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How to OCR Managed Services Contract

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A managed services contract primarily addresses support aspects of a business, focusing on service level agreements (SLAs) and risk management if SLAs are not met. These contracts are appropriate when a customer only needs support offerings. SLAs, typically included in a statement of work (SOW), detail response times and priorities, and should align with the main agreement. Designing the managed services contract to allow auto-renewal is crucial for securing long-term revenue, with pricing structured to include a locking period that prevents termination.

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What is OCR and how it works?

Optical Character Recognition (OCR) is the process that converts an image of text into a machine-readable text format. For example, if you scan a form or a receipt, your computer saves the scan as an image file. You cannot use a text editor to edit, search, or count the words in the image file.

What does OCR mean in business?

Optical character recognition (OCR) technology is an efficient business process that saves time, cost and other resources by utilizing automated data extraction and storage capabilities. Optical character recognition (OCR) is sometimes referred to as text recognition.

Where is OCR most used?

The most well-known use case for OCR is converting printed paper documents into machine-readable text documents. Once a scanned paper document goes through OCR processing, the text of the document can be edited with word processors like: Microsoft Word. Google Docs.

What are the types of OCR?

There are two types of OCR. These are software based OCR and machine based OCR (or inline OCR). The core algorithms are very similar. But the technologies are used on different types of text and are tuned in rather different ways.

What is an example of OCR?

OCR software can be used to convert a physical paper document, or an image into an accessible electronic version with text. For example, if you scan a paper document or photograph with a printer, the printer will most likely create a file with a digital image in it.

Which device is OCR?

Optical character recognition (OCR) uses a scanner to process the physical form of a document.

What is OCR used in?

OCR stands for Optical Character Recognition. It is a technology that recognizes text within a digital image. It is commonly used to recognize text in scanned documents and images. OCR software can be used to convert a physical paper document, or an image into an accessible electronic version with text.

What is OCR in contracts?

OCR contract management is the use of optical character recognition functionality to make contract analysis and comprehension more efficient. This is typically achieved by scanning and converting PDF files and paper contracts into structured data, where they can be read by machines.

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OCR Managed Services Contract