformed the way OCR works. Earlier after the print image was converted into text, the only way to check for errors was manually. Now using AI, an algorithm or program can be used to review and correct most errors in the document.
Our client was getting invoices from collaborators and vendors in different formats, and with no standard terminology and lingo. It was hard for them to convert physical copies of their invoices into a digital form. The entire process was manual – from scanning to entering the individual data into tables. It was also fraught with mistakes. Fetching and tallying the data was also difficult.
AI and deep learning have advanced significantly at reading text and extracting structured and unstructured information from images. We used a third-party AI, along with an OCR tool to automate the digitisation of invoices. We merged the two (AI and OCR) in an algorithm, and then coded the solution. This eliminates manual data entry, enables better logging and storage in databases, and significantly lowers errors and response times.
Our team of developers designed and developed a system using third-party text extraction API to fetch billing invoice data from scanned documents into a digital form. We stored it in a structured manner in databases, so the user can fetch the data quickly and easily. We ensured that the system was intuitive and easy for the user to handle. This tool has helped the client in the following ways:
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