Optical Character Recognition

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, ContractSafe uses OCR technology to digitize all contracts, which provides the following benefits:

  • All contracts are stored in a centralized repository. This can free up an enormous amount of physical space for a company.
  • Now that all contracts are digitized and stored together, they can be searched instantaneously using Google-type keyword searches.
  • Custom reports can be printed or exported with relevant data located in searches.
  • The contracts can be managed from any computer or other device connected to the internet.
  • Unlimited users can work with the same contracts at the same time. Management makes the decision on who has access. Moreover, different types of permissions can be granted to different types of users.

Related articles:

Why OCR Makes a Huge Difference in Contract Management

Features- Search & Reporting