Australia’s automation landscape is evolving and we can see that the importance of Optical Character Recognition (OCR) remains a vital tool for businesses seeking to streamline document processing. However, despite its advancements, other providers in the industry are still providing misconceptions and inaccurate views of OCR. As a result, this misrepresentation limits businesses from finding their true potential and capabilities. In this blog, we will debunk some of these common misconceptions and provide a clearer picture of what OCR really is.

“Spatial Hard Coding Limits OCR Technology” 

It is astonishing to find out that there are key providers in the market who believe OCR is limited only by Spatial Hard Coding – which means it can only extract data from specific areas of a document. This is an outdated view of OCR. Today’s OCR solutions can utilise machine learning and intelligent character recognition (ICR) in an optimised manner which enables them to adapt to different document layouts—whether they are structured or unstructured (Amazon Textract, 2023). 

Today’s latest OCR technology solutions can process a variety of document formats. From invoices and legal contracts to images and multimedia files, OCR innovation is not confined to rigid templates any longer. This flexibility allows businesses to automate complex data extraction workflows without the limitations of older OCR methods. 

“OCR Lacks the Intelligence to Understand Visual Documents” 

Some providers in Australia claim that OCR lacks the “intelligence” to handle complex unstructured data stating that it cannot interpret or understand the data from documents like a human would. In fact, it is the opposite.  OCR technology actually improves accuracy and eliminates human-prone errors by saving time. Today’s AI-powered OCR tools, such as Extract AI, Redact AI, Categorise AI and Cross-Check AI, developed by DoxAI give you a 75% boost in efficiency and 80% increase in costs savings. The OCR technology we have today goes beyond basic text recognition that combines artificial intelligence and machine learning to not only read text but also understand its context and meaning (McKinsey, 2022). 

Today, we can already see OCR technology and AI-driven solutions’ footprint in finance, legal, banking, government and healthcare. Since document formats and layouts can vary greatly, it is great to see that OCR technologies can rise to the occasion and deliver its promise. DoxAI’s solutions are shaping the ecosystem in the Banking and Finance industry and are now actively participating in introducing its technology to other sectors. Whether you’re uploading an unstructured file like audio, photos, or videos—such as MP3, WAV, JPEG, or MP4—or a structured file like XML, XLS, DOC, or PDF, our AI can seamlessly analyse and extract data from any format. No matter the type, our smart system paired with OCR technology handles it all with ease. You can start processing your documents instantly —no need to worry about complex setups or training. Just define the fields you need, and our AI takes care of the rest, extracting the data quickly and efficiently—no expertise required. 

“OCR is Costly and Prone to Fail”  

Another fallacy is that OCR systems are high-maintenance and unreliable because they need to be updated and reprogrammed frequently to handle new document formats. This may have been the case for earlier OCR systems, but more recent OCR solutions and other models that are AI-driven and constantly adjust to new document structures (Harvard Business Review, 2021).  

DoxAI’s AI-driven digital solutions have the latest cutting OCR technology embedded within them. Whether you want to verify any individuals, businesses (KYC/KYB/AML/CTF) or assets, or whether you want to automatically extract data from structured or unstructured documents, categorise and split documents automatically, cross-check data or redact and cross check customer data – DoxAI delivers all solutions required for an end-to-end process automation. Customisation is key and provide even more flexibility by enabling companies to make changes in real time without having to completely rebuild the system. Due to their capacity for self-learning, contemporary OCR solutions require less constant maintenance and are more dependable, and flexible than before.  

To discover more about our AI-powered digital solutions that use OCR technology, click the link below. 

The Reality of OCR Today 

OCR technology has come a long way, offering fast, accurate, and scalable solutions for document processing. DoxAI offers a range of benefits across its AI-driven suite, including: 

• Accuracy: Achieving up to 99.97% accuracy, DoxAI’s OCR solutions drastically reduce errors and manual oversight. 

• Speed: Data extraction takes place in seconds, far outpacing manual methods. 

• Flexibility: From structured files like PDFs and Excel sheets to unstructured images and documents, DoxAI’s OCR solutions handle it all with ease. 

• Adaptability: Through continuous learning, DoxAI’s systems adapt to evolving data needs without the need for frequent re-coding. 

Why DoxAI’s Solutions are the Future of OCR 

At DoxAI, we embrace the future of AI-powered automation. Whether it’s automating document extraction, verifying data through Cross-Check AI, or transforming compliance workflows with Redact AI, we’re committed to providing businesses with adaptable and efficient solutions. 

Unlike the rigid OCR tools of the past, DoxAI delivers a scalable, accurate, and flexible approach that keeps pace with the demands of today’s data-heavy industries. From banking to healthcare, DoxAI’s advanced OCR and AI solutions offer a seamless, high-performance experience, helping businesses unlock the full potential of their data. 

Want to learn more? Reach out to our team!

References: 

• Amazon Textract (2023). Using OCR for document processing. Retrieved from https://aws.amazon.com/textract 

• Harvard Business Review (2021). Advances in AI and OCR technology. Retrieved from https://hbr.org 

• McKinsey & Company (2022). Data extraction and automation in modern industries. Retrieved from https://www.mckinsey.com