Optical Character Recognition (OCR) is a technology by which a software program can analyze text and convert it into a format that can be processed by a computer or other machine. Essentially, OCR technology allows the computer (or other machine) to read.
Many people believe that OCR technology is new, but its earliest origins can be traced back to the 1950s. However, that version of the technology had limitations. The form of OCR with which we are more familiar today was popularized in the 1990s with scanners.
OCR is a must-have to maximize the capabilities of contract management software. Converting all of a company’s contracts into machine-readable form supports a number of important features. For example, once your contracts are digitized, OCR technology provides the following benefits: