Is it possible to create editable text from a scanned file, or does the text need to be generated on the computer in order for it to be computer-readable?
It is definitely possible to create editable text, simply from a scanned image file. In order to make a file editable, you need to have OCR software. With OCR software, you can start with any scanned document and let the software recognize the text automatically, leaving you with a file that is fully text-searchable and editable. CVISION offers an advanced OCR solution called Maestro Recognition Server.
To check out Maestro, download the free trial version here: