Bill OCR refers to the use of optical character recognition technology by an outsourcing company to accurately identify and capture or extract data from incoming bills and invoices.
Automated data capture via OCR/ICR technology allows data to be extracted and processed in real-time, thereby creating shorter and faster processing cycles for live reporting and analytics. As the name indicates, optical character recognition or OCR data capture is able to recognize alphabets and numbers from incoming documents and transcribe them into actionable insights, automation technology is then used to extract this data for further insights.
While the use of automation can definitely speed things up, automation and OCR data capture also need to be backed by effort-based processing for when it hits roadblocks such as exceptions, incorrect or missing information.
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