Streamline your operations, improve productivity
October 28 2020
In the field of artificial intelligence, OCR is a term that is spoken of in glowing colors. Why shouldn't it be? It is an invaluable technological advancement that has been proven time and time again to produce phenomenal results in a short span of time. But the real magic happens when OCR is fused with RPA, a tremendously powerful combination. Recognizing this, Laiye UiBot is one of the few RPA+AI solutions that comes with integrated OCR function to produce optimal results.
What is OCR?
OCR stands for Optical Character Recognition and, as the name implies, refers to software which is able to electronically extract text from visual stimuli such as images and documents. A common case scenario is its use in reading a paper invoice and subsequently selecting the relevant data to be processed into a PDF file. It is often likened to the 'eyes of the robot' and used for many types of documents, including common office files, contracts, pictures, invoices, and reports. Its functions are not restricted to the identification of printed and clear texts only, as it can also decipher handwriting and process it into a digital database.
RPA + OCR: A match made in heaven
When coupled with RPA, OCR displays truly impressive capabilities. It is regularly enjoyed in financial organizations where there are often stacks of unstructured data in paper format. This can be problematic for tools solely reliant on RPA without an OCR function since RPA's capabilities are limited to identifying and processing structured and electronic data.
A sole-RPA tool requires an individual to manually input information from the target paper file onto an electronic document (such as Excel or Word), after which the RPA tool can be utilized for automatic processing.
When OCR is added to the mix, however, there are no steps required from the individual to undertake in the beginning. OCR will automatically scan and extract relevant data from the target file, whether it's a contract, an invoice, or a ledger. Afterwards, it will automatically let the RPA robot to take over for processing. This smooth process substantially decreases the steps required by human employees and, therefore, proves to be both time and cost-effective.
From Finance to HR, RPA+OCR has endless applications in the world of business. We will describe just a few of the scenarios where Laiye UiBot has delivered promising results.
Invoice processing: It's common for organizations to receive invoices in a wide variety of formats: fax, pdf, image, or even a paper copy. This often leads to staff having to manually extract and input the data into the financial database software used by the company. Luckily, RPA is able to use OCR functionality to process all types of invoices, irrespective of the format and automatically transfer the organization's financial database without requiring human intervention.
Order processing: RPA with OCR function can automatically process orders without requiring any steps from a human staff member. Once the order is received, the RPA will employ its OCR function to read the order email and, subsequently, input the relevant details into the book of accounts, and notify the customer of order completion via email. It will issue order instructions to the relevant parties and handle subsequent inventory management.
Business card management: An RPA equipped with OCR function, such as Laiye UiBot, allows for convenient networking through simplifying organization and management of business cards. RPA can scan business cards, store contact information into a digital database and automatically send prewritten emails to such contacts. This can be helpful in a range of situations, including advertising and following up with connections after a networking event.
Statistics: Laiye UiBot can also provide automated assistance in processing statistics through its OCR capability. A manually-completed questionnaire or form can be scanned for automatic generation of statistical charts and visual aids.
Human resources: data entry, resume screening, HR records processing, etc.
Manufacturing: order processing, payment processing, inventory management, voice verification, etc.
Finance: data entry, data review, customer accounts, loan application, etc.
Tax: invoice verification, file management, request processing, etc.
Supply chain management: order and freight tracking, bill of lading, product orders, etc.
As OCR greatly enhances RPA capabilities, choosing a bot that employs OCR is essential if you wish to take advantage of the complete benefits of RPA. Laiye UiBot understands the value of OCR in maximizing RPA's true potential and allows businesses to gain a competitive advantage through its use.
Laiye, founded in 2015 by the Ivy League Ph.D graduates, is committed to being a Smart Robot platform with global influence in the era of human-robot collaboration. Our core technologies include robotic process automation (RPA), process mining, natural language processing (NLP), conversational intelligence, text recognition and image recognition. The company has obtained dozens of patents and has been granted the national high-tech enterprise certificate.