7 AI-powered OCR Tools for Document Analysis in 2024

By Zahid Rasool

As it is, OCR has been a must-have tool since the early 90s for any organization with huge volumes of files. However, the demand for business intelligence is increasing all the time. As is Artificial Intelligence, OCR has had a different course of development.

Scanning has now become the least of what OCR does. AI-powered OCR could transform the way businesses conduct their analysis when used appropriately. It allows a business to pull out unstructured information. From documents to streamlined and effective analytics.

In this paper, we will assess the potential of AI to enhance the capabilities of OCR technologies leading to the provision of more helpful data.

Such as an understanding of how it works, its advantages, and the existing challenges surrounding AI-based OCR tools.

What is AI-powered OCR?

OCR powered by AI has emerged as an efficient tool for capturing data from multiple types of documentation. Including; bills, receipts, and reports. This software enables images of text to undergo processing. And conversion to a form readable by machines. This technology supports machine learning and deep learning techniques.

Properly employed, using AI-backed OCR offers a significant reduction of time spent and cost savings. And errors that otherwise would be caused by humans during manual input of information.

The working of AI-powered OCR software.

The differences lay in how OCR is conducted for AI-based systems and other standard OCR machines. Rather than relying on rules–based algorithms in the recognition of characters in images and documents. An AI-orientated OCR software uses computer vision. Alongside machine learning tools for the determination of characters in images. And documents hence being more precise in comparison with traditional OCR

The top OCR software systems include a scanner as one of their components. By an element that recognizes text and finally the software component that interfaces with your existing system. First, the scan has to capture an image of a document.

Firstly, the invoice is read by an invoice scanning OCR software. First, it captures data such as supplier number, supplier name, total, purchase order number, invoice date, and so on. Then according to specifications, categorizes the information for subsequent phases.

There are certain software that include embedded NLP software for simplified document analysis. The process typically follows the following basic steps:

Image acquisition

The OCR technology scans the paper document and converts it into a sequence of 1’s and 0’s. The tool does so with assistance from computer vision technology in locating possible textual regions of the document. Analyzing visual properties and features such as color, shape, and texture in the documents will be crucial.

Preprocessing

The program converts the captured image or document at a higher level to an optimal quality of quality and readability. Such tasks include noise reduction, the rotation of images, deskewing, and adjusting the contrast. This makes using the software easier since once an image is cleared it becomes easy to define and this in turn simplifies what follows later.

Text segmentation

Typically, the first step in text segmentation is character or word separation. Which makes processing for further recognition easier.

Feature extraction

Afterwards, the software selects essential features in the segmented text. Such elements usually include distinct features of the text. Such as its form, statistical properties, and appearance.

Character recognition

They use machine-learning algorithms that have been trained on big datasets labeled for extracting. These features then analyze the relationship and pattern between every word. Or character in the said document and its features. Consequently, this makes it possible for the program to tag the divided text areas and identify the text in other forms such as images.

Post-processing

Post-processing is aimed at increasing the accuracy and improving the overall quality of the processed text. Such tasks include contextual validation and spell-checking. The OCR software first processes the recognized text through a pre-processor. Before converting it into a digital format for further processing and analysis.

Best AI-powered OCR tools

Following are the top 7 AI-powered OCR tools for document analysis in 2024

Nanonets

Nanonets provide straightforward and easy-to-use controls together with Advanced OCR and Deep Learning technologies for information extraction. It provides rapid integration into your daily applications for structure. As well as unstructured text and documents. Now you can automate paperwork, scan information, and get rid of errors in data fields that used to be commonplace.

Features

Reduction in process time and cost.
The Nanonets API is simple to integrate into CRM, WMS, or email systems.
This is their scalable solution that reduces turnaround time.
Nanonets offers real-time extraction
Use a fully adaptable, customizable solution.

DocSumo

In actuality, the team was informed about the reality of document data capture when they embarked on a consulting project in 2018. They developed a product called DocSumo to address the issue, and ever since have done some fine-tuning of it.

DocSumo provides an AI-powered solution that automatizes data capture, extraction, and processing workflows. It converts the different document formats into the desired ones through trained API models identifying document types.

Features

One software to capture data across all document types.
Pre-trained APIs
Auto-classification before pre-processing
NLP-based categorization
Industry-specific solutions
Access to better data

Intelligent OCR

JPG to Text

The moment the picture is uploaded, the JPG to text converter will immediately dissect the words in the picture and convert them to workable text. It is among the best tools available and free to use.

All your management tasks are made easy with this image to text converter. It can also optimize your machine park by indexing that critical information so that you need it anytime.

It is a converter that saves, converts, understands, and manipulates the data. Secondly, manual entries may be prone to mistakes. OCR would enable banks to scan documents and effectively create a database of organic information that could be helpful to customers. It also provides for your protection against physical harm like fire, false documents, and fraud.

Features

Low-resolution image conversion to text extraction.
Identify Mathematical Solutions.
Free of Cost
No need to install
Easy sharing
Multi-Language Support
Feature of converting download with JPG/txt.
Available on any device.

ROSSUM

Rossum is a smart “plug-and-play” data extraction solution that assists in capturing information for organizations from both structured as well as unstructured documents.

To extract clear information from Bills of Lading, Receipts, and Invoice. Or Purchase Order using an AI-based approach, Rossum provides for this function. It is one of the numerous benefits that help in streamlining accounts payable. Purchase Order process of your organization among others.

Features

Rossum guarantees to save cost and time in the deployment and integration of the solution.
With the customization of the products provided, you guarantee few interruptions in your daily routine.
It is also another attribute of Rossum that it is web-based. This has the advantage of a quicker return on investment.
No more manual entries
Enjoy streamlined processes

CamScanner

CamScanner is an optical character recognition computer program that permits businesses to store, filter, alter, and share records and pictures. The program offers keen editing and auto-enhancing highlights to progress record meaningfulness. With this, clients can improve the quality of content and picture records within the filtered reports for way better OCR comes about.

CamScanner, with a trade card checking highlight, can be advantageous for people and experts over different businesses. Experts can utilize this highlight to extricate data from commerce cards and make advanced contacts that can be spared in their address book or exported to other applications.

Features

Sharp character pattern recognition is used in Camscanner OCR for extracting text from images.
Camscanner supports multiple languages. This implies that the software can convert all or at least a part of such images into any of the mentioned languages.
Safely share filtered archives by means of shareable joins or password-protected PDFs. The program too permits clients to share documents through mail or other informing apps straightforwardly from the app.

Adobe Acrobat

Adobe Acrobat Pro DC includes OCR as part of its native functionality when you give it a document. It does so by turning your document into an editable copy of your PDF file. The moment is extracted and converted, all you need is just click on any element to edit it.

Features

The major characteristics of the Adobe Acrobat Pro Dc.
Your Files Are Instantly Converted!
The software uses custom font generation to match on fonts of the original document.
Consequently, integration into your current workflow is simple through your newly created PDF.
You can save them as ‘Smart PDFs’, making perfect archiving possible.

Abbyy

The software’s name is Abbyy FineReader, and it is an OCR program for editing PDF files. The first version was introduced by Abbuy in 1993 and it constantly innovated to bring in the products with improved technologies and features.

In addition, Abbyy has the maximum number of character recognition technologies like machine-printed texts. Hand-printed texts and recognition of barcodes are offered for a maximum number of OCR languages by Abbyy.

Choose an App Based on Your Needs. In this case, the company provides FineReader Engine, FineReader Server, and Abbyy Cloud OCR.

Features

It provides a complete set of recognition techniques for data extraction. From machine text, handwritten text, and also from barcodes.
Abbyy SDK converts files into search text for PDF or PDF/A.
Reproduce reports utilizing AI and ML-based advances combined with Abbyy’s ADRT
A detailed set of code tests enlightening users

Conclusion

The OCR computer program has gigantic potential for businesses over segments and businesses. Counting AI (Artificial Intelligence) and ML (Machine Language) permits this program to go past the fundamental utilization case of changing pictures or filtered records into editable advanced records. Quick and precise information extraction gets to be standard while clearing the way for clever archive handling.

As a content writer, Zahid is committed to delivering well-researched, original, and thought-provoking content tailored to meet the specific needs of his clients. Whether it’s creating compelling blog posts, crafting persuasive marketing copy, or developing in-depth articles, he takes pride in his ability to connect with readers and deliver messages effectively.