Enterprise data management is most often associated with a time-consuming, manual process using numerous resources for data acquisition, extraction and analysis. However, advances in optical character recognition (OCR) technology are making it possible for companies to increase their efficiency, accuracy and speed through process automation. One of the popularizers of OCR capabilities is Lucidtech, which has a range of OCR tools focused on enterprise documentation.
Table of Contents:
1. Impact on enterprise data management with Lucidtech OCR.
2. Benefits of Transforming Enterprise Data Management with Lucidtech OCR.
3. How Lucidtech OCR is revolutionizing document digitization and data capture?
4. Improving accuracy and data efficiency.
5. Lucidtech OCR's role in shaping the future of enterprise data management.
6. How to switch from manual to automated data management via Lucidtech OCR.
7. Unlock the potential of data management with Lucidtech OCR technology.
8. Breaking down data silos: a look at data integration and analysis.
9. CostTracker as an example of a Railwaymen application that uses Lucidtech OCR capabilities.
Impact on enterprise data management with Lucidtech OCR
Before we get to the substance of the article, it is worth first finding out what the mysterious Lucidtech OCR is. Simply put, Lucidtech OCR is a cloud-based platform that uses character recognition technology via artificial intelligence. It's all about extracting and digitizing data from various sources. The data can be on documents, images or even emails. By automating processes, organizations are able to reduce the time and resources required to acquire and analyze data. At the same time, they improve the accuracy of decision-making based on the collected information.
Benefits of Transforming Enterprise Data Management with Lucidtech OCR
The platform from Lucidtech is being used in many industries in a number of different ways. Invoice processing, contract management and customer data analysis are just a few examples of how this intelligent solution is being used. By automating processes, companies can improve the accuracy of data, reduce the occurrence of any errors, and reallocate some resources toward other key tasks.
How Lucidtech OCR is revolutionizing document digitization and data capture?
Among the benefits that Lucidtech OCR generates, it is worth mentioning the ability to extract data from unstructured documents. Their digitization translates into easier searching and analysis, as well as collection of useful information that was previously in paper formats. The process described contributes to saving time and resources and affects the competitive advantage of organizations in the industries they represent.
Improving accuracy and data efficiency
Manual data entry is often associated with the possibility of errors and inconsistencies, which can lead to costly mistakes and inefficiencies. However, with the Lucidtech OCR platform used to automate the data extraction and entry process, companies can influence the accuracy of posted data and reduce the risk of errors. Moreover, the platform has the ability to identify and correct any data irregularities. This affects their accuracy and translates into compliance with regulations and industry standards.
Lucidtech OCR's role in shaping the future of enterprise data management
With the increasing volume and complexity of data, traditional data management methods are becoming increasingly inadequate. However, by leveraging Lucidtech OCR and other AI-powered technologies, organizations can automate data management processes and gain valuable insights into their data. This not only saves time and resources, but also enables organizations to make more informed decisions and stay ahead of the competition.
How to switch from manual to automated data management via Lucidtech OCR
Replacing manual data management and at the same time switching to automation is even necessary in the current situation. Thanks to the capabilities offered by Lucidtech OCR, this transition can take place in an extremely smooth manner. The solution discussed in this article enables a visible advantage in this process. The automation of data retrieval and entry also means that organizations can free up resources and focus on important tasks. Additionally, the platform has the ability to integrate with existing data management systems, which significantly impacts processes and improves overall efficiency.
Unlock the potential of data management with Lucidtech OCR technology
Lucidtech OCR is a powerful tool for organizations to unlock the potential of their data. By automating data management processes, organizations can improve efficiency, accuracy and compliance while gaining valuable insight into their data. As data becomes a critical component of business success, Lucidtech's OCR technology will undoubtedly play an increasingly important role in shaping the future of data management.
Breaking down data silos: a look at data integration and analysis
Data silos are a common challenge for organizations, where data is stored in isolated systems and cannot be easily accessed or integrated with other data sources. Lucidtech OCR, however, can help break through these silos by automating the process of data extraction and entry and providing powerful analytical tools to integrate and analyze data from different sources.
By breaking down data silos and integrating data from different sources, organizations can get a more comprehensive view of their business operations and make more informed decisions. For example, logistics companies can use data from shipping records, customer orders and warehouse systems to optimize their supply chain and improve delivery times.
CostTracker as an example of a Railwaymen application that uses Lucidtech OCR capabilities
CostTracker is a FinTech application that Railwaymen has been creating and developing in cooperation with the Norwegian company of the same name since 2018. It's a cloud-based FinTech platform that helps companies save time and money by completely controlling costs within the organization.
The main functionality of the software is a powerful purchasing management system that allows you to order items from different suppliers and plan expenses in advance. In order to be able to process invoices through this application and send them to the designated accounting system, we used Lucidtech OCR.
The accounting module we used saves time compared to the process done manually. In addition, we also prepared our solution for the eventuality that the OCR system would fail. In such a non-standard moment, invoices are processed through a set of internal logic rules.
Tomek, Team Leader & Senior RoR Developer
“It was very exciting from the very beginning of the project. Starting with workshops where we defined core features and the application’s main flow, and ending with its implementation. I enjoyed working on the Purchase Order form where we used ReactJS components because of the many user-friendly features. Also, the financial parts of the application were really interesting from a database perspective. Mentioning the best parts of the application, I could not miss the approval process with different user roles and privileges.
During the development of the first CostTracker version, we had to take care of the frontend cool features, privileges access and flow process, and substantial database queries. We also had to make sure that the MVP we’re building will be easy to expand in the future. And seeing how the CostTracker app has grown since the first release, I believe we did that part well!”