In this article, we will explore the 10 most common OCR use cases. Read on to learn more!
Below are the top 10 most common OCR use cases today:
OCR can quickly extract and process data from invoices, reducing manual data entry errors and speeding up accounts payable workflows. This automation allows for quicker invoice reconciliation and improves financial accuracy.
Example: A corporation reduced their invoice processing time by 50% and saved $10,000 annually using Lido's invoice processing software.
OCR technology helps in extracting data from receipts for expense tracking and reimbursement, which makes financial management more efficient for individuals and businesses.
Example: An accounting firm saved over 300 hours annually by automating receipt management with Lido's receipt scanner software.
Using OCR to scan resumes allows for automated extraction of candidate information, streamlining recruitment processes and enhancing applicant tracking systems.
Example: Tech Innovators Inc. improved its hiring process efficiency by 30% by using Lido's OCR resume software.
OCR can digitize tax documents, facilitating easier storage, retrieval, and analysis of financial information for tax preparation and compliance. This helps in minimizing the time spent on manual data entry and reduces the likelihood of errors.
Example: Tax Pro Solutions managed to handle 20% more clients by using Lido's OCR tax software.
OCR converts physical menus into digital formats, which can be used for online ordering systems or to update digital menu boards seamlessly. This is particularly useful for restaurants looking to manage their menu offerings across different platforms.
Example: Gourmet Bistro used Lido's menu OCR software to digitize its menu, leading to a 25% increase in online orders.
OCR enables the conversion of scanned PDFs into searchable and editable documents. This technology can recognize text within images and create a fully searchable digital document.
Example: Law firm Johnson & Associates used Lido's AI OCR PDF tool to digitize thousands of case files, reducing document search time by 40%.
OCR technology can securely extract credit card information from images, aiding in fraud detection and speeding up transaction processes. By automating the data extraction, businesses can reduce manual entry errors and enhance the accuracy of their financial transactions.
Example: Online retailer Shop Smart reduced payment processing errors by 15% with Lido's credit card OCR software.
Extracting data from financial statements and reports using OCR enhances accuracy and efficiency in financial analysis and reporting. Businesses can benefit from having up-to-date financial insights without the labor-intensive process of manual data entry.
Example: A financial services firm improved its reporting speed by 35% using Lido's financial data extraction tool.
OCR automates the extraction of key terms and clauses from contracts. This ensures that important information is easily accessible and reduces the time spent on manual review.
Legal teams can improve their workflow efficiency and reduce the risk of missing critical contract details.
Example: Global enterprise Mega Corp reduced contract review time by 25% by using Lido's contract data extraction software.
OCR can digitize lease agreements, making it easier to manage, search, and reference lease terms and conditions in property management systems.
This aids in better organization and retrieval of lease information, which can allow property managers quick access to necessary documents. It also facilitates easier compliance with leasing regulations and tenant communication.
Example: Property management company Urban Rentals saved 200 hours annually by scanning lease documents with Lido's OCR software.
Lido's free OCR software helps streamline data extraction and improve efficiency. You can sign up here for free: https://www.lido.app/go/signup.
We hope that you now have a better understanding of OCR use cases.