Explained: How OCR Receipt Scanning Technology Is Transforming Digital Marketing

The increasing demand for digital marketing and fintech businesses has evolved all the sectors with the advancing technology. New and existing businesses have resorted to social media and online marketing as the first priority for advertising their products and services.

Along with the evolving technology, various administrative tasks like receipt management, etc. have also been digitized. Even if you have a full-proof digital marketing strategy for your fintech business, without a smooth cashless mode of receipts you cannot scale your business.

That’s why OCR receipt scanning technology has become a major influencer in both these sectors. This way you can improve your processing efficiency while reducing the issues with the physical receipts management process. The technology allows digitization by transforming existing printed information or receipts into a computer-readable electronic format.

What is OCR Technology?

Technically, OCR or Optical Character Recognition, allows users to read text from images and convert them into textual information for digital content administration for different sectors. It is primarily used as a data input system, along with information collection, receipt scanning, verification, and many other important administrative tasks.

It provides a commercial solution which extracts data from a digitally scanned image or document containing the written or printed text. Once the system scans the required information, it translates that into a machine-readable format. The information extracted helps in data gathering, expense receipts processing and expense reports analysis.

Let’s understand why OCR has become the choice for businesses.

Why is OCR The Need Of The Hour?

The requirement of OCR technology for receipt scanning can be understood by presuming the scenario before the OCR technology.

Businesses used to deploy human resources for manual extraction and input of data from the physical receipts and invoices. This affected productivity due to higher consumption of money and time resources. This led to hiring more human resources to tackle the workload increasing due to the scaling of the businesses. And this led to the accumulation of human errors in the reporting and audit processes.

To tackle these challenges, OCR was developed. It allowed us to save precious human and time resources, along with improving the accuracy of the information. Eventually, it leads to smooth and faster accomplishment of expense management works in an efficient manner.

The advanced version of OCR technology allows users to access the information from the receipt scanning process by extracting data from texts, including contracts, invoices, financial statements, receipts, documents, papers and much more. The digital files created can be retrieved from the repository, which can be examined, edited, and reused for further communication to the required systems. It acts as a user-friendly option with a wide range of applications for sustainable expense management, along with multi-language support access.

How OCR Receipt Scanning Is Transforming Digital Marketing and Fintech Business?

1. Effective Data Handling, Usability, and Searchability
The major benefit of OCR technology is its enhanced data accessibility. You can easily store and save the file you want after receipt scanning and converting the receipts to any accessible form such as a word or pdf file. This way you can easily search files on your computer system, and with the required authorization, any person can view the file. This feature has significantly helped the banking and other fintech industries in a sustainable manner, as it saves a lot of paper usage, and improves transparency in the system. With the help of OCR technology, the reviewing of previous records, expense receipts, credit records, and payment receipts has become simplified.

Also, when compared to the paper formats, accessing and maintaining the digitized files is easy. This way you can easily find the files on a digital network or device, saving a lot of human and money resources.

2. Resource Conservation
You must forget about the classic physical file shelf system. To compete with the changing business landscape, digital marketing and fintech businesses resorted to storing their receipts on the cloud to save money and time.

You must not believe that renting a digital cloud storage space is far less costly than a physical storage space. It also helps in avoiding the chaos of arranging paper records and saving a lot of space. Because, unless your business needs you to save original and tangible physical receipt files, maintaining physical paper documents is useless and futile. It has been amongst the most costly and time-consuming administrative tasks in any organization. Moreover, the biggest risk with this physical storage is human error, which cannot be avoided.

Fintech companies cannot survive without digitizing their manual data management stages and errors. Employing OCR technology by firms dealing in banking, insurance, and other finance companies is both customer-centric and environment-friendly. Along with this, it also helps in saving the usage of ink, paper, and printing machines, which leads to the conservation of the environment.

3. Improved Data Security
Shifting to OCR technology for payment and receipts management requires a lot of security trust by the software providers. The software installed with OCR technology allows for various security measures in digital networks, especially for sensitive financial data controlled by organizations or personal data.

It also helps you detect and prevent non-compliant and fraudulent receipts attempts by comparing the data with previously recorded data, which is not possible with manual receipts management.

4. Enhances Customer Satisfaction
Today the fintech and digital marketing companies have to give the most priority to customer-centric service, which is the tackiest job. Imagine customers bombarding you with their queries through emails and calls, but you cannot attend to them all in a timely manner.

But, with the help of OCR technology, you can easily configure customer queries and provide solutions with just a few clicks.

Final Thoughts
The fintech industries like banking, insurance, etc. have relied a lot on paper printed documents for all of their operations – client records, monthly bills, invoices, and many more, But, the OCR technology has a solution to all of this.

It makes the complete receipt scanning process – recording, verifying, and organizing, simple and systematic. It boosts security, data administration, along with customer satisfaction.

Also, the digital marketing sector could scale its network with OCR by collecting data from invoices, receipts, spreadsheets, and other documents with fraud detection and loyalty programs.

Getting Your Facebook Page Launched – Don’t Give Up!

Many of us will remember the moral of the story about the tortoise and the hare, even if we don’t remember the details of the story: slow and steady wins the race.While slow and steady may not seem to fit in our fast paced world, sometimes it does. For instance, in a world where instant gratification is sometimes par for the course we can forget that some things really only do come to those who wait. Make that, those who wait and work hard to achieve the goal or vision they have in mind.For small businesses this waiting game can be extremely stressful. We invest a lot of time, often money, and usually long hours in building a business that we are convinced given time will be successful. When results don’t come as quickly as we like it can be disheartening to say the least. But the truth is: time is usually needed along with our best efforts to product results, particularly long-term sustainable results.Facebook is no different. For most of us, it takes time, hard work, attention to detail coupled with perseverance to build a following. It doesn’t happen overnight!Unfortunately, often in our attempt to handle all our various responsibilities, we don’t invest the time and attention needed to not only launch our Facebook Page but to keep it continuing to grow and develop. It’s understandable really but understandable or not it means that all our earlier efforts and any initial capital we expended are in vain if we don’t steadfastly work the plan.Facebook offers small business a tremendous tool to grow our network of potential clients and expand our influence with existing clients. This can have a positive impact on our bottom line over time. A small capital investment is required if you have a custom landing page or pages designed for you; or if you hire someone to oversee your Facebook activity and if you decide to advertise on Facebook. The bigger cost is the ongoing and long-term investment of time and energy – yours or someone else’s.But a Page without the investment of manpower to maintain it and keep it going and growing is a waste of precious time and energy. A resource most small business owners have little of to spare. A neglected Facebook Page may also reflect poorly on our business.Once you’ve committed to a Facebook Page for your business, press on and press in. Give it time to work and give it the attention it needs. Post regularly. Respond to fan comments and inquiries. Look for ways to engage and inform your fans by posting information that is helpful, valuable and/or interesting to those who follow you.Persevere, engage and adapt where needed. If fans are never responding to your posts find out why. There are usually a few friends in amongst most of our fans. Ask them for feedback on how you might improve your page.Hiring a professional to design a custom Facebook landing page is another way to add value. But far more important is the time and energy you use to post good content and look for ways to connect with and engage your followers.A fabulous looking landing page may have lots of people ‘liking’ your page but will rarely help you build your fan base if you are not actively posting content that engages the attention of your fans.For small business the opportunities that Facebook presents are significant. But remember, Rome wasn’t built in a day!

Life-Fitness Equipment – Understand the Concept

Once you initiate a fitness training program, a bodybuilding program or any other training regimen to amplify your health and physical fitness, you have the option of registering in a local fitness center or gym, or setting up your home gym. Home fitness equipment are currently very popular due to their convenience and easy acquisition. It is in this acquisition process of home gym equipment that the concept of life fitness equipment accrues.

Introducing Life Fitness equipment

The phrase life fitness equipment refers to the lifetime equipment acquisition whereby the equipment you buy is warranted for their life duration. In short, therefore, life fitness equipment refers to lifetime fitness equipment. Those who have encountered the term may not be totally familiar with the concept. If however you are intent on setting up a home gym for your physical fitness training of bodybuilding, it is important that you consider the importance and the essential meaning of lifetime equipment.

Purchasing lifetime or life fitness equipment means that the equipment you purchase come with a lifetime warranty. That is just about the best deal available in your local exercise equipment store.

Why Life fitness Equipment is a Viable Choice

The following are some of the reasons why you might consider buying life fitness equipment:

Fitness aids and equipment are very expensive and not the kind of investments you would wish to be buying every now and then if you can avoid it
With regular exercises, common fitness aides and equipment usually break down and become dysfunctional such that they hinder beneficial workouts unless you buy a replacement
Insurance covers for your home gym equipment is a more expensive option when it comes to break down, wear and tear
The convenience of knowing that your equipment will be serviced or replaced anytime it stops working efficiently, instead of having to carry out another odious shopping
In short, life fitness equipment might end up saving you a lot of time, money and trouble. Almost all types of equipment will and do break down with continued use. Whether it is furniture, cell phones, vehicles, machines or whatever else, breakage and wear and tear is a norm in the use of machines.

Your equipment is also as prone to breakage and wear and tear. You therefore need the assurance of a lifetime guarantee that the equipment will always be replaceable and or repairable at no additional cost. That is the essence of lifetime warranty carried by life fitness equipment.

Conclusion

Fitness equipment is a formidable investment. Setting up a home gym is something that should be covered by a warranty or insurance of sorts. In this regard, life fitness equipment is just about the best available option. Ideally, the lifetime warranty is offered by manufacturers and extended by equipment stores and other retailers within your local setting. Ensure that you check for such provisions when buying your home gym equipment and specifically ask for the equipment that carries with it a lifetime warranty. Additionally ensure that:

1. The price is acceptable in comparison with the normal pricing of the equipment i.e. It should not go beyond 20% of the normal price

2. The condition of the equipment while at the fitness equipment store should be brand new and functional

3. The lifetime warranty documentation properly signed by the equipment store as provided for by the manufacturer

4. The terms spelt out in the lifetime warranty to include replacement and repairs without excluding your typical usage of the equipment i.e. Some contracts will exclude electrical-fault-caused damage from warranty cover which is a trick you must avoid

5. The reliability and or dependability of the local store or manufacturer to follow through on their word based on their track record, customer support and customer satisfaction history

There is a link between a bodybuilding lifestyle and optimal health. Once an individual strikes that link, he or she attains optimal physical fitness as a by-product. With the right information, you can easily set up a training regimen that is centered on bodybuilding health. From this program, muscle mass and strength will accrue and with it physical fitness.