Optical character recognition (OCR) is a tool used to read text from any form of manual data/ images and translate them into digital formats that can be read and edited. OCR is used in many industries to automate business processes. Faster Document data processing is vital for success in today’s digital world.
In the metal business, OCR software holds a key in automating accounts payable, manufacturing process, and inventory management. Before the use of OCR was started in Metal Industry, it was a challenge to read embossed characters, labels, stamped, and handwritten letters. OCR has made the metal business productive by reducing data reading errors and centralized digital data storage.
Incorporation of OCR solutions in metal companies eliminates the errors caused by a manual process such as double-entry or wrong entry.
Since we have in-corporate AI in it. Our software gets better on the basis of time and ease the process of integration with any ERP and installation.
The following are the featured benefits of incorporating AI based OCR solutions in the Metal Industry:
1) Automating Accounts payable:
OCR solutions have helped in automating the accounts payable process. Analyzing handwritten and e-mailed invoices was a challenge for the accounts department. With AI based OCR, the work of the accounts department has become easy. OCR enables the invoices to be digitized and placed in one place. Data Accuracy is improved and the purchase orders are easily matched with invoices. That’s how AP automation using OCR helps in making payments easy.
2) Automating Material test certificate / report:
Material management is an integral part of the metal industry. The manufacturing process depends on the quality of raw materials. Checking the certification of materials procured becomes essential to know the appropriateness in manufacturing the final product.
Vendors who supply raw materials for manufacturing need to provide certificates / reports of dispatched materials. Scrutiny of raw materials quality before supply becomes an integral part of vendor management. Raw materials and semi-finished products are an integral part of the final product.
Copying from the MTR and transferring the data to your ERP system or digital file can be a tedious and exasperates your work life with substantial errors . This leads to a problem in documentation and time consuming. AI based OCR software provides the solution in the form of reduced errors in reading those reports / certificates and most importantly it does the process in seconds. It’s a robot which will work on 24/7 hour basis.
To facilitate the management of the production process, OCR Software reads the codes embossed on materials at the time of integration of materials in the final product. The data gets entered into a centralized database to reduce any human errors in the entry.
This data gets utilized in maintaining the quality of the produced product by checking the certificates of material used in production.
70 to 75% errors in production gets reduced by checking the material certificates properly with OCR software.
OCR software automates the material test certificates using reliable automation scripts. OCR with Artificial Intelligence makes the task of management easier by reading and storing material certificates in a centralized ERP system. The centralized data gets utilized when the need arises to check the quality of material used in the production process.
3) Improved productivity:
Metal trading businesses often have to employ workers for manual data entry of materials. Manual data entry often leads to material duplication and faulty entries of materials.
OCR software reduces the task of manual entry and paper documentation by OCR based data entry. Reduction of manual work of workers results in improved productivity as workers can utilize their time on more priority work. The data entry process gets efficient using OCR software.
4) Affordable option:
Management costs get reduced by deploying OCR software. Since more data get scanned in less time and other administrative overheads like printing, scanning paper documents, and maintaining tones of papers get minimized. Digital files are a more affordable option than paper documents.
5) Data safety:
OCR software with AI helps the metal industry in maintaining material, invoices, and account payable data in a centralized format. This data gets safely stored in ERP format that gets retrieved when needed. No person can use data without proper authorization. Paper documents are prone to get damaged or lost. Online searches are more convenient to perform with scans done using OCR.
6) Improved vendor Manufacturer relations:
In the Metal Manufacturing business, selecting the right vendor is necessary for success. For example, iron ore and coal required for steel manufacturing are vital for the quality of steel produced.
Companies supplying raw materials need to steel manufacturers need to check the quality. The quality rejected is hard to get approved by the manufacturer. Thus for healthy vendor manufacturer relations supplying quality raw materials is necessary.
Maintaining quality certificates of raw materials becomes an integral part of supplier selection. OCR software helps the raw material companies in maintaining and recording data in a digital format that gets used by users.
Star Software Company provides AP automation and test certificate automation software. These software use OCR software along with AI. This help metal trader in making fewer mistakes in making payments and improves profitability.
Many metal industry clients are using these automation tools to make them reduce inefficiency in business processes.