How OCR Optimizes Your Business
No technology revolutionized the business world’s digital transformation like optical character recognition. At first, OCR made quick work of digitizing backlogged paperwork. Then, it became an integral part of the consumer experience with QR codes.
Now, it seems like there isn’t a process OCR doesn’t make easier, faster or more efficient. For a business, such technologies are fundamental to achieving the minimum viable product. Take a look at these five examples of how OCR optimizes your business:
Lowers Recruitment Costs
Optical character recognition saves HR on recruitment costs and eases the hiring and onboarding process for all parties involved. During recruitment HR and recruiters receive heaps of resumes.
Once a candidate is hired, OCR aids the onboarding process too. Form filling is made easier with optical character recognition. Certain OCR technologies make it possible to scan handwritten forms and input the new hire information into the HR CRM, saving time and money. OCR optimizes your business and its approach to recruitment by making it easier for both HR and new hires to complete tedious start paperwork faster and more efficiently.
Think about insurance health forms for an employee’s family of four. Each additional family member equals more information that has to be entered. Instead of the employee or HR manually entering the extra data, OCR makes it possible to scan existing documents like IDs or social security cards and automatically fill out the insurance forms, saving precious time.
Decreases Possibility of Data Incompliance Fines
Paired with an employee monitoring or data loss prevention software, OCR helps companies avoid costly data incompliance fines. When privileged or personal data is mishandled, companies are subject to heavy regulation fines. Optical character recognition built into a surveillance software helps avoid these costs.
Consider an HR department that handles troves of personal and company data applicable to privacy regulations. Say a nosey HR assistant is rummaging through a PDF of a manager’s expense account, violating financial information regulations. A typical data protection software would miss this grievance leading to compliance fines. An OCR equipped software would catch this type of noncompliance and save the organization from financial penalties.
Reducing Labor Costs with OCR
When applied to data entry, OCR makes quicker and more accurate work of data entry than people do. Studies have found that manual data entry is prone to errors, but when OCR technologies handle data entry, these transcription errors decrease significantly. Since it’s faster and more accurate when it comes to data transcription, OCR lowers labor wages by eliminating the need for a dedicated data entry person. Any employee that performs data entry as part of their job benefits too. When OCR scanning is utilized by a business, employees have more free time to work on more meaningful tasks.
Without data entry, OCR gives employees more time to focus on value-added work. In this way, OCR optimizes your business by reducing tedious tasks so labor costs decrease and revenues increase.
Avoid the Financial Loss of Insider Threats
Anyone with access to your network or server can be a threat to the flow of your business and its data. This includes vendors, contracts and third-party suppliers who use your company’s servers or machines connected to the company’s network.
OCR paired with server or network monitoring limits these kinds of threats by monitoring nonparsable information produced on the network.
Consider a disgruntled vendor unhappy with their contract. While visiting the office, they use the office scanner to copy confidential documents that shouldn’t leave the office. These scans create PDFs which the machine caches. Normally, PDFs and images aren’t included in typical surveillance analysis. But a scanner connected to an OCR-equipped network monitoring software does. The creation of these scans containing confidential information become readable by the surveillance software, alerting administrators of a possible insider threat.
Undiscovered a threat like this could cost a company hundreds of thousands of dollars.
Shortening & Reducing Costs of Incident Investigations
Investigators need to gather forensic evidence to pinpoint exactly what happened during a data loss event. The screen recordings collected and processed by an OCR enabled employee monitoring software do a lot of investigative heavy lifting. Since content of the employee screen recordings is searchable, administrators and investigators only have to perform a keyword search using phrases associated with the threat to find devices and users that were compromised or involved. Even if evidence is deleted, stored recordings are still available and searchable using the OCR processor.
Case in point- a data loss event caused by employee negligence. A careless employee might not even be aware that their actions led to a data loss threat. OCR indexed screen recordings make it easier, faster and cheaper for investigators and administrators to identify this instance of a hapless vulnerability.
OCR Optimizes Businesses By Lowering Costs
Any business looking to increase their revenue and lower overhead costs can do so by adopting OCR technologies. OCR optimizes your business processes in more ways than one. Not only does optical character recognition make it possible to decrease labor costs and increase productivity, it helps mitigate the hefty costs associated with data loss events. Efficiency is the key to optimization and no technology does that better, cheaper or faster than OCR.
Optimize Your Business With Teramind
Optimizing your business starts by making data-driven decisions. Get timely and quick access to key data such as app and online activity, task and project engagement, work time analysis and more. Teramind is an enterprise grade employee monitoring solution with integrated business intelligence features that shows you the information that’s most relevant for your organization.
But don’t just take our word for it…