The anatomy of an OCR receipt read
In the late 1920s, before World War 1, Israeli-born physicist Emanuel Goldberg, who called himself "a chemist by learning, a physicist by calling, and a mechanic by birth," made significant theoretical and practical advances in light and media technology. He was also the founder of the renowned German photographic company Zeiss Ikon.
At the height of his career, Goldberg pioneered the first electronic document retrieval system, inventing what we know today as optical character recognition (OCR)—an advanced method for extracting words and sentences from images. This innovation laid the groundwork for automating record-keeping, using a ‘Statistical Machine’ that IBM later acquired the U.S. patent for. Fast forward over 100 years, and OCR has been universally adopted by companies and industries worldwide, replacing manual document processing and enhancing efficiencies through significantly more effective data extraction from physical documents.
What is OCR and how does it work?
Today, OCR service providers offer technology that can recognise most characters and fonts with a high degree of accuracy, often through easily integrated APIs. OCR allows us to convert images of scanned papers, PDFs, or photos of documents into editable and searchable text. It has been essential for digitising paper documents, automating data records, and finding specific keywords in scanned files or images.
However, OCR has its limitations. Despite ongoing improvements, it can still make errors, requiring human oversight to ensure accuracy. The need for human intervention can be costly, labor-intensive, and slow.
In the promotions category, OCR enables brands and promoters to extract basic text from receipts but it often struggles with poor or distorted imagery, leading to data errors and the need for manual input. With a validation success rate of 80-90%, standalone OCR is effective, but it can still be hit and miss. This is where AI-Powered data transformation makes a timely entrance.
Roilti AI-Driven - OCR Data Extraction
With Roilti AI, OCR data extraction has advanced significantly. Our AI algorithms use machine learning to continually improve reads, increasing OCR accuracy to around 95% or higher. This means fewer errors and much less reliance on slow and costly manual intervention.
Roilti AI accurately extracts text from images and fills gaps where traditional OCR can fail, making the data transformation process faster and much more precise. It seamlessly corrects formatting errors, contextually updates missing characters or spelling mistakes, identifies and categorises retailers, and even recognises brands and SKU variants, for deeper reporting insights. The list of enhancements is extensive.
Not only does Roilti AI extract critical information accurately, but it also detects fraud, analyses purchasing patterns, and provides valuable insights with minimal manual effort. This makes modern promotional validation much more reliable and efficient compared to traditional OCR methods.
The benefits of Roilti AI OCR data extraction
Today, Roilti leads the AI revolution in the promotions category, transforming transactional data capture into valuable market insights. In today’s competitive environment, accuracy, efficiency and data-driven insights are critical for success. Roilti enables clients to succeed in their promotional objectives without needing to worry about validation errors or compliance risks. Here are some of the key benefits that come standard with Roilti-validated data capture and transformation.
Enhanced Customer Experience
Instant gratification is the name of the game. Customers can receive promotional benefits or rewards immediately upon receipt submission, creating a seamless and satisfying experience. This ease of participation boosts engagement and loyalty.
Advanced Fraud Detection
Imagine a world where fraudulent receipt submissions are a thing of the past. Using advanced image recognition, text detection, and label attributions, Roilti AI can instantly recognise if an uploaded file has been used before or is invalid. No more sifting through questionable submissions—Roilti AI ensures only genuine receipts make the cut, protecting promos from the ever-increasing army of scammers and fraudsters.
Granular Data Extraction
Roilti AI doesn’t just skim the surface; it dives deep. It can accurately extract detailed information from receipts, including items purchased, brands, prices, quantities, and store information. This comprehensive view of consumer purchasing behavior is invaluable, providing you with precise data to better understand and cater to your audience for future activities.
Pattern Analysis
What if you could predict when your customers are most likely to shop? Roilti AI analyses purchasing patterns over time to identify trends such as peak buying times and popular product categories. This insight allows you to tailor your promotions to maximise consumer impact and engagement.
Competitor Analysis
Stay ahead of the game with competitor analysis capabilities. Roilti AI provides insights into your competitive positioning and opportunities by comparing consumer spending patterns across different brands and products. It can even identify optimal products, boosting cross-selling opportunities and enhancing future promotional strategies.
Geographical Insights
Understanding regional spending habits and preferences is crucial for targeted campaigns. Roilti AI uses extracted OCR spend data and depersonalised geolocation and census information to uncover these regional nuances. Whether you’re launching a new product or tailoring a promotion, this data ensures your efforts hit the mark in every locale.
Cost Savings
Reduced labor costs and fewer errors mean more money in your pocket. By automating receipt reading, Roilti cuts down on the need for manual data entry, lowering labor expenses. Additionally, the reduction in errors saves on costs associated with correcting mistakes.
Consumer Behavior Analysis
Extracted data provides a goldmine of insights into consumer purchasing patterns. This information helps businesses tailor their promotional strategies to meet customer needs and preferences, leading to more effective campaigns and increased sales.
Handling Large Volumes
No matter the size of your promotion, Roilti’s ability to process large volumes of receipts efficiently makes it scalable for promotions with high participation rates. Plus, it can easily adapt to various receipt formats and languages, making it suitable for diverse markets.
Fraud Detection and Security
Roilti doesn’t just stop at verification; it excels at it. It can verify the authenticity of receipts, reducing fraudulent submissions. Additionally, its pattern recognition capabilities identify suspicious patterns or anomalies in receipt submissions, enhancing security and trust in your promotions.
Fully auditable data trail
By reducing the need for physical storage of paper receipts, Roilti delivers a fully auditable digital record trail that not only supports sustainable practices but also provides a fully transparent, auditable and accountable data trail to ensure your promotional activities are legal and compliant in how they are conducted.
Get ready to transform your promotional campaigns with Roilti. Our advanced technology can elevate your brand and consumer interactions. Whether you need to streamline receipt validation, improve fraud detection, or gain deeper insights into consumer behavior, Roilti AI will enhance your activities. Contact us to arrange a personalised demo and see how we can take your campaigns to the next level.