By Thomas R. Cutler
The technology driving the most significant transformation of audits over the next three years is unquestionably Optical Character Recognition (OCR).
Too often the thought of automation has been relegated to the manufacturing plant floor or materials handling in a distribution center.
Yet as small businesses represent the largest segment of private lending (more than 90 per cent of the funds by third party lenders), the new form of automation, artificial intelligence and big data is fast-growing and significant.
There are now many viable options on the OCR market, including: PerfectAudit by Ocrolus, SodaPDF, Adobe Acrobat, ABBYY FineReader, and Readiris; pros and cons to each technology, yet only PerfectAudit is the only OCR application custom built for identifying aberrancies and trends during financial reviews, yet flexible enough to be utilized by anyone reviewing bank and credit card statements.
Many industries can add tremendous efficiency by translating paper documents to intelligent data. [Read more…] about Optical character recognition drives: Automation of auditing for lean efficiencies and accuracy